Still having trouble deciding if you should pull the trigger on a rebrand for your company? Taking time to answer some of these questions and evaluate your objectives might help.
- Why are you considering rebranding?
- What are your main objectives and what do you hope to achieve?
- Has your target market changed?
- Is your brand telling the wrong story?
- Will you offend or lose loyal customers by rebranding?
When considering these questions, it is best to get all stakeholders involved to ensure everyone is on the same page. You may even reach out to people outside the company, including customers, to get a better understanding of how the market sees your current brand.
If in answering those questions you have decided a rebrand is right for you, time to consider the following:
- Can you afford to do it right?
If you decide to move forward with rebranding, remember it will require a huge commitment by everyone involved with the brand, lots of creativity, and sometimes, lots of resources. These resources are not just the time spent planning, creating, and implementing the new brand; there are monetary resources to consider as well. The cost for updating and printing all new collateral materials, graphics, and/or promotional items is a hard cost that should be considered. This use of resources is often overlooked when the idea of rebranding is presented, which can result in a half-hearted or completely failed attempt.
If you are going to rebrand, make sure you do it right. Check with everyone involved; make sure you have the time and the money to carry the new brand into all aspects of the company. With a good plan and the right resources, rebranding can be a process that will build unity and loyalty among customers and even employees!
