In 2007, retail giant, Wal-Mart did away with its “Always Low Prices” tagline, replacing it with “Save Money. Live Better.” According to a Business Insider article, this rebranding and marketing initiative was done in an effort to “put a positive spin on the company’s reputation for selling merchandise at rock bottom prices” and likely attract a broader consumer base. The new tagline suggested that purchasing low-cost items could consequently improve customers’ lives.
There are a number of reasons a company or organization may decide to rebrand. However, when it comes to rebranding, it’s a decision that shouldn’t be made hastily. It’s crucial to have a firm strategy in place to avoid wasting money or alienating customers.
Before deciding whether to update or change your brand, consider these three important factors first.
1. Determine Why You’re Rebranding
Has your company evolved or changed significantly through the years, offering new or expanded services? Is your current brand outdated and no longer connecting with your target audience? Or, does it simply need a refresh/more modern look to keep up with the everchanging marketing landscape?
Prior to deciding if you should rebrand, take time to conduct a thorough brand audit to help identify any problems with your current brand. It’s important to have a full understanding of your “why” before delving into a complete brand overhaul.
If your current brand no longer accurately reflects your company’s services, products, values, etc., isn’t relevant, or if you need to adapt to meet your consumers’ needs, rebranding could be a good option for your business. However, if you’re unable to pinpoint a strong, quantifiable reason to rebrand, it may not be the idea right now. Don’t try to fix what isn’t broken.
2. Existing Customer Base
It’s important to think about how your decision to rebrand might affect your existing customers. Consider how they perceive your current brand. If your business has established strong brand equity/identity among its consumers, you might run the risk of confusing or turning away some of your loyal customers by rebranding. On the other hand, an updated, refreshed brand might be welcome and lead to more customers in the future.
Before making any permanent decisions or changes, you might consider doing some customer research via a survey or other means. Doing so could potentially reveal valuable findings and feedback from existing clientele and/or perspective customers that might help you make an informed decision.
3. Timeline and budget
Timing is also very important. Consider current world events, local activities, as well as internal initiatives that could conflict or delay a rebranding project. Be sure there’s ample time to complete any necessary deliverables (logos and other designs) so the process isn’t rushed.
Prior to rebranding, spend time creating a plan and timeline for launching to help track and adhere to deadlines, plan publicity, and so on.
Additionally, rebranding can be expensive and time consuming. Make sure you review your annual budget to confirm that a rebranding project is financially feasible before getting started. Research costs for contracting with a graphic designer and possibly a marketing agency, having new marketing collateral created and printed, etc. and develop a budget that you can maintain throughout the process.
It’s always good to proactively evaluate your brand. It’s taken hard work and time to develop, grow, and establish it, which is why thoughtful consideration should take place before rebranding or making other changes.
For more information on how PTE can help you with your branding or rebranding strategy, contact us.