Time to Rebrand?
It’s a big decision. One that requires time and a lot of thought. That said, here are a few possible reasons your company or business should consider it. Maybe it’s time to evolve or reposition your brand because of increasing competition. Or if you’ve recently undergone a merger or acquisition, this could change your company vision. Then again, you could be thinking about broadening your appeal or expanding the business into an entirely new market. Whatever the case, it might be time to consider rebranding.
To Rebrand or Not to Rebrand?
If the thought of rebranding is a result of your sales being slow or your brand awareness efforts don’t seem to be gaining traction, a rebrand is probably not the solution. Many times, these temporary setbacks can be solved by creating a new marketing strategy or conducting some effective market research to determine the underlying cause of such a slowdown.
What’s a Rebrand Entail?
A rebrand involves examining and changing your business or company’s brand image and messaging, with the goal of improving your future growth. It also means redefining your brand identity which includes your vision, mission, and company values.
Once these are complete and agreed upon, then it’s time to strategize. The idea is to create a smooth transition, taking you from your current brand to your new one. It’s essential that existing brand features are adapted into the new plans, making sure these elements align with your coming change.
What About Our Name?
The process doesn’t always involve a name change. After all, you have a lot of equity invested in your name. There are brands and companies that have rebranded but retained their current name. Old Spice is a good example. With the help of their ad agency, they found a new way to appeal to a younger market, expanding their customer base, while keeping their existing name.
However, if a name change is the best decision, keep in mind it can be a complicated process. To begin, you’ll want your name to appeal to your current customers while attracting new ones. You’ll also need to create a list of possible names. That’s followed by seeing if the winning name is available. Once you have trademark clearance and secured a domain for a URL, you’ll want to develop new colors, a new logo, and possibly a new or revised tagline.
Last, But Not Least
Once everything is in place, it’s time to launch. First, however, you must decide when and how you’re going to launch. Also keep in mind, it takes time for the change to be recognized and remembered.
If you’re considering a rebrand, name change, or repositioning, take a look at the work we did for Builtwell Bank. It has been a successful change for their brand, and we could do the same for you. Get in touch with John Wagoner or Aaron Petticord, our account supervisors. You can reach them at (423) 634-0123.