How to Rebrand Your Business

Before we embark on this month’s blog, let’s take a second to appreciate the brands you love. These are the companies that do it right …. they evoke the quality of their products or services with the right level of positivity/value that makes you feel good about emptying your wallet upon purchase.

They can be subtle in their approach, or they might beat you over the head, but either way, their brand resonates.

But what happens when things change? What are you to do as a business owner when your brand has run out of perceived value? I would guess the folks at JoAnn’s Fabrics and Party City are asking themselves that very question as you read this.

The truth is brands can grow stagnant and, in doing so, compromise the efficacy of their marketing efforts just by holding on to their brand too long. Markets change … consumer habits, perceptions, and desires change … products change, and a stagnant brand can be hugely problematic to your bottom line.

How Do I Know That My Brand Needs A Refresh Or A Rebuild?

Knowing that rebranding can be a big undertaking, what signs should a business owner look for to be certain that it might be time to rebrand? Deep consideration and thorough analysis are in order to make sure you aren’t rebranding to overcome an unrelated shortcoming.

A rebrand does not fix a subpar product or poor customer service. As an ad agency, you are being unethical by engaging in a rebrand without a thorough analysis of the client’s business situation. This includes operations, marketing, and category analysis. Said analysis will not only confirm that a rebrand is necessary but also create a better opportunity for a positive outcome.

Here are a few signs that signal it might be time to rebrand your business.

• Slow or stagnant growth metrics that are markedly off the pace from historical performance or category/industry growth
• New competitors with products/services that are resonating with your core customers
• Demographic changes in your primary marketing area(s)
• Significant product shifts or additions/modifications to provided services
• A lack of loyalty in your customer base or anemic new customer numbers

What are the steps involved in a rebrand?

In a blog last March, we addressed ReThinc’s ability to build a brand from scratch. Those same skillsets allow us to refine your brand in a small way or reinvent your brand in a big way. What’s most important is to make sure that a rebrand is actually what is necessary to get your business back on track.

After it’s been determined that a rebrand is in order, it’s now time to evaluate the breadth of your collateral assets, including your website and any physical signage. You should, at this point, be able to estimate the investment necessary to move forward. Concurrent with all this activity, you should engage a creative brief that maps out your desires for a new name, logo, and tagline, if applicable.

Ancillary collateral is relatively simple and much less time-consuming. A good agency will do its homework and be ready to replace your old brand representations wherever it may exist. That being said, a rebrand requires an all-hands-on-deck approach to find anything and everything that represents the old brand.

Helpful Rebranding Tips

Teasing a rebrand through marketing can be impactful to a positive launch.

Timing and execution are important, it’s not good to slow play your rebrand launch.

If you’ve determined that a rebrand is necessary by way of poor business practices or a subpar product, be sure to lean into how the new brand is different/better. Consumers will appreciate your honesty.

Go all in with your staff. A rebrand is a great time to reinvent yourselves.
Depending on your business, a rebrand is a great opportunity to ‘stand at the podium,’ so to speak. A rebrand can be newsworthy in some cases, and you can garner extra coverage by engaging your PR team.

Some key takeaways I’d like to leave you with is that rebranding can be a big but worthwhile undertaking for companies that need to reenergize internally and externally. There is way more that goes into a rebrand beyond a new name, logo, and tagline.

At ReThinc, we feel like your agency should play a major role in evaluating whether a rebrand is necessary and then making certain that all aspects of the rebranding process are properly executed. Brands should be cautious moving from an established brand to a new one, but if doing so, they should get the most out of the work that goes into it.

I’ll leave you with a couple of rebranding projects we’ve been involved with over the years. If you’d like to learn more or discuss whether you need a rebrand or a refresh, contact me at ed.olsen@rethincadvertising.com or give me a call at 602-284-6722.