Company rebranding is sometimes a decision that’s made for you. Maybe you realize you have the same name as a growing pooper-scooper company, or a celebrity with the same name does something so scandalous that your company may suffer the residual public disgrace.
Those are maybe the easier decisions. It’s a little trickier when you can see some strategic benefit to a company rebranding, but choosing a new name may come with some drawbacks. What if you alienate existing customers, or you go through the whole process, only to see a competitor with a similar name emerge in your industry?
Here are a few examples of when it makes sense to go through a name change:
- Your name is not relevant in your market (if you’re a family-owned business moving into a new geographical market, this can easily happen)
- A competitor has a similar name
- Your name no longer encompasses what you do (such as a swimming pool supplier that expands into landscape design or broader home entertainment options)
You may be thinking of the fun parts of renaming your business, such as choosing a new logo, but company rebranding is a months-long process that must be undertaken with a strategic approach:
Values, Brand Message and Target Audience: You could read whole libraries just on this subject, but suffice it to say that it will take some time and work to sift through who you are, what makes your brand unique and special and how that message should sound to those who are most likely to find it valuable.
It’s tempting to rush through this part of the process to get to the name, logo and color scheme. In fact, you may have some images dancing around in your head, begging for a chance to be unveiled to your team.
Name, Logo, Color Scheme, Messaging: Once you have a clear idea of who you are, you’ll be able to recognize which names and logos are ideal. Keep in mind that it’s often not the one that stands out on first glance; it’s the one that keeps coming back or that initially seems to be on the fringes but never quite gets eliminated as you narrow down options. That’s a sign that it’s got staying power.
Roll-out and Communication: You’ll need a strategic approach to telling the news to existing customers, business partners and your expanded target audience. A comprehensive approach that considers not only signage, but also stationery, uniforms and social media profiles helps eliminate confusion and create excitement around your new brand.
Considering a company rebranding? Our team at SJC Marketing, can help you determine whether it’s the right time and walk you through the whole process.