Having worked with businesses undergoing a rebranding, I’ve realized that nearly all their time and effort go into creating the individual components of the rebrand, and little to no resources are left over to tie those components to a holistic strategy.
When I redesign a business model, I start by helping people rethink every aspect that helps (or prevents) cash flow: product market, pricing, packaging, supply chain, IT infrastructure, business services, personnel – it still amazes me how many smaller pieces it takes to run the full machine.
But most importantly, it’s how these pieces work together to achieve a common goal.
There’s a lot I could talk about when it comes to developing a rebranding strategy, but I’ll focus on what I consider my top 5 must-haves:
#1 – Your Network
Building a new brand means building new branches of your network. I’ve found that it’s best to start by establishing your credibility from previous experiences and considering how you want to position yourself in the future. From there, you can use your credibility to develop relationships via networking events, meetups, etc.
#2 – Your Culture
Establishing a brand without a culture is like building a car without a steering wheel – it’s only going to go in one direction, and it might not be the direction you want. Your culture should be your guiding light in every decision you make and every action you take as a company. Without it, you risk hiring the wrong people, damaging the customer experience, and ultimately losing sight of your rebranding efforts.
#3 – Your Competitive Advantages
Ask yourself, why should buyers choose you over a competitor? I’ve realized this one is tricky for most people because so many of the seemingly competitive advantages of years past are now so common that most people expect them (I’m talking about customer service, social media engagement, live 24-hour chat support, you get the idea). You’ll have to dig deep and get super creative on this one if you want to achieve the industry-leader status.
#4 – Your Budget
New brand, new budget. Now’s the time to look at expense mistakes you made in the past and vow not to repeat them. If you’re just starting out, it’s important to make every dollar count, provided you allow yourself enough to service your customers without sacrifice.
#5 – Your Target Market
Are you still targeting the same demographics, or does your rebranding warrant a shift in the ideal customer? If your customer base changes, make sure you also update your personas to ensure your marketing material speaks to the right people.
Rebranding isn’t a decision you should take lightly, nor is it something that can happen quickly. I’ve found that it’s the minor details that are often overlooked that can have the biggest impact on rebranding success, and those details aren’t always obvious.
My biggest takeaway from a redesign standpoint is not to go it alone. If you want to ensure important fine details make their way into your new branding concept, it’s best to seek the influence of a variety of sources. This includes employees in different job titles and tenures, some of your best customers, partners, vendors, and a brand strategist that can help you put their feedback into usable action.