How to Successfully Rebrand Your Company
Did you know 43% of customers spend more money with brands they’re loyal to? To be an accomplished and respected company, your branding strategy must contain six crucial elements—and it’s far more than a logo. Deciding to completely overhaul your brand is a difficult choice and one that should not be taken lightly. However, certain circumstances may require you to rebrand your company.
If you decide to rebrand your company you need to follow a necessary series of steps for the best outcome. Failing to do so, you will end up with a new identity that does not connect with customers.
Make sure you follow these rebranding steps for your business to successfully Rebrand Your Company
Identify the Reason for Rebranding
Is it organization growth? As companies grow, so must the brand. If your company is expecting to grow in the near future you may consider updating your brand accordingly. Another reason is to think when your brand was created outdated or irrelevant appearance? Was it several decades ago? Does the design still portray your company, values, mission and purpose? Or does it look behind the times?
Having a documented reason behind rebranding your company will guide you the rest of the process. As you complete each step always refer back to this intention to ensure you are staying focus. Make sure that all parties involved in the rebranding process are able to access this documented reason. Everyone from the accounting team to the contracted branding agency should have an understanding of why you’ve decided to transform the business identity.
Establish Rebranding Goals
Although it’s great to know why you want to rebrand, it is also important to understand what you hope to achieve by doing so. For the b est success make sure your goals are SMART
For example, one rebranding goal could be to improve online brand mentions by 20% before the end of Q2. This goal is specific, measurable, attainable, relevant to the company, and has a deadline.
Determine Your budget
Does your business currently have enough capital or the ability to acquire debt to complete a successful rebranding? Meet with your leadership and financial team to discuss what a reasonable budget would be for your company’s new image.
Set a Timeline
It’s time to plan out the entire project. Keep in mind, rebranding efforts can take months upon months to complete.
Your timeline should include deadlines and such projects should not be rushed. Hurried rebranding projects end up missing goals and resulting in poor publicity for your company.
The details to include in your timeline should be:
- Developing the new brand identity.
- Crafting a marketing and communications plan around the new brand.
- Building and launching the rebranding company website.
- Any technology or database updates required as a result of the rebrand.
- Employee training and education about the new company image.
- Design and distribution of new promotional materials such as signage, email signatures, packaging, etc.
- Updating any other areas of your company impacted by the rebrand.
- The date you wish to go public with the new company brand.
Review the New Brand
You should first review your new brand before publish it to the world. Review it of one final time with your team. Review your set budget, tie up loose ends and examine all aspects of your new brand. The last thing you want is a mistake or error to occur at the last minute.
Complete Legal Requirements
As you finish up with your new brand, consider all the legal requirements necessary for rebranding efforts such as copyrights, trademarks, etc. Consult with your legal team before moving forward with the brand launch.
Launch Your Brand
Congratulations! It’s time to show the world your new company brand. It is also a good time to execute your pre-planned marketing and promotional strategy around the new identity. Take the opportunity to communicate to customers (both current and future) why you decided to rebrand and your goals for the company moving forward.
Is It Time to Rebrand Your Business?
Are you realizing your brand is in need of a new look and identity? Keep this guide on-hand to successfully navigate the rebranding process.
When you’re in the market for a new brand and image, contact the team at Paprika ads. From finding your brand’s voice to documenting your purpose and executing a solid rebranding strategy, the branding experts at Paprika ads are ready to help.