A brand must constantly be evolving to remain competitive in today’s market and stay relevant to consumers. Brands that are well developed and properly branded can generate sustained growth, which allows companies to charge a premium. Also, a strong brand helps a company resist attacks from competitors or bounce back from changes in the market. If your brand hasn’t evolved to reflect the changes your company has undergone over the years, then it is time to put some effort into rebranding. A stagnant brand can harm your image as well as your bottom line. A rebrand is a way to remind customers not only who you are as a company, but what is important to you.
The rebranding process can be as simple as an update to the logo, or as extensive as a complete overhaul of the company — changing the culture, values, images and breaking away from the old company completely. Regardless of the complexity of the rebrand, it should not be approached lightly.
Rebranding should be a holistic approach that attracts customers, inspires employees and renews passion for the brand. This means developing a detailed strategy which involves reviewing where the company currently is, what its goals are and how the market is behaving.
Part of keeping your brand strong comes from sound strategies — particularly public relations. Communication is key during a rebrand, both internally and externally. From a PR perspective, efforts should concentrate on maintaining your brand’s integrity during the rebranding period and getting the word out about your new look. Keep customers updated on the changes they are likely to see and take the opportunity to remind them of what they love about your brand; even though you’re getting a makeover, you’re still the same company.
A PR campaign to announce your rebranding plans should happen well ahead of the official launch — business writers and media members will have enough time to craft stories about your new look and talk to key staff members ahead of the launch.
Whatever degree of change your company goes through, it will affect the minds of the target market in terms of the perception of the brand. So, we compiled the essential tips for rebranding:
1. Evaluate – The more information you have, the better. It is essential to know the status of your company in order to identify key issues you want to fix during the rebrand. Survey your current and potential customers about their current perception of the brand to help identify some opportunities for improvement.
2. Make a plan – Given the amount of work, planning the details of the rebrand process is imperative. Identify and assign responsibilities before moving forward with the project so you’ll always have a clear picture of who’s doing what and where each task falls on the rebrand timeline.
3. Know the costs – It is important to identify both the monetary and time commitments for a rebrand.This helps you find and set realistic goals for your company, keeping your ideas within the scope of your project parameters.Tracking costs as you move forward with your rebrand can help avoid any nasty surprises.
4. Stay involved – While rebranding can be exciting and fun during brainstorming, the process of enacting these changes can be tedious and time consuming. Senior management should focus on keeping employees and customers enthusiastic about the rebrand — and what it stands for — until the rebrand is complete.
5. Get ready for change! – We are programmed to want to play it safe. We like to cling to what is comfortable and what we know. Don’t underestimate the value of change. Get excited! Change can breathe new life into a company and can attract new customers as well as renew loyal customers’ passion for the brand. A rebrand is an opportunity to tell your story and help customers connect with you on a emotional level.
Below are some examples of excellent rebranding:
What questions do you have about breathing new life into your marketing by rebranding?