4 Things to Consider When Rebranding
Over time, you may realize that your brand image has grown stale or that your target audience has transformed, making your brand less relevant in the process. In order to enjoy continued success with your target audience or even to shift into a new market, you must consider the option of rebranding your business.
Rebranding is rarely easy, and in fact, it can be rather time-consuming and challenging. More than that, because each business and brand is met with unique factors, you may not always be able to mimic and learn from other companies’ past efforts. You understandably want to remain as competitive as possible in your niche, and you may even want to introduce new products or services. If you are thinking about rebranding, here are four things you need to know first.
1. Know What Is at Stake
Rebranding usually requires your company and marketing efforts to undergo substantial or even radical changes, and there are inherent risks associated with doing so. For example, you may have equity established in your current brand, and you may already have a trusted image with your consumers. You face the risk that your new brand image could destroy this equity and level of trust that you have developed. Keep in mind that it can be hard to please everyone through rebranding, so you should try to develop a new brand image that retains trust and also appeals to the majority of your established and projected new target audience.
In some cases, rebranding can help you address the issues that your current brand is facing. For example, if your logo or tagline is equated with poor customer service or cheap products that break easily, your new message through an enhanced logo, website and tagline may improve your image if thoughtfully created. However, understand the core problem rather than the symptoms, and always strive to address the core issue. Remember that rebranding can be expensive and time-consuming, but the end result may be well worth the effort.
2. Know That You Will Never Be Fully Ready
Some business owners and managers think that they can turn around their existing brand image or that they can even build on the nostalgia associated with their brand. The reality is that you will never be fully ready to start rebranding, and you shouldn’t hang onto a brand that no longer works well for you. As soon as you identify that your current brand image has considerable problems, you must take action.
Change can be scary and intimidating, and it can be difficult to accurately determine the outcome of your efforts. However, rebranding provides you with the incredible opportunity to improve your brand image and to reposition your company for greater success and growth in the marketplace.
As soon as you decide to start rebranding, embrace this goal fully and develop a strong commitment to execute it in every way. You may not currently feel as though you are fully ready to move forward, but be aware that you likely never will. Instead of delaying continuously, take the initiative to grab hold of the current opportunity and to give it your all.
3. Know When and How to Communicate
Clear and accurate communication with your team is essential when rebranding. Your team members need to have as much information as possible so that they clearly understand the company’s goals and their role in helping it achieve those goals. This open communication and focus on aligning personal efforts with the rebranding project can eliminate questions and concerns and help to steer the entire company forward. Remember that the new image that you are aiming for should not be kept secret.
In some cases, external rebranding requires internal changes. You may need to review your existing business processes and set up a system for tracking and monitoring the performance of your rebranding efforts. For example, if you are rebranding to improve your customer service image, you may find out that a shake-up in your customer service department is in order. Your entire team should be onboard with rebranding and should openly embrace changes.
4. Know How to Manage Your Social Media
When your goal is to rebrand successfully, your new brand must be advertised in every way possible. Social media is an excellent marketing platform that can be used effectively in many ways, and you need to adjust your social media marketing efforts to account for your new brand image.
You need to announce any big changes on social media well in advance so that followers know what to expect. In fact, they may even get excited about it. If necessary, adjust links on social media accounts to your new website pages. Remember that all colors and styles need to be in line with your new image. In addition, focus on your wording and font type on social media platforms to more efficiently and effectively rebrand your company through social media platforms.
Many popular brands today continue to invest in their rebranding efforts to keep pace with the evolving markets and their target audience. As you prepare to rebrand, take these tips to heart to enjoy great results.