ChristianIt is always a serious decision rebranding a company even when new clients have been few and far between. It’s also a major decision for just a single product or service to be changed due to the resources required to make the necessary changes, but if sales have been slow and there is limited positive engagement with the target market a rebranding might be what the business needs to get new clients walking in the doors. The obvious reason for a company to drop its name, logo, etc. is to cover up some really bad PR or other blunder that has done irreparable damage to the company’s image with the market, but sometimes a new look can be done deliberately to realign with the market and set a new course for the company that results in new clients.
A Name Change
A rebranding can be as simple as a name change and new image in the form of a logo. This is common among software companies that are able to quickly adjust the skin of their product and who will carry several brands at the same time of the same product depending on the market being sold to. A name can be the perfect fit when incorporating, however as businesses grow and take advantage of new opportunities that present themselves a name can start to limit the company. When a business has a very specific name like “Joe’s Baseball Supplies” it can reduce opportunities in selling other sports equipment which the company may have grown into and a simple switch to “Joe’s Sports Supplies” fixes the messaging problem with the company name. If the name of a product is not very easily searchable on Google it’s a good idea to consider rebranding a product or company under a new name that is more search engine friendly.
Research and more research
The goal behind creating a fresh look is to make a pivot in the market that attracts new clients to the company and should be based on heavy market research data and focus groups to ensure the new messaging has the best chance for connecting with the audience. When evaluating a rebrand look at every aspect of the company from the marketing collateral, company logo and name to the way customers interact with the company and how they receive the products / services and are provided customer service. Analyze the competition and talk with key business partners about how changing the image of the company will impact their abilities to support your business in the partnerships you have established.
It’s critical that you understand how each business in your ecosystem will respond to the new look and feel of the company and educate them about the improvements you are making ahead of public release. Continue to conduct research as elements of your rebranding are put together by conducting focus groups with existing customers and the target markets the business is considering expanding into when the transformation of the business is complete.
Plan a kickoff party for the new company brand and invite business partners and important clients to the event. This is a great opportunity to promote a new product or company image to a larger group. Inviting press and releasing information about the new image on the company website and social media platforms should coincide with this kickoff event.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
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