Company rebranding is a high-risk, high-reward venture. If it goes well, you could see a huge surge in growth. At the same time, you’re putting all of the work you’ve done on your previous branding on the line.
Do you need to figure out if it’s worth the time, effort, and risk to pursue a rebrand? Here are six things to consider before you start looking into how to rebrand a company.
1. Have a Good Reason to Rebrand
A step as major as a rebrand shouldn’t be taken lightly – your reason needs to be stronger than keeping up with design trends.
Why rebrand a company? Some excellent reasons are breaking into a new target market, responding to changes in your field or industry, or a major change in the direction and mission of your company.
2. Know Exactly What Needs to Change
Whatever the reason for your company rebranding, you need to know what works and what doesn’t work before you start. A rebrand isn’t the time for trial and error! Ask yourself what you’re trying to accomplish with your business, and follow company rebranding tips to help you meet those goals!
In order to find out what part of your brand needs and upgrade, look at your current analytics and goals. Look externally as well! Find companies meeting your goals, and study them to figure out what got them to that level!
3. Consider Your Image
You’ve no doubt spent a lot of time building up your current brand image and marketing persona. Changing it may affect your relationship with your customers.
When you rebrand, make sure to do it smoothly and announce it with fanfare. That way, you won’t lose any reliability or familiarity your previous brand afforded you! Always keep your customers on board with any brand changes you make!
4. Compare with the Competition
A successful business stands out from the others; you need to make sure you’re different from your competition throughout your company changes! Before you rebrand, figure out what makes you unique.
Knowing how your company is special will help you figure out what to keep and what to avoid as you move forward!
5. Count the Cost of Company Rebranding
Look over your budget before you begin a major company rebranding exercise. Can you afford designers and all new marketing campaigns and materials? How much will you lose if a former customer no longer recognizes you?
At the same time, you need to consider what you stand to gain as well. A rebrand could expand your target market or draw in new customers. Look ahead and balance your potential losses and earnings!
6. Make a Plan
A rebrand is one of the biggest changes you can make in your company. Even a simple logo update needs to start with a clear and detailed plan.
The success of your rebrand involves more than just making the changes – you need to introduce them to the public and follow through with targeted marketing strategies! Remember that rebranding is a risk, but it’s also an opportunity. Please don’t waste it with a less-than-adequate plan!
Ask Yourself If Your Company Is Ready for a Rebrand
Are you ready to move forward with company rebranding? Make sure you’ve considered all the angles of your decision before you take on the risk!
Whether you choose to rebrand or not, contact us today to get more from your marketing if you’re looking to grow your company!