Your business may need to rebrand itself for a number of reasons. For example, your company’s branding might no longer resonate with customers and you feel like the only way forward is by refreshing its image or perhaps all-new branding is needed in order to match up against competitors who have recently changed strategies too.
When you’re thinking about rebranding your company, there are a lot of bad reasons to do so.
Changing things up without having an idea or strategy in mind can be waste-of-time and money. Even worse, it might confuse customers who have been loyal throughout the years with your current brand identity which they know, love, and trust. There are lots of things to consider, so before putting forth any significant brand change, consider these 8 questions:
What’s the purpose of the rebrand?
When pivoting your brand, it’s important to know who or what you’re rebranding for. Is this just an update in service? Trying to catch the eye of a new audience? Want to break free of your old mold? Or are you just trying to get with the times, and you’re looking to integrate social media into your strategy? Whatever the might be, make sure you know it clearly – there will be nothing worse than if you rebrand and lose all of your existing customers unless that was your aim, to begin with, then congrats!
What could you lose?
Will a rebranding hurt your current brand equity? If changes are too dramatic, will your current customers accept them? Is there enough potential for growth through luring new clients that could redeem this decision? Is it REALLY worth alienating your faithful customers just to get some new ones? These are all questions you seriously need to consider. You don’t want to squish years of work just so you could change your logo and a couple of colors on your website.
Do you know what your customers want?
When it comes to branding, guessing what customers want can be dangerous. Rebrands must include a structured discovery process that includes customer interviews and internal discussions in order for the company’s message of rebranding to enter with one clear voice across all channels. This isn’t just about being heard by your target audience! You’ll also avoid making mistakes by eliminating any incorrect assumptions or ideas.
Are you truly committed to the change?
History has shown us that a company’s identity is often entwined with its product. This means, when the sales start to drop or your focus shifts away from what got you here in terms of customer satisfaction (the thing people love most about working for/with them), it might be time to consider rebranding unless this isn’t something everyone agrees on simultaneously within all ranks of your company. A true redesign requires commitment from every level employee; even if they’re just accents+new colors, things aren’t going to work out for you when there is fighting and bickering amongst everyone.
Do you have the necessary budget?
One of the big questions you need to answer is “do you have the necessary budget to make real change across your company?” – it might take more than a website upgrade and an employee increase to make real change within your business. You don’t want to run out of the budget halfway through, leaving yourself in a worse position than you started with.
How will it impact your most loyal customers?
When rebranding, you should always consider how the change will impact existing customers. Many of today’s businesses are looking to update their branding in order to attract younger demographics – doing so alienates the current demographic who are bringing in the main cash flow! Make sure it’s worth it to lose these loyal fans you’ve built rapport with over the years.
How are you going to track the success of the rebrand?
It’s all fine going down the rebranding route if you find out it’s necessary for your business to flourish, but do you know how you plan on tracking its success? You might have a hard time realizing how successful your rebranding efforts were if you do not track the results after it’s all said and done.
What are you trying to solve with the rebrand?
Rebranding is a necessary evil, but it’s only worth doing for the right reasons. Understanding what problem you are trying to solve and if rebranding will fix that issue go hand-in-hand. You don’t want time or money if it isn’t going to actually solve the problem you’re having in your business!
