“Your brand is arguably one of your organization’s most important assets. It gives your organization an identity, makes your business memorable, encourages consumers to buy from you, supports your marketing and advertising, and brings your employees pride.” -Allie Decker, HubSpot Marketing
Rebranding is a tricky business. It should not be taken on lightly or without a strategy in place. However, a rebrand can breathe new life into a brand identity and message.
1. When is the right time to rebrand?
As a company grows and changes, it may be time for a partial or full rebrand to share the updated identity to customers and audiences. According to an article on Forbes.com, partial rebrands merely alter the way a company appears to target audiences, while full rebrands can be disruptive and endanger progress if not done right.
There are several business changes that might prompt a rebrand:
- Adapting to industry changes
- Adjusting to customer or target audience needs
- Shifts in technology
- Development of new products or added services
- Business growth
- Improving competitive advantage
- Business or sales have “gone stale”
Whatever the reason for a rebrand, it is crucial to form a plan and rollout carefully, keeping in mind the potential reactions from both internal and external audience groups.
2. Quiz: Is this a full or partial rebrand?
What elements of your business do you want to rebrand? While both options require research and planning, a full rebrand means your process and rollout plan will need added time and attention. Remember that communication and feedback with customers and key stakeholders is crucial in any major rebrand project.
3. Do the Research & Planning
“Before you rebrand, do your due diligence,” says Amanda Bowman of entrepreneur.com. “Research what your competition does. Determine how you stand apart from your competitors, and what your true value proposition is. It’s vital that your new brand be fresh and relevant, but not so of-the-moment that it ends up looking dated too quickly.”
What should be included in this “due-diligence” research and planning?
- SWOT Analysis
Companies should always begin with a review of current Strengths, Weaknesses, Opportunities and Threats in a classic SWOT Analysis. Look for patterns and condense into key findings to discover the best opportunities for a successful rebrand. (Check out this article from Business News Daily on SWOT basics.
- Competitive Analysis
It’s crucial to know and understand the competition. Begin with a list of direct, indirect and other kinds of competitors. Speak with customers and prospects about other businesses they use to support their needs. Review competitor websites, blogs, social media and develop a comparison chart. This analysis is a perfect supplement to the SWOT.
An article on HubSpot explains that a thorough analysis can not only help with a rebrand, but can also identify gaps in the marketplace, assist in new product or service development, and ultimately help businesses market and sell more effectively.
- Branding Workshop & Brand Identity Matrix
Branding Workshops bring together key business stakeholders and marketing experts to analyze SWOT and Competitive Analyses and communicate openly about the current state of the brand. The workshop acts as a platform for leadership and key players to discuss the future of the brand and make decisions on action steps to move forward.
The workshop can help review or determine numerous marketing elements such as: mission and vision statements, core values, new logos, corporate identity, company voice and tone, brand personality, value proposition, etc. These can be combined into a Brand Identity Matrix that helps set the direction and strategy for a successful rebrand.
Harvard Business Review recommends five tips to creating an effective Brand Identity Matrix: 1) Be concise, 2) Be straightforward, 3) Seek what is characteristic, 4) Stay authentic, 5) Seek what is timeless
- Create a Rebrand Rollout Strategy
Once the research is complete and the parameters of a rebrand are established, it’s time to develop a rollout strategy. Factors to consider:
4. Choose a Branding Partner/Expert
Managing the rebranding process can be overwhelming. Companies should choose a reputable design and marketing partner to assist with the rebrand process.
Vivid Impact offers the expertise of a one-stop shop in creative design, technology and print. Discuss your rebranding needs with one of our team members today!