If you are thinking about rebranding, think twice. It’s a powerful marketing strategy that can really spruce up your brand, attract new audiences, and boost your business success. But at the same time it is an extremely complex process that costs a lot. Before you jump in headfirst, let’s chat about why you need rebranding, how to approach it, and the good and bad that can come with it.
Why Do Companies Need Rebranding?
There are a few reasons why companies consider rebranding. One is keeping up with the ever-changing market trends and consumer preferences. As times change, you have to evolve too, right? Rebranding can help you look fresh and modern, and keep your brand image in line with what’s happening in the market.
Another reason for a makeover is when your brand’s image takes a hit. Negative reviews, PR blunders, or a tarnished reputation can really do a number on your brand. Rebranding can give you a chance to fix things up and earn back your customers’ trust.
Oh, and sometimes, it’s just because there’s a new sheriff in town! When a new CMO comes on board, they might have the urge to leave their mark by shaking things up. But hey, just remember, change for change’s sake isn’t always the best move. Make sure it aligns with your business goals and isn’t just for the glory!
How to Approach it?
Okay, so rebranding isn’t just a walk in the park. It’s a complex process that needs careful planning and execution. And let me tell you, proper planning takes time! Rushing into it can lead to disaster. So, take your time to do this right.
First things first, set your goals and do some research (more on that here). Check out what your customers are into, what’s happening in the market, and where the opportunities are. Once you have a clear picture, work on your brand strategy. Make sure it lives with your overall business strategy and goals. And don’t forget to get buy-in from your team. They’re a key part of the process!
Once you’ve got your brand strategy nailed down, it’s time to put it into action. Update your website, social media, marketing materials, packaging, and other brand assets to reflect your new brand. And be consistent with your messaging and visual identity to create a memorable and cohesive brand image.
The Good and the Bad
So, rebranding can have some pretty sweet outcomes for your company,
like:
- Improving your brand’s perception and making it more appealing to your target audience.
- Attracting new customers and expanding your market share by being seen as competitive and innovative.
- Strengthening the emotional connection with your existing customers by giving your brand a fresh look.
But hey, it’s not all sunshine and rainbows. Rebranding can come with some potential downsides too, such as:
- Confusing customers with sudden and drastic changes to your brand identity, leading to loss of recognition and recall. So, tread carefully!
- Rebranding can be a big investment in terms of time, resources, and costs. Be ready to put in the effort and budget for it.
- Make sure you have motivated and proactive people
- Not everyone might be on board with the changes, from customers to employees to other stakeholders. Some might resist or even backlash against it, so be prepared to manage that.
- Rebranding might also require changes in company culture, processes, and mindset, which can be a challenge to implement and manage.
How Rebranding Looks in Practice?
On the bright side, there are successful examples of rebranding efforts, such as Old Spice and Dunkin’, that have revitalised their brands and attracted new audiences.
- Old Spice’s humorous and quirky tone of voice, along with a complete overhaul of its visual identity, helped rejuvenate the brand’s image and attract a younger audience. Similarly, Dunkin‘ dropped the word “Donuts” from its name and refreshed its logo and store design to reflect its broader offerings, successfully positioning itself as a destination for quality coffee and on-the-go experiences.
In conclusion, rebranding can be a powerful tool for companies to refresh their brand, attract new audiences, and enhance their business success. However, it requires careful planning, coordination, and communication to ensure a successful outcome. Consider the positive and negative aspects of rebranding, align it with your overall business goals, and be consistent in your implementation.
With the right approach, rebranding can be a fun and transformative journey that brings freshness and success to your brand. So, go ahead and rock that rebrand, but remember, don’t do it just for the sake of it!
