Every company, whether consciously nurtured or not, possesses a brand that holds significance in the business landscape. Brand equity brings benefits to organizations in two important ways: directly by generating revenue through customer purchases, and indirectly by influencing market capitalization. Consequently, it becomes imperative to prioritize and focus on brand equity when rebranding is deemed necessary or desired.
In today’s fiercely competitive landscape, where companies face an increasing number of rivals across multiple platforms, the importance of a strong brand has reached new heights. A robust brand provides a company with durability and establishes its unique identity. However, as time progresses, most companies will inevitably find themselves needing to update their brand to align with market shifts or internal transformations. This becomes even more crucial when expanding into a new region or country, or when the goal is to reach a new demographic or reintroduce the brand to a diminishing customer base – all entail a significant shift and transformation.
Nevertheless, it is crucial not to lose sight of the foundational components of the original brand, whether from its past or from another geographic, demographic, or psychographic market or base. Determining how to transition or convert from the original brand to the rebranding effort becomes a vital aspect of the process.
Rebranding is a complex endeavor that demands significant time and resources. It often involves multiple teams, internal stakeholders, and external agencies. To ensure a smooth execution of the process while not overlooking essential elements, it is crucial to establish a clear procedure that all key stakeholders are familiar with and support.
Although the specific process may vary slightly for each company, it generally begins with a brand audit, followed by the development of a “new” brand identity, refinement, and creation of materials, the launch, and ongoing monitoring. Once again, it is crucial to emphasize that rebranding should not lose sight of the achievements of the past. Commitment to the process and the necessary interaction to achieve the goals and objectives of rebranding remain paramount.
Unfortunately, rebranding is often mistaken as a mere process of creating a new logo and tagline. However, logos and taglines should be the result of a deliberate rebranding effort rather than the primary driving force behind it. Merely introducing a new logo without addressing the underlying reasons that necessitated the brand update, especially in the case of expansion into a new region or country, will not solve anything.
Successful rebranding involves the establishment of a fresh corporate identity. This requires a thorough examination of positioning, messaging, and value proposition statements for all key audiences. It also entails understanding how this identity is reflected throughout the company, from customer service to advertising campaigns. Once an overall corporate brand personality is redefined, creative assets that align with the new brand identity can be developed.
Undertaking a rebranding endeavor requires substantial time and resources, and it cannot be overstated that a failed rebrand can be a costly mistake. Implementing a thorough testing process can help guarantee the desired outcomes, such as eliciting positive responses from customers, ensuring easy understanding of the logo and messaging, avoiding offense or ambiguity in messaging, effectively connecting marketing and advertising campaigns with the target audience, aligning the brand’s digital footprint including social media with the customer experience, accurate customer recall of the brand and messages, and successfully influencing the audience to take desired actions.
In the rebranding process, the involvement of the C-suite is crucial. However, it is equally important to gather input from various stakeholders. Beyond the leadership level, three key groups should be consulted: customers, prospective customers, and employees. These groups offer diverse perspectives and valuable experiences that the C-suite and other stakeholders should consider when assessing a brand update. Additionally, these groups serve as an initial coalition of brand ambassadors, playing a pivotal role in ensuring the success of the new brand. This consideration ranks second in our determination of the most impactful considerations for rebranding.
The foremost tip in our rebranding determination is to construct the brand around customers’ expectations. It is essential to gauge whether customers anticipate your company to be intelligent and dependable, or warm and amiable. Failure to align with these expectations can lead to significant customer dissatisfaction and attrition.
Furthermore, customers’ perceptions of your brand are not isolated; they are shaped by the broader landscape of your competitors and adjacent brands within the entire market. To best understand customer expectations, companies should analyze customer feedback, satisfaction levels, and thoroughly examine the current competitive landscape to gain insight into their market position.
It is important to acknowledge that certain elements of a brand, such as color or logo, are deemed crucial to the brand’s identity by customers and should remain unchanged. These elements should be identified and preserved separately from the rebranding process to maintain continuity and recognition among existing customers.
To guide the rebranding process effectively, it is beneficial to outline a project plan:
- Perform a comprehensive brand audit: Conduct an in-depth assessment of the current brand to establish a baseline from which to progress. This audit should evaluate brand perception, customer feedback, market position, and competitive analysis.
- Develop a transition strategy: Identify foundational components of the business model, culture, and customer experience that will carry over from the original or parent brand to the new brand. Determine how these elements can be seamlessly integrated into the rebranding effort.
- Conduct interactive meetings: Foster creative thinking and innovation by engaging key stakeholders and teams. Encourage collaboration to tap into both existing successful approaches and potentially new messaging for the current or new markets. Ensure that key components transcend seamlessly and align with the overall rebranding goals.
- Implement a testing process: Conduct focus groups with previous customers as well as non-customers to gather diverse perspectives and insights. Test the rebranded elements to ensure they elicit positive responses, are easily understood, avoid offense or ambiguity, effectively connect with the target audience, align with the brand’s digital footprint, and successfully influence desired actions.
- Create a rebranded identity: Incorporate the origins of the parent brand while developing a fresh “look” that resonates with the brand and its products/services. Ensure that the new brand identity aligns with the customer experience, represents a bold transition, and captures the essence of the rebranding effort. Consider iconic examples as inspiration including Exxon, Apple, MasterCard, Starbucks, and McDonald’s – all logos without words.
By following a comprehensive approach, companies can navigate the rebranding process effectively, harnessing the power of their brand to drive success. A well-executed rebranding effort can breathe new life into a company’s identity, strengthen its position in the market, and ultimately create a stronger connection with customers and stakeholders.
Resources & Support
The Acceler8Success Group social media & digital marketing team delivers comprehensive services in a hybrid coaching / consulting manner. From strategic planning to full social media & digital marketing management, the team continues to excel at accelerating digital success.
Working hand-in-hand with clients, the team truly becomes an interactive partner. To this end, joint efforts result in development of unique content for blogs & newsletters, online meeting content, podcasts, webinars, social networking and other digital activities & virtual events.
Personal Branding programs are also developed for entrepreneurs, brand founders and executives to help establish a strong digital footprint in full alignment with their brand.
The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important.
So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate.
You can reach me on LinkedIn, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851.
Learn more about Acceler8Success Group at Acceler8Success.com and at Entrepreneurship411.com.
Make it a great day. Make it happen. Make it count!
You must be logged in to post a comment.