UPDATED: Mistakes with company rebranding
Rebranding a company can be a challenging effort for any company out there because it can change everything, quite literally! From the logo design to the overall products and services, a rebrand is no small task.
As a company continues to expand rapidly in different markets, cities and even globally there could be several reasons for rebranding from trademark issues in different cities to developing a new identity with new consumers.
A rebrand can be a successful change for a company but only if it is done right. These are the mistakes to avoid when starting a rebranding strategy.
First, know the signs that your company is in need of a rebranding strategy from a branding agency Denver!
You look like everyone else
In a competitive market and digital space, it is important for companies who sell similar products and services to stand out on their own; however, when your company’s marketing, website and branding strategy mirrors everyone else’s, how are you going to stand out? Be the Netflix of your industry and don’t fall in line with everyone else.
With the rise of other Tex-Mex fast food chains and franchises, for the first time in 20 years, Taco Bell had to go back to the drawing board and rebrand every single one of their franchises. This is because Taco Bell was finding a larger, more competitive environment than before and knew that to keep up with this new competition they needed to do what they were doing, but better.
New generation means new branding
Each generation is known for its own quirks and spending/ shopping habits that change the way a company was marketing even five years ago. If your current demographic is aging out and a new generation is taking its place, make sure your brand aligns with this! A younger generation is all about digital and your brand needs to resonate with them and be cool.
The newer generations are about healthy, sustainable food that might cost a bit more, but leaves you to feel great. With the rise of organic, grass-fed, non-gmo and other types of food out there, a fast food chain can feel this change, even McDonald’s. The company’s entire rebranding strategy evolved into being known as a “more trusted and respected brand”. McDonald’s did not just switch their logo, but their entire operations from their sources of beef to their entire culture.
You are no longer “hip”
Yup, you always know someone’s age when they say the word “hip.” And if your brand is “hip” then it is time for a fresh start! This is a common problem for industries that easily evolve and grow faster than anticipated.
Millennials are the largest generation out there and they are willing to spend their money, but wisely. There are plenty of outdated brands that Millennials find themselves questioning, “they are still around?” A great example of this is K-Mart or JCPenney. This could be due to the fact that these brands did not move with their new audiences, but almost in a way resisted them.
There are plenty of other signs out there, but a branding agency Denver finds these are three of the most common ones. Are you ready for a rebrand and not sure where to start?
Trust us and avoid these common pitfalls:
Just winging it
You can wing a presentation, a client meeting, networking events or a number of tasks, but winging a rebrand for an entire company is not going to work. It is not enough to change logos, colors and call it a day. There needs to be a valid reason for rebranding and marketing efforts need to match this rebrand.
A branding agency Denver that your company works with will need to know colors, logos, change accounts, send out PRs to local and national outlets and ensure that consumers and customers understand that the company itself is not changing.
This is one of the biggest notions that companies often forget about in their rebranding strategy. How will this affect your overall relationship with your customers? Will they understand? Will the changes affect their overall loyalty? The way ALL of this is handled could make or break a company.
Our advice is not to rebrand if there is no need. A great example is Gap. As one of the largest retailers for clothing, customers assumed that the brand would change their lines, prices or ethics; however, the brand changed their logo and customers were not having it.
This is because Gap did not consider why consumers were not purchasing from the brand anymore and changing the logo would not help.
Back to the winging it concept. There are two notions to consider when doing research for a rebrand:
- How is your company perceived? What are consumers stating about your products or services? Are employees happy?
- How are competitors doing something better? Maybe a rebrand is not needed but an overhaul of ethics and internal communication.
Without understanding what internally and externally needs to be changed over time, the purpose of a rebrand might not be valuable to a business.
Yes, a business will change with a rebrand, but do not change too much. If a business changes too much to the point when its loyal customers and consumers no longer resonate or understand why they are buying your products over the competition, you have lost them.
A consumer wants a trustworthy and authentic presence. No longer do consumers care that you are offering x, y or z but the ethics behind the business and who you are.
If you lose what makes your company different from the competition, then it is all for nothing.
Are consumers confused on who your business is? Once the new brand is launched, website changes have been made, social media accounts updated and consumers have been updated- you have to roll with it. No longer using the old name, colors, logos and anything else. You have to move forward and be consistent with the new brand.
You can still be you, but the business is now a bit different. Stand firm and let consumers know that YOU as a BUSINESS have not changed!
Let's get started with that branding strategy now!
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Posted In: Business