Many business owners believe that a company's "brand" is simply the company's name and logo. Well, that’s not exactly true. A brand is much more than that. Your business name and logo ARE the key ambassadors for your brand. It’s so important that both be strong. But there’s really more to your band than meets the eye.
Your company's brand is really the experiences your customers and prospects have with your company. A good brand communicates what your company does and how it does it. A good brand also establishes trust and credibility with your prospects and customers. And because a brand evolves over time, many companies, including some of the most successful ones, rebrand.
You may have noticed recent rebrands by large organizations like Taco Bell, McDonald’s, Pandora, and Mastercard. It's worthwhile to look closely at why companies rebrand and what your own company should know to successfully rebrand your business. When should a company even consider rebranding? Here are ways you can know when the time is right.
Differentiate from your competition.
If your company name is too generic or similar to another business, you’re hurting your brand. A generic logo will similarly hurt your brand. A related problem occurs when you use stock art in your branding or marketing materials: You may be hurting your brand because everyone recognizes stock art when they see it; and those photos may turn up being used by your competitors.
This is where rebranding comes in: It can help your business stand out from your competitors' by showcasing the things that make your company different and better.
Even the best companies change their brand identity. It's not unusual for a company to outgrow its name and look for a fresh, unique business name that can help grow its business. Maybe it's time that your company do the same.
Companies should rebrand to give new life to outdated branding.
It's possible that your Comic Sans font, flash-based website or 1990s color palette is dragging your brand down and making your business look outdated. The answer is “rebrand.” Smart companies rebrand because they know that good design can make or break a business, because they know they've outgrown their original mission.
This is a common problem, We always advise clients to make sure their business name is not too narrow or literal.
Company have a poor reputation? Rebrand!
Many times, it’s necessary to break ties with a bad reputation and visibly demonstrate a commitment to a new, improved culture. If your business is struggling to overcome a negative reputation, a rebrand can help consumers see you in a fresh new light.
Is your business evolving? Rebrand!
Sometimes, a business gets the opportunity to expand or target a new market. When that happens, it's important to ensure that your new customers and prospects can connect with your brand. Expanding to a new demographic and significantly grew its business.
A Guide to Rebrand Successfully
Start by understanding your mission and values.
Before you rebrand, it's crucial that you clearly understand your company's mission and values. Consider and assess what makes your company special. Why does your company exist, and what values does it have that are essential?
Develop a rebranding strategy that works with your existing branding.
Many companies don't have the luxury of starting from a clean slate. If you're doing a partial rebrand, make sure to take the existing brand assets into account.
At Chatter Marketing, we believe a consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better quality customers with higher retention rates, and raising the perceived value of your products or services. In contrast, erratic, inconsistent behavior quickly leads to confusion and mistrust.
Consider the market and your competition.
Before you rebrand, do your due diligence. Research what your competition does. Determine how you stand apart from your competitors, and what your true value proposition is. It's vital that your new brand be fresh and relevant, but not so of-the-moment that it ends up looking dated too quickly.
Collaborate with your team.
Your brand may be one of your most important company assets, but just as valuable are the people that help grow your business every day. Include voices from across your company: Some of the best ideas and most valuable feedback come from departments you might not expect.
Manage the rebrand carefully.
A rebrand is often a complex and lengthy endeavor. Without a careful plan of attack, a well-managed process, and experts to help you along the way, the rebrand can quickly go off the rails. Set deadlines and mitigate going down those pesky rabbit holes with a well thought-out project plan.
Launch your rebrand and tell the world.
Even the most incredible rebrand is wasted if you never actually launch it. Make sure you plan your rebrand launch and be prepared to explain why you rebranded. Minimize the risk of customer confusion through a carefully planned launch that showcases the story behind the rebrand.