As we have discussed in previous posts rebranding is expensive and potentially dangerous activity. That’s why at the point of company formation, you should invest the necessary time and resource into getting it right and creating a brand with longevity. However, what if your brand no longer cuts it in today’s aggressive market conditions? In today’s post we investigate why many businesses choose to rebrand and tomorrow we speak to a couple of leading entrepreneurs who have actually done it.
What makes a business rebrand?
We all remember the uproar that was caused by the rebranding of the Olympics logo. According to most people that was rebranding gone mad and it had damaging and far reaching consequences, not least for the advertising agency who commissioned the design!
Matthew Beaming, CEO of advertising agency Difference, comments “In a lot of cases, the brand is not the company’s main problem, it is usually the products they offer, their communication strategy or price point.”
According to Beaming if you are changing the brand of the business, you must have already exhausted all other options first. However, if you have done that, conducted market research and still believe that the fundamental reason your company is not growing is due to the negative or outdated connotations of your brand, rebranding is a great idea.
The first thing to do is look at how your business is currently perceived; what is your market positioning, what is your brand’s current values and personality? Also, look within your business and ask the people who work for you what they think. If you ensure the process of your rebrand is informed by your brands history,it is likely you will preserve its original equity.
Are you aware of the risks?
Rebranding comes at an extensive cost. Therefore your objectives must be clear to avoid confusing your existing consumer base and the benefits definitive to ensure shareholders are on board.
It is also vital you check the availability of your new brand name and execute the rebrand in a considered and strategic way; inform your staff well in advance and identify a date on which all corporate communication will change.