Branding is essential for your business to succeed and thrive. It allows you build a relationship that's meaningful for you and for your customers. In addition, it generates recognition, credibility and higher perceived value. It is therefore critical for success and growth of the business. Many top companies, such as google, apple, Paypal, and eBay, rebranded many times during their development.
In the current market conditions, change is inevitable—however how scary it may be. It should be therefore embraced as it brings potential clients on your way. It is important to evaluate where your business is now and where you want it to be in future.
Rebranding is a process comprised of several essential steps that are specifically meant to take your organization from one point to another. In this dynamic market, rebranding can be essential as your brand may require some occasional updating. Every organization has set objectives to be achieved. However, some of these objectives might not be met due to challenges you are facing. In addition, if your organization's image is outdated, the market is shrinking, you lost connection with your audience or your message is convoluted/plain, you should consider rebranding. The first key step is identifying the problem—the rebranding will provide a solution to the problem identified.
Here are 8 questions to ask in order to determine if a rebrand is necessary:
1. What is the problem?
Articulating your problem will be your first and most important step. Until a problem is identified, regardless of its specific elements or its magnitude or details, then rebranding should not be an option. A number of factors will determine whether rebranding is necessary such as competition, shrinking markets or changes in consumer tastes and preferences.
2. What is the time frame?
You should be certain you have enough time to develop the rebrand, receive feedback from essential players and approval from any governing bodies or board. A specific time frame should be developed, focusing on the process of designing the rebrand. Ensure your rebranding is meaningful and not painful—having a schedule will define your boundaries.
3. Who needs to be involved in the rebrand?
This is one of the essential elements often overlooked by the majority of decision makers within an organization. Not determining the parties who will be involved in the rebrand and just focusing on marketing can lead to serious failure. Every stakeholder should be involved. The information gathered from this audience will determine if rebranding is necessary, and if so how you will go about it.
4. What is our brand purpose?
Successful brands have to make a real connection with the audience. Branding driven by purpose keeps your business around longer. On the other hand, rebranding can be considered if the current brand isn't purpose-driven. It should be perceived to make lives of your customers better and not primarily being for the purpose of profit.
5. How do our customers feel about our rebrand?
Collect data from from customers regarding how they truly feel about your brand. This can be done through interviews, online surveys and focus groups. Customers have to be inspired by their journey of connection to you and your business as they continue to know and like your brand more. A good brand has to create a sense of trustworthiness and self-assurance.
6. Is the rebrand an evolution or a revolution?
Evolution addresses those factors within the organization that can necessitate rebranding while revolution originates from outside the company. Evolution is easy to anticipate and thus accept, but a revolutionary rebranding requires effective communication to all players. Once the brand is thrown into the public eye, it should draw some sense of excitement. An open line of communication is important especially for a rebrand to enhance a connection with people you want to please.
7. What is our brand promise?
This should be drawn from the core values of the company. The brand is the people, the feeling delivered and the goal is the same—having a lasting connection. Determine what you stand for and completely embrace it. A successful brand should live up to its promise.
8. What is our personality?
Brands have personalities. Your brand's personality should be clear and consistent. Customers should be able to describe your company in words similar to the ones you might use. If that doesn't happen, then rebranding has to be considered. You can determine if your brand brings out its personality by gathering responses from customers. The response given has to align with your core values and if it doesn't, then a rebranding is necessary.
Brands need to advance, move forward, grow and respond to the culture changes around them. A blend of these responsibilities gives the brand life. A brand is alive when the value of what it means to us is greater than what it does so that branding adds long-term value to the product and services. If your business is considering rebranding, be sure that you have the outcome and vision set clearly so that you can benefit from both retaining and gaining market shares.