Is it time to rebrand your business? Arriving at the answer might be a more complex process than you think. The following presents questions you need to consider before you decide to give your brand a facelift.
Why do you want to rebrand?
The first, and most important, question is: why do you want to rebrand? Are you tired of your logo, font, and company colors? Have you thought of a cool new name you wish you had named your company in the beginning? Many companies tire of seeing the same brand visuals day-in and day-out, but that’s not a good reason to rebrand.
In fact, there are only three good reasons to consider rebranding:
- You’re losing market share to competitors who are new or have rebranded
- Your audience has changed and you need to shift your brand to accommodate customer values
- You have significantly changed the foundation of your business, your philosophy and products, who you are, and what you do
Even if your situation satisfies one or more of these three reasons for rebranding, it might not be the best option.
Are you trying to serve too many people?
It’s be great of 100 percent of the people wanted to buy from us, but that’s simply not the case. If your brand is established and built on tradition, chances are you have a strong core of loyal customers. It’s easy to take these customers for granted while you try to attract new customers, but doing so can alienate your current customers and doom your rebrand to failure.
In short, you might be trying to serve too many people. A rebrand will not help you grow, since you’ll sacrifice longtime customers to pick up new customers. There’s no net gain for your efforts. Instead, you might be better off reaching out to your core customers to find out what you can do better. Perhaps there’s a product or service missing in the marketplace, and you can fill that void. You don’t always need more customers to make more sales.
Can you fix it with marketing?
Rebranding is part of marketing, certainly, but if your business is struggling you should first consider whether traditional marketing can fix your issues. The brand itself might not be the problem, but brand awareness might be.
Think about John Deere, one of the best-established American brands. If a new tractor company started taking market share from John Deere, do you think it would be wise for the company to rebrand? Probably not. A better move would be to focus on marketing what’s great about John Deere. The brand has an established track record and has been trusted by generations to perform. Reminding customers might be all the brand needed to reinvigorate sales.
Another good example with a real-world basis: Tropicana. When the company infamously changed its packaging, it suffered a huge loss in sales and public embarrassment. They switched back to their “old” packaging within a few weeks. Instead of rebranding, couldn’t Tropicana launched a marketing campaign that focused on promoting its history of providing pure, delicious orange juice?
Established brands can effectively market based on tradition, and their existing brand visuals play into that theme. Rebranding can prove disastrous if you’re not careful.
Still want to rebrand?
If you’ve heeded all the warnings and feel strongly your brand needs a facelift (and it might, for any of the three aforementioned reasons), then consider the following tips:
- Determine whether you need to start from scratch or make a few tweaks to the existing brand
- Talk to your customers and find out what they expect from your brand
- Talk to your competitors’ customers and find out what they’re getting – and what they’re missing – from your competitors
- Establish a strong vision, focused philosophy, and defined values to build your brand upon
- Understand that your brand extends beyond visuals – it permeates every aspect of your business, from product presentation to customer interaction to employee training. Have a plan to rebrand company-wide, not simply change your logo
- Create a brand that captures the true essence of your business, what it means to your customers, and accurately represents who you are and what you do – something you’ll be proud to promote
Rebranding is not an exercise you should take lightly, but there are definitely circumstances in which a rebrand can reignite business growth. If it’s time to give your brand a facelift, swing for the fences and make it count. The future of your company depends on it.
This article was written by Brian Morris from Business2Community and was legally licensed through the NewsCred publisher network.