While consistency is key in building successful brands, rebranding should never be overlooked. Like most things in life, a breath of fresh air should always be welcomed. Furthermore, a new brand identity can catapult a business to greater heights. In this post, we provide an outline of how to execute an effective rebranding strategy.
1. Revisit the business’ vision, mission and values
These don’t have to change. For example, Apple remains focused on aesthetics in its product development. Whether it’s wearables or handheld devices, Apple is way ahead of the competition in terms of look and feel. But as technology has evolved, its brand strategy has been updated to ensure it stays relevant and competitive.
2. Analyse the marketing environment and competition
In the interest of staying relevant, it’s important to research what’s currently trending in the market and what’s working for your competitors. A rebranding strategy should sharpen your competitive edge, not blunt it. Being mindful of what works and what doesn’t will ensure your new brand identity is a success now and in the future.
3. Don’t throw the baby out with the bathwater
Rebranding doesn’t necessarily mean discarding everything you have already built. For example, Apple’s logo hasn’t changed very much since it was first introduced several decades ago. A sense of continuity will ensure customers still trust your business despite some of the changes made to your brand.
4. Inside-out process
What do we mean by this? Contrary to popular belief, securing the involvement and buy-in of internal stakeholders is critical. From partners and investors to employees, it’s important you rally them behind the proposed rebranding initiative. After all, they are the primary ambassadors of the brand. When they are deeply engaged in the effort, it’ll be much easier to promote it.
5. Project-manage the exercise
Regardless of the size of your business, a rebranding exercise is a massive undertaking. It can make or break the future of your company, so it’s important that it’s managed correctly. This includes budgeting, timelines, delegation and regular meetings to track the progress.
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