Your brand represents who the company is, your culture, values, your mission, and what you want customers to feel about you.
It is what people identify you with, and it also relays the kind of experience you give.
When you decide to rebrand your company, you must consider its relevance, marketability, and return on investment.
If your business has grown tremendously over the years and your brand doesn’t represent that, you might think about rebranding.
If you are in a dry season where customers seem to become fewer and fewer, rebranding can help revive things.
It may also be a great idea if two companies have merged and they want to reintroduce themselves as a new company.
Among the things you should look into, here are a few crucial steps you must take.
1. Consider your target audience
The message you want to convey with rebranding has to be aimed at your target audience, primarily clients.
It is essential to consider all the stakeholders and hear what they would want from their company.
Consider the needs of the customers and how they feel about you.
Consider the employee’s perception, and even how the community relates to your company.
For example, a telecommunication company gathered that their clients are unhappy with how their money is being used.
Their new brand is now aimed at being honest, transparent, and simple to put their clients at ease.
Depending on the reason why you are rebranding, you have to decide how different you want to be from the original brand.
If you are doing damage control and you want to wipe off the perception people have of you, moving away from the original brand may be the way to go.
2. Develop your position
You have to redefine your values, mission, and vision to represent your new position.
Define what impact you want it to have, what message you want to portray. What kind of feelings do you want to trigger?
Knowing precisely what you want to portray will make it easy to choose a color palette and a logo that matches that perfectly.
You also need to establish if you want to change your name.
For example, when two companies come together, it might be better to come up with a new name and leave the old ones behind for a fresh start.
However, if your name holds power in it, for example, Coca-Cola or Google, changing it will be counterproductive.
3. Assess your rebranding cost
It’s essential to have a budget for the rebranding to avoid going overboard because of excitement. Consider the amount of money you have to spare and the cost implication of borrowing.
It will be easy to identify the most suitable lender when you go to San Antonio Business Loans because your vision is clear.
However, keep in mind that it will cost more than you anticipate, so you must have some allowance for overheads.
Liaise with professionals to establish how much it may cost to do everything you want once you have expressed your ideas to them.
4. Create a brand identity
You have gathered enough information from stakeholders and developed your new position as a company.
Now it’s time to implement that idea into something tangible.
You have to redesign your logo to represent your new position. Make it something simple, memorable, timeless, and relevant.
Apple, Google, and Audi have some of the most famous logos.
You also have to consider your color palette. Color has a way of invoking certain feelings in people and leaving a positive impression.
Red is dominant, while yellow is happy and vibrant.
Consider the different places where your logo and brand content will appear. The website, billboards, television, leaflets, and so on.
Does it look visually appealing in all of them?
Test the brand on all platforms and see if it looks good, if it represents your position and if it’s captivating.
5. Develop content
Your new brand has to be represented in every area of your business, so it’s time to create unique content.
Everything from your website, stationery, letterhead, signage, business cards, and even vehicles must have a new brand.
You also need to change your social media platforms and any ongoing advertisements.
Make sure you have switched everything to the new brand because inconsistency can confuse people.
Implementation is the point where you spend all the money to make your dream a reality.
6. Launch the new brand
Before rolling out the new look to the public, you have to test it internally. Build the buzz by introducing your brand to the staff and other stakeholders.
Give away branded mugs, flash disks, t-shirts, umbrellas, and even notebooks with the new look.
The idea is to get employees so excited that they become brand ambassadors for a while.
Rebranding is a marketing strategy on its own, and you have to milk it to the fullest. Launch the new brand in an exciting over the top manner.
Use everything from social media, mainstream media, and billboards.
You should also gather an army of brand ambassadors who will take the new brand to the people.
Publish blogs, throw a party, send newsletters and press releases, and make every form of noise to bring awareness to the people.
7. Live the brand
Spending millions to give your company a new look is all well and good. However, rebranding will not sort out your internal issues and poor image.
You have to find a solution to the problems that have caused you to rebrand.
If it was poor customer service, make sure there are a complete overhaul and retraining of that department.
If the problem was in the product or services, you have to come up with a way to make it better.
Rebranding should not be a Band-Aid to cover up the issues while you continue to do what you have always done.
Make sure you live by the principles of the new brand and adopt a new culture of doing things better.
Rebranding is a costly and time-consuming affair.
However, if used correctly, its return on investment is worth it every time.
Ideally, you should start whistleblowing about the new brand months before the official launch to create anticipation and excitement.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.