Rebranding your business is an effort that should be carefully considered with thoughtful planning and execution. It requires a top-to-bottom strategy that can get you from old to new seamlessly and with little pushback from your consumers. When done incorrectly, rebranding can be expensive, time-consuming, and let’s not forget that sometimes it can go completely awry (see Gap’s example.)
The business of business has changed remarkably in the past decade alone. And, just as times change, it’s necessary to change with them. Companies must adapt to succeed, so there are fundamental questions to ask before deconstructing what you have built and established.
1. Are you no longer standing out from your competition?
If your brand strategy is losing equity to fierce competition within your industry, your business could benefit from shaking things up a bit. In sectors that appear to be overrun with the same concept, seize the opportunity to be different. Rebranding, for this reason, can help your company reposition and differentiate itself from competitors.
2. Has your business model changed?
Sometimes, strategic objectives shift their focus to allow for new goals to be set and ultimately achieved. Since a brand is representative of what your business believes in, it’s prudent to rebrand to reflect any changes in corporate philosophy.
3. Has your company merged with another?
Like a newly-wed couple, companies undergoing mergers ultimately end up with multiple sets of everything, including brands. These circumstances make for easy rebranding opportunities. Companies that choose to rebrand during a merger have the unique ability to leverage 2 brands in their favor.
4. Are you connecting with new audiences?
Being aware of who spends where is always good business. There are times when this changes and allows a previously untapped audience to come to the spending forefront. When a new consumer demographic emerges, it’s essential for your brand to be functional and relatable to them.
5. Are you expanding your product line into different markets?
Businesses that have done well for themselves in niche areas often change the dynamic of their products to serve a broader space. Rebranding can be beneficial in these circumstances. It offers a company a way to shake a “small-player” reputation when competing against larger corporations who have been in their market longer.
If your business can answer yes to any of the above questions, it could very well be served by rebranding. While this list isn’t inclusive of every topic to consider, it makes for a good starting point. If you’re considering rebranding and would like help with ensuring a successful campaign, Duncan/Day would like to show you how!