Rebranding? Make It Pay!

Recently, we discussed the sincere contemplation and soul-seeking that should go into any decision to rebrand your business. Entrepreneur’s infographic “The 8 Must-Follow Rules for Rebranding Your Company” notes that competition and a changing audience are two primary reasons for rebranding, and points out some successes and failures among a few big-name brands.

So, even though we’ve covered this, it can’t be overstated: think long and hard about rebranding. Still want to rebrand? Ok, here’s how we suggest going about it. Think of your rebranding as a journey that needs a solid roadmap.

Map Out Where You Want to Be

First, identify the traits and attributes that you would, ideally, like your business to be known for (e.g. high quality, great service, innovation, etc.). That’s where you want your journey to take you.

Ascertain Your Current Position

Next, determine how your customers and potential customers currently view you for these traits. This can be done, for example, with a survey in which you ask them to rank you a scale of “not at all” to “very much” for each of those attributes.

Map Out Your Path and Get Going

Now that you know how much distance you need to travel to get from where you are to where you’d like to be, map out a path to get from point A to point B. Use Neil Borden’s four P’s as a compass to close the gaps you’ve identified:

  • Products (and services)
  • Pricing
  • Placement
  • Promotion

Rebranding is NOT about changing your name or your logo. That is a very important point that many businesses — especially small businesses — don’t understand. Your brand is determined by the sum total of all of the experiences that your prospects and customers have with your organization. How do they view the quality of your products? Do your prices send a signal that you are providing a good value, or something luxurious? What does the location of your retail store or offices say about your company? What information are you promoting about your business?

Remember, this is NOT just what you want to tell people. It’s everything they hear and see — from a rude employee to a negative news story. There’s a lot impacting your brand that is not easy to control.

Rebranding is not for the faint of heart. It can be a long, arduous journey. But if done correctly and for the right reasons, the payoff at the end can be well worth the trip.

Have you embarked on a rebranding initiative? How did it go? What would you do differently if you had to do it all over again?

Recommended Reading:

The Everything Guide to Customer Engagement

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