Old Spice’s rebrand ensured it would live through a new generation of customers.
When you decide to rebrand your company, this is usually in response to the direct and indirect needs of your current and potential customers. As the economic climate changes; you want to change along with it. A well-executed rebrand might allow your company to mirror the current market dynamics and possibly give you a competitive advantage. Not to mention it might stimulate growth, which may increase profitability. If you are considering rebranding, here are some tips to help you get there.
Part With Your Past
Rebranding has to fundamentally shift your current look, processes, offerings and customer experience. In order to do so, you have to wave a hearty goodbye to your past. Sure, you had to start somewhere, but your current brand is losing relevance in today’s fast-paced world. If you don’t want to go the way of Woolworth’s or Montgomery Wards, then change is the only route to moving forward.
Put Yourself In Your Customer’s Shoes
Think of how your customers like to shop and be treated. You can ask them what they like and don’t like. Some of the feedback may surprise you, but it can also be used as a guide moving forward. Look at your price value; does it fall in line with their expectations?
What type of experience do you want your customers to have? How do you want your customers to think and feel about your product and service? How do you rate in terms of brand differentiation? Are you rating highly with regard to customer satisfaction?
Set Objectives
Write down what is wrong and why you want to change it. You also want a timeline for the fixes. Delegate roles for every team member involved in the rebrand. Keep dialogue open and continuous. Have you gotten all the facts you need to make a thoughtful change? Is your executive team on board? Your action plan will keep you on track in addition to helping you determine what works and what doesn’t.
Audit Your Distribution Channels
If you want to appeal to a broader range of clients, then consider how you currently distribute your products and services. Are you servicing your customers as efficiently as possible? Can you expand your channels to extend beyond your local market?
Are your online channels reaching as many people as you would like? Not to mention, are your delivery times on par with your customers’ expectations?
Keep It Simple And Straightforward
Think in terms of less is more. Perhaps your clients no longer feel intrigued by your brand and you want to spice things up a little. Making subtle changes can help you gauge customer reaction before steamrolling ahead. Change some of the language you use on your social media accounts and see how customers respond.
Keep in mind that if your current and prospective clients don’t like the changes, then you will not be successful. It would be very risky to do a 360 from your current image. To illustrate, take a look at Miley Cyrus. Sure, she completely revamped her image but a lot of her press is bad press, and that could be very detrimental to a business owner.
Thoughtfully Choose A New Name
One of the most visible methods of a rebrand is a change in your company name. This can be a scary proposition especially if you have spent years building and marketing your current brand. If you want to keep it with the least amount of confusion possible, try to think of a name similar to your current one.
For example, if your company’s name is “Purple’s Suit and Tie Company,” you might change it to “Purple’s Clothing Company.” This method can work well whether you are looking to modernize your business or if you are making a change due to negative publicity. Furthermore, you will have to contact the IRS in addition to changing your logo and any storefront signage.
Keep Your Goals In Mind
You want your rebrand to stay consistent. That plays into marketing. So, it is imperative to keep your goals in mind. If you want a total revamp to increase your customer base, then your modifications should reflect that. On the other hand, if you want to make slight changes here and there, such as a splash of color on your logo or improved customer experiences; make sure you let that lead your decisions.
Pay Attention To Costs
When implementing a rebrand; costs can easily get out of hand. For each component, determine the costs necessary to make the alterations. Because this is a comprehensive and large process, you want to complete it thoroughly. The last thing you need is to go halfway through the process only to realize you have exceeded your budget and need to pull back.
Plan for Marketing
Once you have made decisions around your name, logo, and more, the next step would be to create a marketing plan. Just like opening a new business, you have to spread the word. If not, your customers may not understand what is going on, and some might be lost because they are unaware of your rebrand. You can’t do this without letting your customers and prospects know. Here are some marketing tips:
- Send a sincere message to your clients/subscribers letting them know of the rebrand and why it came about.
- Promise that it will create no repugnant affects to your current offerings.
- Stress how much you value your clients.
- Expect complaints and feedback and plan to stay responsive.
- Understand that you won’t be able to please everyone.
Other marketing efforts include sending out a press release as well as changing your brand on your social media accounts. If you have a new logo, make sure you update your profile pics. Arrange for all of your partners and vendors have your new brand all over your materials. Lastly, inform any publications that have profiled you of your changes. You may also want to search forums that mention your brand and leave comments of the changes.
Whether it is for market expansion, profitability or to move away from negative press; you have made the decision to rebrand. How you implement the changes will affect your business moving forward. Are you thinking of a rebrand for your company? Let us know in the comments section below!
