Rebranding a company is an exciting process, yet complicated since it comes with major risks. When rebranding a company, there may be confusion that the primary emphasis is whether to choose Caveat or Comic Sans and what color makes your brand stand out, but it reflects only a small portion. Most importantly, you must emphasize greatly on why you have decided to rebrand. Whether the rebranding effort is because of a new mission statement, mergers, new location, or a new philosophy, you must stay clear and strict with the decision to rebrand.
You Have Decided to Rebrand, Now What?
Before taking any further steps, start researching. Researching before making any decisions is crucial because it allows you to understand what exactly is needed for your brand. Knowing your market, customers, and competitors can benefit you in the rebranding process and allow you to achieve the overall goal of understanding the weight your brand identity has on the perceptions of external customers.
After developing objective research and eliminating false assumptions, it is time to redefine your company’s mission, vision, and values. When one of those components changes, everything is affected; from the vocabulary, tone, and voice, to the hiring process. This is why you must have a clear vision of the purpose of rebranding.
For example, companies such as CVS Health have focused more on the core components of the company rather than on the aesthetics. When CVS rebranded, it changed the company's name from CVS Caremark to CVS Health and eliminated the sale of tobacco products. This rebranding strategy resulted in doing more than any marketing initiative they had previously done.
Next Step: Brand Identity
Once you have a clear understanding of the essence of your brand mission it is time to rebuild your brand identity.
Developing visual elements are essential to communicate your brand, but first consider the brands strengths and weaknesses before deciding to eliminate them. Name, logo, website design, new social media are a reflection of your brand’s reputation. So, if you are planning to redesign your logo make sure it stays simple, makes an impact, looks good for the long run, and is adaptable.
In 2017, Dropbox decided to refresh its logo and make it reflect its new products. Before, Dropbox was known as a file storage sharing service and now it has upgraded into including APIs, tools, and integrations. The logo now reflects their internal mission shift and new services being offered.
Brand Yourself, Defend Yourself
The rebranding strategy for every company is unique, but all companies are looking for similar outcomes; to be known. When your rebranding is launched, it is necessary to defend and promote the rebranding efforts. Whether it is internally or externally, the new brand should be embraced because it communicates new reputation and new vision. It represents everything you want to represent.