When Should You Rebrand?
There are a lot of ships drifting in the open seas. How can you create a vessel that can withstand the ever-changing tides? In this fast paced society, it is vital for your brand to fit into the changing environment.
Rebranding is a tool that a company can use in order to distinguish themselves from their competitors. Sometimes a company rebrands to seize an opportunity or remove expected threats in the future.
Other times a company may rebrand in reaction to an event that forces the existing brand to change. Rebranding is extremely important and can be a costly venture if not executed properly.
What is Rebranding?
Rebranding is a marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new identity in the minds of consumers and competitors.
The first thing to consider when rebranding are the goals for the rebrand. Why are you doing it and what do you hope to gain as a result? A good way to start this process is to speak with your employees, customers and business partners. Ask them what the company means to them, where they see the company headed in the future. Reach out to your loyal customers through social media platforms and find out why they use your service instead of competitors. Once you determine your companies “usp” unique selling point, you will have a better grasp on the positioning of your company.
Tell Your Story. If you don’t define yourself, someone else will. Articulate to your audience clearly why you do what you do and not just what you do. Make your mission statement known. If you come across a company that doesn’t have a mission statement, tread lightly. Your unique selling point will help develop a vision for your company if you don’t already have one.
After you have created the foundation for your company, now is the time to act. Don’t just wait for a phone call. Be persistent. Make cold calls. Go door to door. That’s what Mark Cuban did and now he’s a billionaire.
Rebranding is an opportunity to re-engage with prospects and customers. A way to remove any bad publicity associated with a brand. Nobody wants to do business with a Pirate ship when they could do business with a Yacht. The consulting company Accenture used this method to separate themselves from the collapse of Enron. Formerly known as Anderson Consulting, Accenture emerged in 2001.
Whether your company is a large boat or a dingy in the water, rebranding is something to consider. Use these tips and position your company to withstand the unexpected waters. Bon Voyage and Godspeed.