Rebranding is much easier to accomplish with a step by step strategy.
Rebranding takes a great deal of effort but when a step by step strategy plan is put in place, rebranding becomes much more achievable.
Every now and then it is necessary for companies to go through a rebranding strategy to update their brand. Whether the reason for the company to rebrand is simple like the merger of two businesses or complex like a major shift in the target market or business strategy, it is essential to know the best way to rebrand before a company takes on this major task.
Successful Rebranding Strategy Plan for Companies
Start with the Reason for the Rebrand
Before a company begins rebranding efforts, they must have a thorough understanding of the business reason behind the rebrand. Without thoroughly knowing the reason behind the rebranding efforts, a company is at risk for wasting a substantial amount of resources. There are many reasons for a company needing to rebrand, some of which include:
- Need to compete at a higher level
- Need to compete in a new market
- Brand no longer reflects the company
- Legal reasons for the change
- Need to simplify and focus the message
- New marketing team
- Launching a new service line
Research Firm and Target Clients
After a company understands why they are starting their rebranding efforts, the next step is to conduct independent research on their firm and their clients. The goal of this research is to have an objective understanding of the company’s current brand perception and competencies. Without this research, the company will be operating from an internal perspective only.
Use Positioning & Messaging to Capture the Brand Strategy
Market positioning is a brief description of where the company fits into the market space. The positioning will drive many of the business’s marketing decisions. This description should balance who the company is and who they want to become. Without the positioning being supported, the company brand will be hollow. Messages the company creates must be consistent with the overall brand and support the brand’s position.
Build Brand Identity
This part of the branding strategy is where companies develop visual elements that will communicate their brand. These elements are brand style guidelines that provide parameters to ensure the brand is implemented consistently across all the company’s marketing materials. Brand identity is a visual shorthand for the company’s brand.
Build Online Presence
A company’s website is their single most important communication and business development tool. The company website is where they can tell compelling stories to each of their audiences. This is the first-place prospective clients of employees will turn to learn more about the company. The company website, with other online presence, is the full expression of the company’s positioning.
Create Marketing Materials
Developing marketing materials that the company needs to communicate the brand is important. These materials will be used whenever employees need to communicate the brand to others like with proposal templates, brochures, and trade show booths. These materials should be firmly anchored in the brand strategy.
Build a Brand Promoting Plan
The final step in a successful rebranding strategy plan is to develop a plan to promote the new brand. Any company going through a rebranding process should ensure their employees are embracing the new brand. Companies should also ensure that the new brand they are building communicates the company’s reputation and expertise with their name.
Rebranding Strategy Plan Checklist
- Notify Important Business Stakeholders
- Identify New Business Name
- Develop Brand Architecture
- Check URL Domain Availability
- Check Social Media Handle Availability
- Check Trademark Availability
- Examine Naming Guidelines
- Implement New Business Name
- Purchase New Domain
- Switch Social Media Profiles to New Name
- Create New Email Addresses
- Design New logo
- Update Website
- Update Third-Party Technologies Integrated into Website
- Update URL on Social Media Profiles
- File Trademark Materials
- Update Marketing Materials
- Update Information on Third Party Sites
When it comes to rebranding a company, it is essential to have a strategic plan in place to guarantee a successful transition to the new brand. After the company creates a sound rebranding strategy, it must give rebranding the attention it deserves and they will notice their efforts pay off.