This is a contributed post by Ellie Jo about rebranding and business.
A brand is not just a logo. It’s not just the physical space your business inhabits or even what you put into the minds of potential customers. It’s all that, but it’s more than that too. Let us explore some examples.
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What is Rebranding?
A little bit like an extreme makeover, this means revamping everything about your company. Everything from its name to its branding to its image and tone of voice, i.e., how it presents itself to the world (and why). The goal is often to shake things up, to better align the company with current marketplace realities, demand, competition, etc. The best way to do this would be through a design agency.
The first time Apple rebranded was after one of its co-founders, Steve Jobs, returned to the company he helped found in 1997 after an extended absence (which cost him his equity). Apple was on the brink of bankruptcy, and Jobs immediately rebranded it to be hip, sleek, and user-friendly.
The first time Google rebranded was when they expanded their business beyond search engine technology into enterprise applications. They needed a name that didn’t just reiterate what they already were but instead expressed what they wanted to become – a place where businesses could access and use information and data to make better decisions.
The Disney Rebrand…Just Once
One of the most successful companies in history, Walt Disney originally started as a cartoon studio, so it makes sense that one of its most significant branding milestones was attaching the studio’s famous characters (from Steamboat Willie ) to the new family-friendly park it opened in 1955 (and named Disneyland). It worked like magic (ha!) at drawing huge crowds.
Tips for When It’s Time To Rebrand Your Company
- Take time to consider your company’s image carefully and how well it reflects reality. Consider what you want your business to look like (and why), who you’re trying to attract (and why), etc.
- If your business is doing well, but you know deep down that there are some things about your image that are just not working anymore. Don’t be afraid to give it a makeover.
- If your business is struggling and you think the problems might be more than temporary, feel free to take some time off before trying to reboot (or rebrand) things.
- If your company’s name is confusing potential customers or clients or hard for people who want to hire or buy from you to remember, consider whether it should change – especially if you’re having trouble keeping customers around.
- Open a dialogue with everyone in your company who might have a say in the rebranding process about what values should guide the transition and how to incorporate them into every decision you make.
- If your company can’t decide what its name should be (or even what type of industry it’s in), try brainstorming with colleagues or hiring an outside agency that specializes in helping businesses like yours build their brands.
- If you’re having a hard time conveying what your company does through its name, remember that it’s okay to take things slowly when you’re revamping things. It might be enough – for now – to simply add or change a logo.
- Changing your packaging can also be an option if you want to start fresh. But first, you have to ask how much does it cost for packaging to be redesigned and rebranded? If it is something that is within your budget at that moment, consider getting custom packaging.
In Closing on Rebranding
Once you’ve decided on a new name (or logomark), don’t let inertia stop you from launching the new brand as quickly as possible; unpacking an old one takes time and money away from more important tasks like growing your business.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.