3 Tips for Going Through the Rebranding Process
Are you trying to figure out how to rebrand your company and aren't sure where to start? Read this article to learn more about the rebranding process.
Every business hits certain speed bumps during their time operating. What once work loses its luster or competition of another sort comes in and crowds out what was once special.
It is in instances such as these that the smart business owner will consider going through the rebranding process. Rebranding can be an excellent way to re-evaluate the strengths and weaknesses of your business and to find new footing for the future.
A brand is a powerful thing and nearly every business will need to go through the process of rebranding at one point or another. It isn't something to be ashamed of nor is it an indication of any sort of failure.
Need some advice on how to best move through the process? Read on and we'll walk you through what you need to know.
1. Know When It's Time
You might have come across this post while still considering if it's even the right time for your company to rebrand. You're toying with the idea, but you're not certain it's necessary. After all, rebranding will take money, time, and effort.
When is it worth this effort? Was it essential for a business to rebrand? There are a few different scenarios to keep an eye out for.
The most important would be if you were hoping to take your business in a brand new direction. In this scenario, it's important to make sure the word of this new direction gets out to your intended audience: your customers and stockholders.
Rebranding can be an important aspect of this kind of work. The kind of content you'll be putting out and the way you'll be attempting to reach these people might change entirely.
The other key time to consider a brand redesign? When changes in the market force you to pivot into a new direction.
Maybe your current brand was once fresh and new but has become old news as more companies have entered the sphere, all peddling the same voice and brand identity. Pivoting to something that helps your company stand out better might be key.
Or, perhaps, the demographics of your business may have changed. What once only appealed to young people now has picked up an audience of those forty and above. You're likely going to want to alter your brand to become more inclusive and less youth-focused as a result.
This is something a lot of social media sites went through at the beginning of this past decade.
2. Don't Undervalue Budgeting and Planning
Before you hop into anything, you need to have the most solid of plans in place. The worst thing you can do for your business is to haphazardly start a rebranding process only to realize halfway through that you don't actually have the funds that you need to see it all the way through.
Proper planning and organization will be key to transitioning to your new brand in a way that will be beneficial. You should chart the entire process out, every element, before you even make one public move. With the whole scope of the project laid out in front of you, you'll be able to do much better work.
You'll be able to craft a solid budget off of this plan as well. Having a strong plan doesn't mean there won't be unexpected costs that arise at one point or another, but things shouldn't go so off the rails that you don't end up more or less in the same ballpark.
You'll need a good chunk of your annual marketing budget to properly pull off a rebranding effort. However, if you do so successfully, it'll be money well spent.
3. Have Goals in Mind
How will you be able to determine if your rebranding efforts were successful? You won't be able to if you don't set goals and have specific metrics in mind prior to getting started.
You need to take some time to think about what your company actually needs. What are you going after with your desire to rebrand? More relevancy, you might say. But how will you be able to measure that?
There are a number of qualitative and quantitative elements you can measure to determine the success of your rebranding efforts. Which you choose to use will depend on the exact goals of your company and your overall marketing.
Tracking how long the average consumer spends on your site both before and after your rebranding campaign could be one good metric to trace. The number of sales you make would be another obvious one.
Conversion rates off things like e-mail marketing could turn up some pertinent results. You could even design a survey for customers to take that would have them give input on their feelings about your new brand identity.
There are endless fantastic ways to measure the success of your rebranding effort. What is important is that you determine what the best ones for your company will be prior to actually starting your rebranding campaign.
This way you can stay on top of the numbers as they shift and change (hopefully in a positive direction!).
Understanding the Rebranding Process
It can be a little scary to go through the rebranding process with your company if you've never gone through such a process before. There's a lot of changes to grapple with and many things you've become accustomed to that might now disappear.
However, the positive benefits far outweigh these concerns. The above information can help you to properly make the transition.
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