Working with SMEs for the past year, I often ask this question, especially to those that have been struggling to bring in sales. It is usually met with 2 natural responses, (i) I like the way my colours look and I have no issue with my logo, and (ii) I have built my brand over the years and I don’t think I’m ready to change my business’s brand positioning. Well, I have gotten used to these responses as most entrepreneurs don’t really understand what rebranding entails, in full. Yes the brand colours and logo part of it, but it not the idea behind the rebranding. They only help with sparking a conversation among your audience as having a visual change sparks interest to know what is new about you.
Rebranding entails the business’s tone and language that it consistently uses to communicate with its target audience. It is also entrenching this mindset deep down in the company’s culture that it also defines how you work internally too. Consumers and clients are more likely to be attracted and stick to a brand that consistently communicates its message and has a strong people culture. Trust me, the customers feel this too.
Go to a Total station to fuel your car, you will notice the pump attendants will ask if you need your windows cleaned and if they need to check your engine. If you do the same at a less known brand, they will more likely omit that part. This experience will make you even doubt the quality of the fuel, even though they get it from the same place. That ability to communicate consistently to your audience, that we not only fuel your car but also ensure your windscreens are clean and your engine is okay, is what defines a brand. If you feel that you do not have this to an art, like it is not part of your DNA, then you need to think about rebranding.
What does rebranding REALLY entail?
Rebranding means an overhaul of the company’s essence. If a business needs to rebrand it must conduct market research to determine its market positioning and what its target customers value the most, review its financial position to determine the extent of its rebranding process, then review and revise its vision and mission.
The above will determine your new way of doing business. This will mean a restructuring of the company’s operational structure, its marketing strategies, its customer retention strategies and also the core culture. Doing this can be expensive and that’s why the financial review is important. This will inform the company how much budget they can create to rebrand their business.
Why should you rebrand?
There are many reasons why a company should rebrand;
To position the company in a strong position to be able to achieve new goals;
To assist a company that is struggling to attain and retain customers. This is typically a company with an inconsistent messaging plan and a non-existent company culture;
To assist a company to come out of a bad public relations position. If a company has had its fine share of bad publicity, they may think of a new way to rebrand. Coca-Cola and Unilever have had some bad PR on their contribution to the global plastic pollution menace. Their rebranding in this case was not an overhaul, but rather a shift in messaging to include their plan to be non-dependent on plastics. Either way, this was an expensive venture as they had to invest in Research and Development to find a way in which they can transition off plastics.
To assist a company that is changing its business entirely. Businesses can decide to transition into a different business altogether and they definitely require rebranding. Did you know that Nokia used to be a Paper Mill? And Berkshire Hathaway was a Textile business? I know right. Rebranding!
When should you not rebrand?
As much as there is a case for rebranding, there is also a case not to.
Rebranding is an expensive affair and if you don’t have enough cash for the endeavour, it can actually bankrupt your business. Always do a financial stability check to ensure you have enough budget to rebrand
The point of rebranding to put the business in a strong position to compete and also to achieve even bigger goals. If your vision and mission are not clear, this can be a recipe for disaster. In order to entrench the vision into the company culture, the custodian must be very clear on what the company aims to achieve
The company only needs an Image Update. Sometimes, executives can confuse between an image update and a rebranding. An Image update is changing the look and feel of your brand. It does not involve changing how you interact with your audience, it does not involve how your internal culture works and definitely does not need for you to change your vision and mission.
Conclusion
Making the decision to rebrand, should entail having the means, capital, and time. If you are going to take the time to rebrand, make sure that it’s going to provide added value to existing customers while attracting new ones. And always remember, rebranding is a major step for a business, it’s not for everyone.
Bromide helps entrepreneurs and small business set their businesses up for success. Get the technical advice you need to start, grow, and maintain your business today. Check our website and reach out at discoverthebromide@gmail.com.
Comments