Rebranding a business can be a difficult decision to make. On the one hand, you’re undoing years of brand recognition, but on the other, you’re investing in a new direction, opening up lucrative markets, and creating a brighter future. Fortunately, there are ways you can make the brand recognition issue less of a problem than it seems to be. Here are five tips for rebranding your business successfully.
Giveaways & Freebies
It can be scary to think you’re throwing away years of brand recognition by changing to a new color scheme, logo, and design. However, one way to minimize the impact is by investing in branded promotional products for your customers, clients, and future business prospects.
Everything from caps, coffee cups, keychains, and lanyards to t-shirts, candy, balloons, and books can be printed with your fresh design. You’ll have people recognizing your new look from afar in no time.
Marketing & Advertising
Many years ago, there were few marketing and advertising platforms to get your message in front of your target market. Now, there are dozens. Go big with TV and radio campaigns, or go global with internet and digital marketing strategies. Social media platforms like Instagram and Facebook can work wonders for your image.
The best way to rebrand your business is to make a song and dance about it. While you may need to have a reasonably hefty marketing budget for your first year of new branding, if handled well, it can pay off many times over in the end.
Purpose & Intent
Note the word ‘successful’ next to ‘rebrand.’ There are certainly occasions when these two words sadly did not belong together. Kraft Foods ultimately returned to their old logo, while Pizza Hut tried (and failed) to appeal to the youth of today by changing its name to “The Hut.”
Make sure you put a lot of time and effort into your rebrand. Remember your core business purpose and identify why you need to rebrand. The more your new branding makes sense, the easier it will be for your customers to wrap their heads around. Otherwise, the only thing they will be doing with their heads is scratching them in confusion.
You probably know how important it is to alert your customers to your new name, purpose, and direction, but what about your vendors? Let them be among the first to know. The people you do business with need time to update your billing information and any documentation relating to deals and agreements you have in place. Be prepared for plenty of form signing and meetings during this process.
Even rebranding a small business with an annual income of less than $30 million can cost upwards of $90,000. So, it’s not an activity you want to get wrong. Don’t be afraid to spend a fraction more on expert help to ensure you’re ticking all the correct boxes along the way.
Marketing and branding teams can be more valuable than you think, and even one or two meetings with someone who has the requisite experience can help set you up for a successful launch of your new branding. Acting on inexperience can be a costly mistake.
Businesses successfully rebrand all the time, so it is doable. In saying that, there are helpful and harmful ways to go about it. Don’t be afraid to invest in branded freebies for customers, and hire someone who can make the process go smoothly. The goal is for your customers to understand your new direction and recognize your branding within the shortest transition time possible.