Rebranding results when a business or association chooses to change an important component of the brand. Such a change could be plainly evident like another brand name or logo, or it may be more inconspicuous, for example, a slight change in communication to better impart a more significant brand promise.
At any rate you cut it, rebranding is critical. Not just would it be costly to execute a complete rebrand, it can likewise be unsafe. Here and there representatives and buyers won't acknowledge a need for rebranding, and that is when catastrophe strikes.
Predicted Growth: When a company prepares for expansion, especially into international waters, it might look to rebranding to consolidate all its products and services. This is often done for consistency and to save money over time. This type of rebranding is also done when a company feels its range of products and services are increasing such that it is losing its brand unity.
New Line of Business or Market: When a company enters into a new line of business or market which is not directly related with its existing business or operations, a rebranding might result. As Apple Computers evolved into new lines of business beyond computers, the original brand name became redundant. With a simple snip to the original brand name in 2002 (which most people didn’t use anymore), the brand was ready for new growth and opportunities.
New Audience: When a company wants to target a new segment in the population, a rebranding might be necessary. A rebranding might not necessarily have to involve a logo or name. Think of McDonald’s referring to itself as MickeyD’s in commercials to target a different demographic from its traditional family audience.
Relevancy: When a company realizes its brand is losing relevancy in consumers’ minds, it might be time to rebrand. The Yellow Pages rebranding is a perfect example. With the use of printed Yellow Pages directories declining, Yellow Pages rebranded to YP and began to focus more attention on the digital space making it significantly more relevant.
Merger or Acquisition: When companies merge or acquire other companies (and even when they break apart), rebrandings are often required. That’s how we’ve gotten brand names like Pricewaterhouse Coopers and Bank of New York Mellon. When AT&T broke up into three separate companies in the late 1990s, Lucent Technologies was born. These types of rebrandings are very common and often go through multiple iterations.
Legal Issues: There are a number of different legal issues that could cause a company to rebrand. Trademarks are often at the root of these rebranding examples. That’s why it’s so important to conduct an exhaustive trademark search and obtain the trademark rights to your brand name before you launch it.
Competitive Influences: Sometimes a company’s competitors’ activities can be the catalyst to a rebranding. When a competitor renders your brand useless or dated, a rebranding could help you regain a foothold in your market and give you the facelift you need to effectively strike back.
Negative Publicity: Remember a company called Andersen Consulting? It was part of a larger company along with the accounting firm Arthur Andersen that was tied to the collapse of Enron. Andersen Consulting was granted independence from its parent company in 2000, and on New Year’s Day 2001, the consulting company was reborn as Accenture, representing a great example of effective rebranding in response to negative publicity.
How to revamp
Be Ready for Change
Revamping your business is not an easy task and the first step is a mental process, which requires a shift your thinking and being ready, willing and able to let go of things you felt were working perfectly, which may no longer be relevant. The first step is to be open to changing or adjusting the way you do business and you have to be prepared to act immediately.
Determine Your Mission
Revamping your business involves understanding your company's strengths and weaknesses—the whole picture and not just a narrow view. Before embarking on any type of change, bear in mind two things: 1) A good understanding of the problem at hand 2) make it a mission project.
Talk to People
Ask your customers, employees, business partners and industry experts their opinion about your company—it's products, services, and brand. Understand their likes and dislikes about your company and its offerings. How hard is it to do business with your company? What would they suggest; do you need a little revamping or a major overhaul? Have you clearly communicated your positioning? Do you have good price value? Where do you rate in terms of customer satisfaction and brand differentiation? Your market research, both qualitative and quantitative will be able to help you answer some of these questions.
Measure Your Total Market
This is the most important piece of information you should have as a business owner. A well used approach is to divide the study into two segments, within your industry and outside it. How has the market changed in your industry? Whether your product or service still relevant is the moneymaking question.
Rethink Your Customer Base
Part of revamping your business may involve targeting your product or brand to appeal to customers outside your niche demographic, versus introducing new products or lines to boost business. Appealing to a wider customer base can make up for less business by existing customers.
Improve Your Product Availability
There are rapid shifts in channels. A mono channel player may not see in their data that they are losing share to a changing market. Don't limit your business to just one distribution channel. This also means making your service or product more compatible to online availability. Exploring new channels for doing business is just as effective as coming up with an entirely new business idea. If your product or service can be utilized in a novel manner, this could lead to increased revenue as well as added value for your customers.
Determine Suitable Solutions
Here is where many people get stuck. Do not hesitate. Move forward. Once you have received a set of suggestions and you have figured out where the key issues are in your business, realistically study them to determine what adjustments will best suit your business. Do you need to repackage and reposition your brand? Do you need to identify new distribution channels? Or do you need to streamline processes? The overall goal is to respond with change, advises Silverstein. Analyze what expenses are to be incurred in implementing such change. Zero in on what will save customers money and/or offer the best product value. Identify what improvements are more likely to bring in new customers.
Create an Action Plan
Put down on paper what's wrong, how do you want to fix it, and what is your timeline for implementing that change? Specify the role of every individual team member in accomplishing that change. Engage in dialog back and forth. Do you have the diagnostic right? Do you have all of the facts on the table that you need to make informed decisions? Are management and workers on board with the changes? Once you have created an action plan, periodically discuss where you are, what did you get right, and where do you need to make adjustments, says Silverstein. Track what works and what doesn't work.
Communicate Clearly and Effectively
Whether its evolution or revolution, if you are going to change, you have to tell the story why. Communicate in a way that reflects your brand. Along the way to revamping your business, you may make some mistakes. That is part of the process. The key is to accelerate through the mistakes, realize them and adjust them until you get it right.
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