Rebranding is akin to being at the precipice of a cliff. Get it wrong, and years of brand recognition, allegiance, and market standing can be lost in an instant. Occasionally, though, change isn’t just virtuous—it’s a matter of survival.
Rebranding is to redefine your firm’s market stance, message, or visual identity to more closely align with business goals or market demands. While dangerous, well-executed strategic rebranding can reinvigorate aging brands and unleash new growth potential. The key is knowing when to rebrand and how to preserve what’s already successful.
When Rebranding Makes Sense
Not all brand issues require a full revamp. Effective rebranding solves specific business requirements instead of aesthetic whims. Rebranding generally happens when companies are entering new markets, trying to bounce back from reputation loss, or evolving to keep pace with industry evolution.
Market growth often calls for rebranding. Technology firms are exposed to it on a regular basis as their products and services grow from initial offerings. A software firm beginning with accounting software may rebrand when incorporating HR and project management software so that customer perceptions are not limited.
Merger and acquisition also require rebranding. Two venerable companies must create combined identities that respect both traditions and clearly position the company in the market.
Protecting Your Brand Equity
Smart rebranding keeps good brand assets and renews those which are not current anymore. Brand equity—customer perceived value tied to your name and reputation—is years of investment which should not be given up lightly.
Begin by determining which brand elements have the most resonance with customers. Focus groups with customers, surveys, and sales reports indicate which aspects of your brand build recognition and loyalty. These are the anchors to use throughout the rebranding process.
Consider evolutionary, not revolutionary change. Evolutionary change allows customers to adapt without upsetting continuity. Successful rebrands retain signature colors, update but do not replace logos, or update messaging without altering brand personality.
Documentation is necessary at every stage. Create thorough brand guidelines that encapsulate the value of what your brand is worth. This documentation informs design decisions and fosters consistency across all touchpoints.
Managing Communication Strategy
Communication strategy decides whether rebranding reinforces or erodes customer relationships. Customers interested in your brand need honesty regarding change and reassurance regarding continuity.
A seasoned digital marketing agency, such as King Kong, is a good idea to have with you during rebranding efforts. Such professionals understand how to maintain search engine rankings, systematically update digital assets, and coordinate multiple messages simultaneously across multiple channels.
Communicate with caution. Alert internal departments before external release. Important partners and customers should be given warning so they are not alarmed or confused. Public announcements should articulate the cause for change and emphasize greater customer benefits.
Moving Forward Strategically
Effective rebranding is a delicate balance of creativity and retention. Strategically rebranding companies—assessing genuine needs, retaining valuable equity, and communicating effectively—emerge more powerful than they previously were.
The successful brands following the rebrand share the following characteristics: they changed for strategic reasons, they preserved things that customers favored, and they positioned the changes as upgrades rather than abandoning their past.
Rebranding should not destroy hard-earned success. With careful planning and strategic execution, it can capitalize on everything you’ve established and position your business for future success.
