Change is inevitable and is a common norm across all niches. Things change, forcing people to shift and conform to them. Your business is not immune to such changes. After operating for some time, your strategy may become obsolete. The model may no longer be working. Also, your business name and other identities may require a tweak.
At this point you require a corporate rebranding. However, rebranding a business is not a walk in the park. You must do it perfectly to avoid hurtful consequences such as loss of customers. The process can also be a waste of time and resources if it is executed poorly. To help you maintain your reputation after a rebrand, here are effective steps to follow.
Have a Reason for Rebranding
Before embarking on a corporate rebranding journey, you must answer the question why. Have some reasons why your business is requiring a rebrand. Sometimes, your brand does not require an overall transformation. A simple tweak on your logo style and font might deliver the desired results.
When your current brand and model are obsolete, however, a complete change is necessary. The rebranding process is time consuming and requires a huge investment. So, you must have an exact reason why the only way to resolve the current issues is through rebranding your business.
Involve the Customers and Employees
Customers and employees are crucial stakeholders in your business. They are the reason why it exists. Their inputs are important when making crucial decisions such as rebranding. For this reason, it is essential to involve them in the process. Seek for their views and opinions on the intended changes.
Understand whether they would like a tweak on the current logo or a change in the corporate colors. Also, get their views on shifting to a new business model. Getting honest views and feedback from them will inform your rebranding journey. It will help you avoid rebranding mistakes that will cost your company in the long run.
Communicate Why There’s Need for Change
One thing that corporations do wrong during rebranding processes is failing to communicate with stakeholders. The management initiates the change processes without explaining it to their clients and staff. If you want to fail, you should do the same. Communication is a central pillar in the rebranding journey.
By helping your clients understand the reason behind the rebrand, you will gain their support. Your employees will also turn into brand ambassadors. This way, your transition process will be smooth.
Set up/Hire a Branding Team
To succeed in a rebrand mission, you will require a team of experts. The team members must have adequate expertise, knowledge, and communication skills to manage the rebranding process effectively. You can consider an in-house team if you have the right people and skills.
Alternatively, you can opt for a brand agency to perform the rebranding process. These agencies have vast experience and expertise on the field. They understand when things might go wrong or right. Hence, they can guide you in the right direction.
Consider a Competitive Analysis
The market should inform your rebranding strategy. You cannot rebrand your organization for the sake of doing it. You need to understand your target customers and their desires. Also, you should learn how they behave towards other brands in your niche.
Performing a competitive analysis is the ultimate way to get this information. Assess your competitors’ brand. Check all the aspects from their tagline to their logo design, colors to messaging and brand voice. This information will help you determine where to outdo them in your rebranding process. So, engage in a competitive analysis before kicking off the rebranding mission.
Plan the Transition Process
Success is a product of good planning. It does not happen overnight. Planning the transition process is the pillar of successful rebrands. Have a strategy for promoting and popularizing your new brand. Determine how you will launch it and internalize the brand among the stakeholders.
The strategy should have a clear plan of how you will move from the old brand to the new one. The communication processes need to be clear to express the new market positioning. Importantly, avoid any shortcuts. Otherwise, you can expect your rebranding mission to fail.
In a word, successful corporate rebranding requires a well-planned process. You need to establish a strategy that brings every stakeholder onboard. Also, you must have convincing reasons why rebranding is necessary. The process should not be due to some emotions or feelings. Rather, it needs to involve research and market information to be successful.
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