Here are points to consider:
Rebranding is often associated with a facelift, like updating a company logo or having a new “look and feel”. That can be part of it but it’s much more than that.
The need for rebranding can stem from:
- New innovations that redefine a company
- A new competitive landscape
- Adopting a more experiential offering
- Requiring a new name & messaging strategy
- An unpredictable corporate crisis
- An acquisition or merger
- Acquiring a fresh new identity
Brand, with a capital “B”, reaches all these areas and more.
Fear of Change — A Brand Killer
It seems each month we hear of tried-and-true brands falling by the wayside and how Amazon is eating brick & mortar for lunch. Is it simply a drop in demand or the move to online sales? Not entirely. Disruptive companies are not only leveraging technology but expanding their value propositions. You can too.
Consider something as simple as shaving razors. Along comes more than one startup that has changed the way razors are sold, as well as capitalizing online extensions like beard grooming products to accommodate this ubiquitous societal trend. The same can be said of app-driven products like language programs, home monitoring systems, food delivery services, and virtual exercise equipment. Whole industries are being impacted with some of the big boys taking a hit, causing them to improve their products.
“Excellent firms don’t believe in excellence — only in constant improvement and constant change.” — Tom Peters
What’s the solution? Find hidden gold in your sector. Don’t fear change — Embrace it.
Resting on One’s Laurels
In ancient times, a laurel wreath was given to emperors and athletes as a symbol of honor or victory. Today, the term Laureate signifies one who has achieved outstanding creative or intellectual achievement. Oh boy…
The temptation for successful companies (large or small) can be, “This is what got us here so why change?” I once heard a business owner actually tell me it was bad luck. Imagine that. The truth is, giant players from Wang Laboratories, Polaroid, and most recently Toys R Us have paid a hefty price for this very reason. And while no one has a crystal ball, per se, there’s enough data available to make reasonable assumptions.
What’s the takeaway? Keep innovating. Taking a victory lap can feel great. Just remember there are incubators out there gunning for your market share.
Preparing to Rebrand
No man is an island and neither is a company. If you’re a leader in your organization, the first step is to inspire a culture for change and being open to change yourself. It can work both ways. Listen to your various team members. They’re your front line. Retool where you have to as you resolve and evolve. You might even need an internal marketing program to get people on board.
“If you’re a leader in your organization, the first step is to inspire a culture for change and being open to change yourself.”
If you’re a manufacturer, you may need to refine your product or invest in equipment to accelerate your time to market. If you’re a service provider, you may need to augment your infrastructure, hire new sales reps, or improve customer service. Wherever the void, look objectively at how your brand is delivering on its promise and monitor emerging trends –then let the world know who you are or have become.
Change may be daunting but it’s also your greatest ally. If you find it hard to see the forest through the trees, reach out for an objective analysis. An experienced third-party can help you navigate through it and do some of the heavy lifting for you.
Brangenix is a marketing consultancy and creative firm that brands products, companies, and people.