There are lots of reasons people want to rebrand. Some of those reasons are good ones, and others aren't.
Take for instance the gentleman who ran up to me after a speaking engagement declaring, "I need rebranding, and I want you to do it!"
Taken aback, I asked him, "What makes you think you need rebranding?"
He timidly pushed his business card toward me, indicating that he thought the logo needed to be redone.
"Why?" I asked. "That's a brilliant logo. Tell me about the values your business is built on."
After he told me about his business, I realised that his logo only needed minor tweaks, involving shade adjustments to the colours in the logo.
He went away and not only incorporated those changes, he involved his existing clientele in the changes, keeping them updated and listening to their feedback. His profit doubled in only a few months.
Just from that small change.
He didn't need rebranding.
He needed an adjustment to his branding.
Are you now wondering if you're jumping to conclusions when you say "My business needs rebranding"?
Let's see.
When Rebranding Makes Sense
There are plenty of legitimate reasons for rebranding.
Before we get to them, let's talk about the things that rebranding won't fix:
- a shady mission (like making money or becoming famous)
- a lack of values or disingenuous values
- a poorly constructed, underperforming team
- a lack of focus
- a misdirected marketing strategy
- a bad business idea
- a lack of vision
…and that's just a sampling of bad reasons for rebranding. In fact, rebranding will make these brand-sinking conditions even worse, because you're now proving that you couldn't do it under the original brand, and now you can't do it under the new brand, either…demonstrating that the problem stems from the brand itself, not just its branding.
There are cases, however, when rebranding is the best option for improving business performance. Here are a few of them:
- the business has changed direction and the name/branding is now irrelevant
- the scope of your business has expanded
- your ideal customer is different than when you started
- your branding is often confused with that of another company
- you've realised that your branding doesn't adequately communicate what you do
- your geographical service area has expanded or changed, making your current branding inappropriate
Add any of these to a good credit rating, a positive history with customers, and a significant number of followers and years in business, and you've got a great case for rebranding.
So now what? If rebranding is your best option, how should you proceed?
Here are a few pieces of advice I'd like to share:
- Consult with your existing ideal customers. Tell them that you're intending to rebrand, and ask them questions to make them feel heard and special. After the rebranding is in place, thank them, keep them updated and offer them something to say thank you (VIP passes, a free gift, free membership, etc.).
- Avoid confusion. If misunderstandings concern you, consider referring to your brand as Company ABC trading as Company XYZ. The 'trading as' part is your new brand name, and will be more likely to 'stick' if accompanied by your previous brand name.
- Do it right this time. In many cases, the reason you needed to rebrand in the first place could have been avoided with foresight. In other cases, the shift simply couldn't have been predicted. No matter the reason, look ahead this time. Picture where your business will be in five, ten and fifteen years. This is your vision, and what your rebrand should be built upon.
- Understand that rebranding isn't always necessary. Even if bad things have happened—bad things that you'd like to erase—you may still be able to salvage your brand and build it up stronger than ever.
Rebranding is a big decision, and it's likely that you still have questions. This is the perfect time for a One-Hour Intensive Brand Audit, and you can get yours by clicking here. I will not only answer your questions, I will take a look at your brand and tell you if I believe rebranding is in order.
Want to talk to other business owners who have been faced with rebranding and other important branding decisions? Then join the How to Build a Brand group, where freedom-focussed entrepreneurs are gathering to build their purpose-driven brands. It's free, it's interactive, and it's home to the weekly LIVE Brand Breakthroughs sessions, where you can ask your questions, share your progress and be heard. See you in the group!
