Rebranding a company or product can be a difficult process but necessary, especially when something starts to feel stale or outdated. Over time, brands can change and pivot to appeal to new markets. It’s okay to change and rebrand. There are many different reasons a company might want to invest in a rebrand, but the overall goal of undertaking a rebrand should be to build brand equity.
1. What is brand equity, one might ask?
Well, according to Inc., brand equity is the “public’s valuation of a brand.” So, it’s more of a concept than hard statistical analyses of success. However, the public’s perception of a brand can have a more profound impact on a company’s success than a carefully calculated schema. Your brand equity envelops all aspects of your company’s successes and failures, as well as how that affects consumers choose to engage with your brand. So, you can see how important high equity can be. And, for some companies, the best way to build equity like this is to redefine their brand identity and strategy.
2. Get your house in order
Before considering a new branding strategy or instigating a rebrand, get your house in order. Some companies may use a rebrand as a Hail Mary for their brand without organizing the internal structures that have made success an impossibility. And one thing that can aid in making your company run smoothly is having the appropriate equipment come tax season. Having an appropriate tax folder and other tax-related items, like cover sheets, will help to make your company a well-ordered machine. Once you’ve got all your ducks in a row, then you can look into constructing a successful rebrand.
3. Talk to your shareholders and C-suite officials
Once you’ve started the rebranding process, you’ll want to talk with your shareholders and C-suite officials. Be prepared to tell them exactly why you want to rebrand. Are their aspects of your brand or company that just aren’t hitting your target market audience? Has your target audience or value proposition changed? Is your branding outdated? Whatever the reason is, you’ll want to be specific about what is motivating this rebrand. Being as specific and honest about your needs and issues as you can allow your company to take the necessary steps to start a successful rebrand. From there, you can start to structure a rebranding campaign.
4. Focus on the story
Your brand is more than just a company full of people or a product you want to sell. It comes from somewhere! An idea. Tell that story in your branding
5. Think about brand equity again
Don’t compromise it for the brand! Your brand should coincide and not conflict with the equity you’ve built with consumers.
6. Simplify your brand identity
Sometimes simple is just better! Consumers won’t engage with brands that are too convoluted or bogged down by an excess of information that doesn’t correlate.
While you’re in the rebranding process and before you unveil anything to the public, you’ll want to ensure your project’s success by checking to make sure you haven’t made any of the following top rebranding mistakes: “clinging to history” or sticking to outdated ideas and designs that have stopped your growth and success; “bypassing research,” which means not looking into your target market’s data (it’ll help you to better cater to your audience); not letting your brand guide company procedures, and that includes marketing and advertising campaigns; and “sprinting” rather than running a marathon, which means you should be planning for long-term goals. Rebranding is a big thing to take on, but it can mean greater success for your brand.