Fools Rush In: Know how to rebrand a company before diving in
Rebranding your business is not a decision to be taken lightly. Learning how to rebrand a company takes a lot of thought planning, and strategy. It cannot be done on a whim. There are many reasons why a rebrand could help your business, but remember the age-old saying; “if it ain’t broke, don’t fix it”. Before embarking on this long journey, you should take some serious time to consider whether your business needs a rebrand.
If you’ve taken this time, reviewed your business plan and strategy and current branding and have come to the conclusion that a rebrand is the way forward, there are certain areas you need to consider to make it a success. Rebranding can be tricky; you want to keep your loyal customers and embrace new ones, while making sure you stay ahead of your competition and not losing your current market share.
So, let us give you some tips on how to rebrand a company.
It’s more than just a new name
The first thing to remember is that rebranding is not just changing your company name or logo. For starters, your current customers don’t care whether your logo is snazzy or colourful, or what your company name is. What they care about is the service you’re providing to them, the value that you bring, so don’t get caught up with the aesthetics. You need to re-evaluate your whole offering; this does include your brand look and feel but more importantly, that change should be accompanied by new, updated or improved products and services. This way, you can start to attract new customers as well as keeping your existing ones.
Speak to those around you
Speak to your customers and your employees. Gather feedback on what your strengths and weaknesses are, as a business. What do you need to improve? What should your new brand focus on? Is your customer service lacking but your products making up for it? Are your products/services not great but you have amazing customer service? Look at the areas you can improve on, the areas that may have made you lose some business and where your competitors are gaining some ground; the best place to start is with your customers, and if you can contact customers whose custom you have lost, ask them why and use this to look at ways to improve your services as part of the rebranding process. Your employees know the business almost as well as you; they are a stakeholder and should be involved, learning how to rebrand a company.
Listen to those around you
Listening to your customers is important, and you should make sure that all feedback is considered as part of the rebranding process. Some of the feedback might not be feasible to implement, and that’s ok; but you should communicate with those customers who offered feedback to let them know you listened and explain, if you can’t implement some of their suggestions, why it’s not possible. By responding to your customers, it makes them more likely to continue to give you that vital feedback, especially as your new brand is being launched, you’ll need their opinions. Don’t ignore those people who have taken the time to tell you their feelings, whether positive or negative. Customer involvement is a key factor in how to rebrand a company.
Make it a journey
Take your customers on the rebranding journey with you. People are usually resistant to change, especially with something they’re familiar with and enjoy. You want to make sure that in your quest for a new demographic and a fresh outlook, that you don’t alienate those loyal customers who have that familiarity with your existing brand. This is another reason you shouldn’t focus on the aesthetic, because that part of the change has no benefit to your customers; it’s a superficial part of the process that will benefit only you. Focus on the changes that will benefit them. Are you introducing a new online platform? Upgrading features to make their lives easier? Improving a popular product? Make sure you take the time to communicate your plans to your customers; give them plenty of notice. Give them the opportunity to ask questions about the changes.
Use social media to give snippets or trailers of new services or products. Get a buzz going about the changes, make your existing customers and new customers alike excited for the launch. If you have a business that allows or requires you to regularly communicate with your customers, start to mention the changes that are coming when you speak to them.
Plan the transition carefully
You probably won’t have the budget to support two brands at the same time, i.e. if you wanted to do a gradual change from your old brand to your new one, although there are upsides to that process (namely your customers will see a gradual change and there’s less risk of things going wrong). To do a big launch into the new brand, you need to ensure that your existing customers aren’t taken by surprise, so you should make sure your communication starts early in the process so they are prepared for it. Make sure that you have everything you need to launch to limit the risk of it going wrong, especially if you’re launching an upgrade or a new platform.
Rebranding is a tricky process but if the proper thought and preparation goes into it, it can reap exceptional results for your business. Just make sure you follow these steps on how to rebrand a company, consulting a professional to assist you.