Avoid these 7 mistakes when rebranding your company
by Veronica Stone
Published July 1st, 2008
The one thing that enduring companies have in common is that they change. Not only can their products vary but also the image they project as well. Rebranding is common in the business world and quite often vital in order to succeed. Take McDonalds for example. You wouldn’t have thought that this global company would have to work too hard to sell any hamburgers but take a look at this commercial from 1985:
Now check out this one from 2003:
So as you can see, McDonalds has changed their approach from a more childlike appeal in the first commercial to actually trying to appeal to many different types of people and lifestyles. This certainly reflects the size of the company at each moment in time as well as the different markets they are trying to reach.
If you are considering rebranding here are the top mistakes marketers make according to Jessica Seid of CNNMoney.com :
1. Clinging to history. Successful rebranding means staying relevant. Remember that assumptions made when the brand was established may no longer hold true. Explore various opportunities for brand expansion, such as online advertising.
2. Thinking the brand is limited to the logo, stationery and corporate colors. Brands encompass everything from customer perception and experience to quality, look and feel, customer care, retail and web environments, the tone and voice of communications, and more.
3. Navigating without a plan. Effective rebrands rely on a creative brief to keep everyone focused as the project progresses. Include sections for an analysis, objectives, target markets, budget, timeframe, point person and methods for assessing results.
4. Not leveraging existing brand equity and goodwill. Dismissing brand equity when rebranding alienates established customers, while unnecessary overhauls can irreparably damage a brand’s perception. Consider the needs and mindset of the target market carefully before diving into the process.
5. Not walking in your customer’s shoes. Simply calling your own 800-number or receptionist may reveal challenges customers face and inform your rebranding strategy. Take the time to navigate your own website, buy your products and return something. Better yet, ask a friend or family member to do so and learn from their experiences.
6. Believing rebranding costs too much. Good thinking doesn’t have to come with a multi-million dollar payout. You can get good thinking and solid strategy from small and talented branding agencies, consultants and in-house talent. Consider university students or small firms for cost-effective results.
7. Bypassing the basics. The value of perfecting your physical environment, marketing materials, website, etc., is decreased if your customers languish on hold for inordinate amounts of time. If your invoices and contracts are written in seven-point legal jargon, the brand experience declines. Keep all customer touchpoints in mind when rebranding.
