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Rebranding your Company? – Face it now or later.

Rebranding your Company? – Face it now or later.

Should I rebrand my company? This is an interesting question than many businesses face at one point or another. As Heraclitus once said, “Change is the only constant in life.” If that is accurate than even the most venerable and established brands have or will change at some point.

In many cases people are resistant to changing a brand. Part of that has to do with ego, which is often attached to ideas. The concept of changing a brand might signify failure to a person because they couldn’t make their idea work. Plus there is often a lot of hard work that goes into establishing a brand and people do not like to consider that time and effort wasted.

However rebranding is often a good idea because it is an acknowledgement of changing times, differences in consumer appetites, or even a change in how the company does business.

The Power of the Brand

Generally speaking a brand is more than just a name or logo; it is the general feeling people have about a product, service, or company. A brand offers a way to connect emotionally with customers. Consider what you think about when you hear the name Apple. Compare that with another name like Volvo. One makes you think of successful or innovative electronics while the also makes you think about safe cars.

Other well-known brands have similar emotional attachments, which can be either positive or negative. Take someone like Miley Cyrus. A handful of years ago she was associated with Disney and Hannah Montana. Hannah Montana in essence was the brand and it was cute, safe, and very much the typically Disney product. Now “Miley” is a brand of its own which is more known for outrageous behavior than anything else.

Regardless of whether it was a wise choice to push the brand that direction, time will tell, Cyrus made a clear choice for rebranding because she was going through a change in how she did business and was trying to appeal to a different consumer audience.

Is it Time to Update?

Let’s review some basic benchmarks and see how your brand stacks up:

  • Can you pass the 3Cs test? – A strong brand should have the three Cs: clarity, consistency, and constancy. Is your brand clear about you are and what you aren’t? What sets you apart and makes you different? Is your message always consistent? No matter where people look or how they interact with people do they get the same message? Are you faithful and dependable? Are you enduring? If your brand doesn’t have all of the 3Cs then it might need an adjustment.
  • What are your brand targets? – A brand cannot be all things to all people. While numerous people want it to be that way, practically speaking, that is impossible. Every brand should have a specific brand target, or groups that you are targeting. The more specific and focused you are, the more successful you will be. While some people might try and aim for a wide target, thinking even if they only get 1% of 100 groups it will be better than 50% of two groups, they are working far too hard to get that 1%.
    • The more focused your brand targets are, the more successful your brand is. So can you name your target groups? College kids, single women between 25 and 30, married couples that make $50,000 a year or senior citizens are all examples of target groups.
  • Does everyone buy-in? – The best brands are built by people and that starts at the bottom level of your company. Do the people who work there really believe in who and what you are? That collective power is important and it helps create a competitive edge. If you ask everyone, “What is our organization all about?” they should all say the same thing. If not then you have a problem because your core group is not even energized or engaged as to who and what you are. Think about a brand like Samuel Adams. When you see those commercials you have an owner and staff who love their product and go the extra mile to make it the best; they believe in the brand.

The Bottom Line

Organizations do have to change to survive and often that involves rebranding. You simply cannot succeed in our changing, challenging, and tumultuous economic climate without a strong brand. Many of the top brands have had to reinvent themselves at one point or another to help maintain position or push growth.

Review the basic benchmarks and take an honest assessment of your brand. If your current brand is missing the mark a bit then you should look into rebranding to help refocus and ensure you are connecting with your customers. Regardless of ego or time and effort invested, the bottom line is making money and the better your brand, the more you can make.

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