While you may believe your businesses logo, image, or brand is the only thing that is keeping your flailing company together, the fact is that it may be quite the opposite. It may be that holding on to the past may be exactly what’s holding you back from marching confidently into the future. Rebranding is one of those things which every company must do; likely even multiple times throughout its life. Fortunately, it is never too late to rebrand your product or business. Here are some strategies for rebranding that can help you decide if the time is right for you.
The first questions you should ask yourself before undertaking the massive rebrand are: Why are you doing this? What forces in the marketplace are causing you to consider this? What problems will this rebrand potentially solve? It can be a slippery slope when you begin this idea with so many questions and so few answers, but answering these questions will give you the confidence you need in order to decide if rebranding is the answer.
One of the biggest mistakes companies make when they undertake a rebranding effort is that they don’t have a plan of attack for accomplishing their goals. They may have some vague notions about how they might like to do things, but in your rebranding effort you are going out on a limb. You are taking everything you have had, which may or may not have worked, and saying “we’re going to try this instead.” You don’t know how your larger customer base is going to receive it; you don’t even know if your customers are going to know who your company is anymore. That’s a scary thing. So you should have a roll-out campaign that includes marketing, advertising, giveaways, and many more exciting events to drum up interest in your new brand. The reason companies do rebranding is so that they can get people excited about their brand who have lost interest. Figuring out the “how” is almost as important as the “why” when you are rebranding.
You need to be able to look into your crystal ball a little bit and see into the future. It may sound silly, but as a company executive reading the tea leaves of trends and such is your job. If you are being proactive rather than reactive in your rebranding efforts then you will be able to anticipate trends before they happen and commit to this rebranding in order to honor your brand, rather than being reactive to forces in the marketplace.
Rebranding is one of those things that can make or break your company. You need to approach this and take a bold step forward. You will never know the outcome unless you jump in feet first!