As you give consideration to possibly re-working your brand, keep in mind that a change involves a number of facets, many of which will cost your company money.
Most importantly, is it worth losing the time, effort and recognition that went into defining your brand in the first place? Simply put, many customers get used to a brand that they can identify with, so are you going to ruffle some feathers by changing what they already know?
Perception and Reality
If your company is toying with the idea of a brand change, remember that it took you time and money to establish your brand, something that did not happen overnight.
Are you seeing a major drop-off in revenue that is leading you to consider a branding change or are you trying to keep up with the competition who may have changed brands and are seeing more success?
When a company contemplates changing its brand, it first needs to look at several factors:
- Will the change involve a lot of time, effort and money?
- Is the change being done do to economics, a desire to translate a new message or a combination of the two?
- What are the possible ramifications with customers when we make this change?
- Have we done everything possible to maximize our current brand?
If rebranding is still in your thoughts, you will need to decide how far you want to go with the new approach.
With a complete brand overhaul, you are looking at presenting yourself as a new company that can still leverage the assets you have built to attain. Among the options here is changing your company’s name and redefining your company’s products and/or services.
If your company chooses a slower transition, the best option is to implement smaller changes so that you do not do a 180 and have customers scratching their heads.
Whichever road your company selects, be sure to accurately and efficiently notify your customers and potential customers of the changes. Nothing will upset the customer base more than if you put in places changes that will impact what they can buy from you, their terms of purchase and especially cost increases.
Speaking of costs, yes, something any business owner hates dealing with make sure you project what the expenses of a brand change will involve before implementing such a move.
Among the cost issues with rebranding are:
- Promotional items;
- Letterhead and business cards;
As you can see, rebranding is something that takes a lot of thought, especially on the financial end of things.
If your company’s branding message seems to be stuck in neutral, consider the different options available before completely rebranding your business.
A major rebranding does come with consequences, some of which you may not like.