A rebranding exercise can be an overwhelming task, but sometimes it’s a necessary one. Rebranding is not necessarily about changing your corporate identity. Rebranding at its core, is about developing a new business strategy while keeping in mind all of the strategic components associated with branding including look and feel.
There are many reasons why companies choose to rebrand, including:
- New business acquisition: This often demands change to reflect a new business direction
- A change in marketing strategy
- New leadership
- Your brand is not operating at its full potential
- Unable to attract top industry talent
- Low employee morale or performance
No matter what the reason for rebranding may be, you must be cautious of the many pitfalls that could lure your business down a destructive path. Here are three key things to look out for:
1. Are you in it for the long haul?
It’s imperative that all executive members of your business have 100% buy in when it comes to rebranding. The absence of unity is a recipe for chaos and ego struggles. No brand can fully achieve success when incubated in instability. Develop a strategy on how you will roll out your new brand with employees. Remember that they are your brand ambassadors and it’s important to keep them involved and personally invested in your new brand. In doing so, they will become champions of your brand.
2. Be aware of the world around you
Before commencing any rebranding exercise, you need to be aware of your market and the current events taking place that could negatively influence or impact your rebranding efforts. These external forces such as market trends, your competition or even socio-economic factors can catapult your rebranding efforts positively or negatively depending how your respond to these conditions.
3. Consider all aspects of your rebranding
Once upon a time when rebranding, we simply had to keep in mind one dimension of the business offering. Now with the global market at our doorsteps through the internet, our brand influence goes much further than our own four walls. Consider how rebranding will affect your global audience. Be sure to have a sound strategy for your online presence.
Rebranding is not for the faint of heart and should only be trusted in the hands of professionals. Wisely choose a team that will understand your business objectives, will help you develop a rebranding strategy and will emotionally invest in your brand. There are many firms out there that will give you the most beautiful visual identity, but remember that a logo without a sound strategy is simply what it is. A logo, not a brand.