A company’s brand is its most valuable asset. It is your reputation and the thing that directly impacts growth. With the right brand, you’ll get the clients that you need and want. A brand is more than a tag line and a logo. Your brand tells people who you are as a company.
Should You Rebrand?
Companies rebrand to avoid being left behind when technology and trends change. Rebranding is a major key to remaining current. When you rebrand effectively, you’ll have a different look than your competitors, increasing your market visibility. Brand changes are often necessary when businesses evolve and need to show their growth. Your company may also need a brand change if it’s no longer resonating with your client base or if you’ve decided to modify your business model.
Things to Consider
Before making any changes to your current brand, be clear on why rebranding is necessary. For instance, are you making a change because you’re adding in a new product or service? Or, are you just trying to stay current with the trends? If you’re considering a change to enter a new market, then be sure to research the risks.
If you are rebranding to lure new customers, then do what you can to confirm that doing so is worth the risk of confusing or alienating your current clientele. If you rebrand, will it jeopardize the brand equity you’ve been able to build? Once companies have brand equity, it’s important to consider it when choosing to move in a new direction.
Before you start, develop a detailed strategy. Business managers are often caught off guard by the complexities involved in the process. While basic plans may involve choosing a new name and obtaining a matching domain, it will also involve designing a new logo, website and content. You will need to update company products. Be sure to communicate with your existing customers during the rebranding process. If they don’t understand why you’ve decided to make this change, then they may decide to go elsewhere. When it comes to communicating with your customers, you don’t have to do it privately or internally. You can make rebranding a little easier by publicizing it. Feel free to use press releases, social media and even media contacts to let your customers, and everyone else, know what’s going on and what you’re planning.
Rebrand for the Right Reasons
Don’t rebrand just for the sake of doing so. It is a waste of money, time and energy. Before embarking on this major change, make sure that you understand the problem and determine if rebranding will fix it. If you’ve decided that it is the best way to go, then take the time to keep your current client base while creating a brand that will bring in new customers.