Building a strong brand has its strengths and weaknesses. A company might succeed or fail based on its choice of brand. Should you decide on rebranding to reinvent a company, be prepared for the challenges you will encounter.
Rebranding is a company’s means to redefine itself and express it by changing a company’s look and image. This technique is common with companies who wish to set them apart from competitors, regain the market share lost, or reduce negative impressions.
Rebranding, however, can prove difficult where customers are at ease with the current image associated with the company’s products and services. If done poorly, rebranding could cause confusion to customers, costly for the company, and risk the loss in market share.
Your rebranding could prove successful if you avoid the following pitfalls:
Know that your company brand is more than the name, the trademark, the logo or its physical appearance. Changing the physical aspect of a brand, therefore, will not help your business achieve the purpose of rebranding.
You earn the customer’s loyalty because of their subjective and emotional experiences you and your products and services provide over time. Unless you change how your company behaves with respect to your customers, no changes can happen with rebranding.
Rebranding without differentiation
The basic purpose of branding is to set you favourably apart from your competitors. If your rebranding falls short of this principal brand purpose, your effort on rebranding will only mean additional cost and a waste of time and effort.
Rebranding has higher chances of success if you highlight what your company does differently. Differentiation becomes more significant than what you do well.
Rebranding with no meaningful purpose
Change for the sake of change will doom you to failure. Rebranding should have a clear and vital reason for the change for it to succeed. Just as clarity of purpose and strategy is critical to a company’s effectiveness, rebranding should have a vision and mission as a force to drive change. Rebranding should create positive changes within the company and radiate out to customers’ perceptions.
If the brand changes while the bureaucracy and processes remain the same, the rebranding effort will not go far. Without a change in internal structure, the problems that led to the decision of rebranding will remain and persist.
For rebranding to succeed, you need the concerted effort of the entire organization. The synergies from the different company sections can create the necessary experiences, perceptions, and interactions that influence how customers perceive a brand.
In-house rebranding may work against a company’s efforts for change. Company personnel may hesitate to give constructive criticisms due to proximity and personal association with co-employees. Company executives may have difficulty with rebranding efforts, considering the other corporate functions they need to perform.
An external influencer could provide a fresh and objective perspective to a company’s rebranding.
Change takes time to reach its goal. Patience and commitment, therefore, are necessary virtues to achieve the purpose of rebranding. If, in the process of rebranding, customers interact with the new brand and give it a chance to provide new experiences, the company can call its rebranding a success.
A company’s rebranding can mean monumental success if it can avoid the pitfalls that cause rebranding to fail.