You might wonder if a rebrand strategy is the right thing to do for your business. Since there are a lot of things to consider, this decision should take time, effort, and patience. To help you along your decision path, we've listed a few questions to askyourself before you move forward.
Keep in mind, all situations are unique and rebranding can be expensive. It might be useful to consult a marketing expert before you undertake a rebrand.
1. What does the future of your business look like?
When considering a rebrand, it's important to think several years, if not decades, ahead because implementing a rebrand strategy is a big deal. If there are big changes ahead for your company, it is important to consider what they might mean for your brand, and how best to approach them.
If there is a merger or an acquisition, it is important to evaluate the strengths and weaknesses of each brand before deciding if you're going to create a new brand from scratch, or choose a merger of the two brands (fusion branding). This is what InBev did after they purchased Anheuser-Busch in 2008, calling the new brand Anheuser-Busch InBev.
2. Is your brand still current, effective, and working for your target audience?
If your brand isn't connecting with your target market, and isn't working in general, you might have to consider rebranding.
This allows your company to be a new face in the industry, and use a different approach to how you do business with your audience. The key here is to find a fit that works for you, your audience, and your employees.
3. Has your target market changed?
Sometimes, depending on your industry, your target market or key demographic aspects change. Let's say your brand was originally developed for a certain age group that has since grown up and now has families of their own. In this case, you need to reposition your brand.
The problem here is that repositioning for a different audience can sometimes mean an overhaul of your brand, and a fresh start.
4. Has your business changed fundamentally?
Have you changed business operations, decided to go global, or changed the foundation of your business? If so, you've already started the rebrand process.
Any major alteration in your business and its perceived image should be followed by a rebrand. If your business promise, personality, or approach has changed, so should your brand.
5. Do you need a new look, or a new outlook?
After taking a look at the previous questions, you might think a rebrand is a good idea. This final question should help you figure out whether you need a complete rebrand or if a brand refresh is a better avenue for your business.
The final question is...
Do you need a new LOOK or a new OUTLOOK?
A new look is synonymous with a brand refresh. You aren't getting down to the nitty-gritty stuff, which means you're ready for a brand refresh. Take a look at whether a brand refresh is the right thing for your business.
A new outlook means remodelling part of your business. This process takes a lot more time, money, and certainty. Take a look at the risks associated with a poor rebrand strategy below.
There are a few risks associated with having a poor rebrand strategy:
- You risk alienating customers who do not agree with the new branding.
- You could accidentally create too much clutter in your messaging, rather than streamlining it.
- Your employees could disagree with the new brand, and decide to leave the company, resulting in a loss of talent.
There are however, several ways to mitigate these problems. Most successful Marketing Agencies have a good sense of how to help, since they've done it for their brand, and some of their clients.
Why not seek some help?
We've got some amazing talent at Cyan, ready to help you develop a perfect brand for your business.