Are you thinking about re-branding your company? Is it time for a transformation?
Has your target audience changed, and you feel you need to move along with them?
Or, is the competition taking a bite out of your bottom line, and you feel the need for a brand makeover?
If you’re thinking about a re-branding strategy, take a look at these five things to consider before re-branding your company.
#1: Ask Yourself Why
Do you know why you want to re-brand? You should have a very specific reason. Saying, “I just want a new logo and color scheme because I’m bored with it,” isn’t enough to validate it.
Make a list of your goals and the reasons why you want to re-brand. Some things to consider are:
- It’s time to evolve.
- Your goals have changed.
- You’ve vastly transformed your products or services.
- The logo for your company is stuck in the past.
- You need to differentiate your business from the competition.
- It’s time to target a new audience with a new vision.
- You must recover from a problem or negativity.
If you can’t give a reason for re-branding, perhaps it’s not the right time for it.
#2: Assess Your Brand Equity
When we refer to brand equity, we’re talking about the commercial value that comes from your customers’ perception of your brand name.
Brand equity is the value you generate from your recognizable name, product or service.
The goal of re-branding, then, is to ensure you have brand equity. You want to be recognizable, reliable and quality-driven.
If your brand still holds power, and you already have a lot of brand equity, you want to be careful when re-branding.
Do your research to find out what people are saying about your business online. This will help you assess your brand equity as you decide just how much of your brand you want to keep and how much you want to revise.
#3: Consider the Cost
As you make your re-branding strategy, pay attention to the costs.
Ask yourself if you can really afford it. If so, create a re-branding budget and stick to it.
#4: Look to the Future
Get out your long-range business plan. Review it as you create your re-branding strategy.
You certainly don’t want to be doing this again in five years, so make sure your re-brand suits you just as well in five and 10 years as it does now.
Plan for your business growth and put this into your strategy.
#5: Measure Your Efforts
As with all marketing, you want to know if your re-branding efforts are successful.
First, decide how you’ll measure them.
- Will it be an increase in sales?
- Or, will it be a brand-new customer audience?
- Is it beating the competition?
Add a form of measurement into your re-branding strategy so you know what’s working and what you might need to refine.
Set measurable goals and milestones so you stay on track towards your target re-branding goals.
Final Thoughts
Many established businesses have crumpled under the stress of re-branding.
You want yours to be a success. The best way to ensure this success is to have a very detailed plan in place.
Know your goals as well as your mission and vision. Know what makes you you. If you can answer the question, “What do I stand for?” then you are well-poised to begin your re-branding.
The process of re-branding can be difficult if your staff isn’t “in the know.” Make sure every member of your team knows about your re-branding strategy and can verbalize what your company stands for and how the re-branding fits into your mission.
After you’ve educated your staff, it’s time to educate your current customers. Make a plan for how you’ll launch your brand and do it over a period of time to get everyone used to the “new you.”
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.
Image: Simon Launay on Unsplash
