Rebranding Takes Guts

Rebranding Takes Guts

Years ago a client of mine rebranded his company. He called it the best decision he had ever made, next to asking his wife to marry him. 

There are a number of reasons you might want to rebrand your company or products:

  • Your company brand just never quite caught on - maybe the name is too long or cumbersome to say
  • Your brand has become obsolete, stale and dated
  • Your company looks like every other company in your field
  • You have experienced a crisis or your brand is damaged by a lawsuit
  • Or you are just looking for a fresh start

There may be other reasons to readjust your business, but do consider that this is a huge decision and one that should not be taken lightly. There are advantages and disadvantages to rebranding, and every aspect should be taken into consideration before you take the plunge.

Find a Trusted Partner that will walk you through a rebranding exercise. Make sure they have successfully taken a client through the rebranding process and that understand the consequences of any rebranding decisions on your business.

Take into account any Brand Equity you currently may or may not have. If your company has little to no name recognition then your decision is made that much easier. If your company does have some brand equity, you should carefully consider the impact to your business. Ask yourself, will I lose any business? Or how much more new business will I gain because of a rebrand?

Do I have A Budget for this? Consider that when you rebrand your company there are legal considerations, your Website will need to change, as well your business cards, stationary, marketing and anything else that is branded with your company name. All of this takes money - either directly or indirectly. Are you able to make this financial investment?

How will Others React to your rebranding? Business is a very public venture. You don't go into business to be a very well kept secret, but rather you go into business to put yourself out there and work to become a success. How will your customers, employees, vendors and yes even your competitors react? Or will they even care?

Give them something to Talk About. Rebranding is an opportunity to talk to your target audiences again. As a business owner, you should look for any opportunity to stay in front of your clients. Rebranding is a refresh of all your communication and messages. If you haven't provided something new and different in a while, this is an opportunity to do just that.

It's Gut Check time. What does your inner business voice tell you? If you feel positive about your decision to rebrand then you may be making the right move. Should you keep coming up with questions and objections, then you may wish to rethink this move. This is when a trusted rebranding specialist will be of most value to you.

You have heard this saying, "Don't try this at home." This goes double for changing your company or product name. And it's more than just changing the name. It's repositioning just about every aspect of your business. Yet if the timing is right, the conditions are optimum and your customers are receptive, the rewards to resetting what is not working for your business can be worth it.

Image: Roger Alcantara, "Pacman", via Flickr Creative Commons Attribution.

Posted by Eli Hernandez on 07/20 at 01:05 PM in BusinessMarketing

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