Are you currently considering a rebrand? If so, what is the catalyst? Some of the most well known brands have gone through rebrands. But not every rebrand has been successful. Check out this infographic to see some of the winners and losers. If your company is seriously thinking about a rebrand then there are some important questions to ask.
Starting with these questions can help put you on the right path to a successful rebrand.
1. Why now? What is that has changed in either your internal or external environment that is prompting the rebrand? You need to look at all the factors both within your organization and in the competitive landscape. Is your market share shrinking? Are you changing your marketing strategy? You should have a clear reason to rebrand. It shouldn’t be something you do because it seems like a good thing to do.
2. Has your audience changed? If so, how? Do they think differently about your product or service? Have their expectations shifted? This is where you need to do some research into how your audience feels about your brand and about the product or service you offer in general. A good way to start this process is by creating or revising buying personas.
3. Does your brand have a story? Storytelling is a really fresh way to look at branding. Brands that really resonate with audiences have a great story. Their message is simple and authentic. Before starting a rebrand project, think about what your story is. It will be a key component in your rebrand.
4. How will a rebrand impact marketing efforts? This is all about the details. When you undergo a rebrand, there will be many different things that need to be updated: websites, social media, collateral, advertising and much more. If you are changing the way in which you look then you must be cognizant of everything that has to be updated. Because once your new brand is a go, you want everything to be seamless.
5. Has your name or brand put you in a box? Consider the example of Domino’s, which was a national brand with huge market share. But their name was Domino’s Pizza. Of course pizza was the main thing on their menu, but it had expanded, offering wings, sandwiches and even pasta. So they went through a rebrand several years ago and became simply Domino’s. Another national brand, Burlington Coat Factory may have also felt boxed in by their name. New ads have reintroduced the brand as just Burlington because well they sell much more than coats. If your current name and brand really don’t represent all that you offer or how you have expanded then it’s time for a rebrand.
6. Has your industry or the competitive landscape changed? Big swings in the economy can often leave to a disruption in your industry. It may also lead to some of your competitors going out of business. This may be a unique opportunity to rebrand, letting a new audience know that you are still open for business. It can also help you remain relevant in your industry. There are many different factors that can cause a shift in an industry. Being in tune with these could help you know if a rebrand is the right move.
A rebrand is a journey for any brand. Before you start charting a strategy, it’s important to ask many questions. These questions can help you decide when the optimal time is and what you want to accomplish with a rebrand. If you’re ready to kick off the process, we’d love to work with you. Send us a note today.