There comes a time when you know that your company needs a change. It needs a new face or a new identity to grow and venture further. Rebranding is one way to achieve this. There are several big names that have invested considerable time and money to do a complete brand overhaul and earned rich rewards.
But rebranding isn’t something you should enter into carelessly, especially if you’re a small business owner. Sometimes, your rebranding efforts yield positive results, other times you alienate your existing customers and completely destroy your venture. Consider the following points carefully before you engage in a rebranding venture.
The reason
Before you start thinking about rebranding ideas, consider why you’re doing it. Sometimes, rebranding is unavoidable. This can be because your business has changed or your target demographic changed. Sometimes, it’s because the style and design concept of your brand is too outdated and no longer appeals to the modern customer.
You need to be certain that you’re rebranding for the right reasons, not just because you think blue would be better than black. Rebranding isn’t just about the design or the logo of your company, but it’s rather about how your customers perceive your company. For example, if a bad product came close to sinking your business and ruining your reputation, rebranding might be a way to distance yourself from it.
The existing brand value
Before you let go of your existing brand identity, thoroughly investigate it. Do your research and find out how people see the brand. Find out what qualities have become synonymous with your brand name. You can conduct a survey to see just what your customers, employees, investors, etc, feel about it.
You might find that there are some qualities that are associated with the current brand that you’ll want to carry forward. For example, if you name means honest, straightforward service to your customers, you might want to maintain that perception. If you have a very positive brand image, changing it can be a risky venture. You need to carefully weigh the advantages and disadvantages of letting that image go.
Consider the impact
Rebranding can have a massive impact on your employees. That impact is amplified if you neglect to tell them about it. It can also cause disconnect between you and your existing customers if you’re not careful.
The best way to deal with the problem is to keep them informed and updated. You can also ask for their opinions and suggestions. By keeping your employees and customers involved in the process, you make them a part of your company. They feel like they’ve contributed to your growth. Because of that, rebranding might prove to be easier to accept.
It’ll also allow your customers to connect with the new identity and stay loyal to you despite the changes. Rebranding is a big step to take and it can be a gamble in some cases. It’s vital to keep it simple and get everyone involved. If your rebranding is abrupt, without rhyme or reason, you’ll lose customers rather than gaining them.
