Rebranding is an extremely tricky business and an incredible gamble that businesses take in the hope of increasing their marketing prospects. However, it is possible to have a better control of the outcome by executing the rebranding process in a scientific manner. In this article, we will take you the most vital factors that an entrepreneur must consider while rebranding their business.
Map your customer profile
The first step in a rebranding process is to understand the customer you are trying to target and also make a note of how they are different from the previous customer profile. Sometimes, the customer demographics itself may not have changed and only the aspirational needs and wants of the prospects may have evolved. Knowing how your new target demographic is different from the old one will help a marketer make the brand transformation without impacting the core values of your brand.
Identify your brand goals
Each brand conveys a message to the customer about the customers’ aspirations, the ethos and values of the business. The Lance Armstrong Foundation found itself in a reputation crisis when the champion cyclist got caught in a major doping scandal. The foundation soon rebranded itself as the ‘Livestrong Foundation’ that helped the organization distance itself from its disgraced founder. After a major oil leak that threatened the reputation of BP, the company reinvented its branding to provide a more ‘green’ and environment-friendly outlook. As a rule of the thumb, your brand goals should be based on where you stand currently and what you want to communicate to your customer.
Plan your execution strategy
A rebranding process is much more than simply changing the logo and the brand tagline. Execution is key when it comes to rebranding. According to this guide on Templafy, the planning stage of rebranding should involve detailed mapping of the timelines and deadlines in addition to delegating the various tasks to people in your team. It is also a good idea to set a budget for the rebranding process and actively work towards achieving your objectives using just the allocated resources.
Keep your stakeholders in tow
Stakeholders play a major role in determining the success of a rebranding exercise. This is because they are often the face of the company to the end customers. In order to ensure a seamless rebranding exercise, keep your stakeholders, including your staff on roll, vendors, distributors and suppliers in loop about the impending rebranding exercise. Communicating the rationale behind the rebranding and the message you want to convey through the process helps your business get around any reservations that these stakeholders may have about the process.
Execute
Once all the logistics related to rebranding have been worked out, the next step is the execution itself. It is a good idea to reach out to all your media partners well in advance. An embargo policy ensures that the news about your relaunch or rebranding does not get published before you officially launch. This is also important from a marketing perspective since your media announcements can then be aligned with your advertising campaigns announcing the rebranding. It is also important to quickly transition from your old branding to the new version. This includes replacing all your old marketing materials (including billboards, brochures, etc.) with new ones.
Rebranding is not cheap by any means and should be an option only when you are absolutely sure that your business needs it. However, under the right circumstances, rebranding can do wonders for your business. Have you rebranded recently? Share your experiences in the comments.