“Everyone has a plan until they get punched in the mouth” – Mike Tyson
No truer words could describe 2020.
If you are like most business owners, you probably had some degree of a business plan coming into this year and that plan has probably been completely obliterated. With so many businesses scrambling to adapt to this new landscape, it can be difficult to understand what strategies will assist with growth and what needs to be put on the shelf for now.
One trend that is emerging among larger corporate brands is company rebrands. Companies are attempting to either become more relatable to current clients, solidify their story and value in the market, or attract new customers who may be willing to try new brands in the midst of the pandemic.
A well-known brand that recently updated its identity is J.M. Smucker Co. The long-standing company that you probably recognize from their berries & leaves and old-timey font revamped its visual identity for a more modern look. The new design better reflects the company’s expanded portfolio, category expertise, and multigenerational appeal, per the food company.
So what does this have to do with you?
Company rebranding is not reserved for large corporations. Local companies can achieve great results from a rebrand. It is important to note that this process can be as in-depth as you want, and can be achieved even at a reasonable investment. In other words, you can accomplish this within your budget and timeline if you partner with the right strategic branding firm.
To help make your decision, you should ask some basic questions:
Who am I trying to attract with a rebrand?
Do we have a milestone or event we can tie into this process?
Are we looking to completely abandon or current brand, or simply modernize and tighten up what we have?
Will this help us reach a new demographic?
What assets will need to be updated if we do this?
[Most importantly] Will this position us for growth?
Who will need to be involved with this process?
What clients, vendors or advisors can we include early on?
How much are we willing to invest?
Good Reasons to Rebrand
Here are a few reasons to move forward with a company rebrand
1. Ownership Change
A lot of times, new ownership or the next generation of leadership will want to bring the company brand into alignment with their vision for the future. With that, a rebrand will probably make sense. It is a great way to signal the changes both short and long-term.
If you are looking to stay up to date or even pivot to gain more local recognition, then a successful rebrand can help you achieve your goals.
3. Reputation Management
Perhaps COVID forced you to make some hard decisions, maybe you had to close your doors for a bit. Employees and other factors that are out of your control at times can cause brand damage. If you need to re-establish trust or do some brand recovery work, a rebrand may be a very wise decision.
Maybe COVID had a positive effect on your business and you are growing faster than you anticipated. If you are looking to expand into different markets you may need a rebrand in order to appeal to a larger audience.
A lot of times, you as a business owner are going to get sick of your brand (and website, and logo, etc.) long before your clients do. It makes sense. You are with it all day, everyday. Tying a rebrand into a company milestone not only fits well, but can often give you even more reason to really promote the timing.
If you are interested in the process and want to talk about all that goes into a company rebrand then we would love to talk to you. We have helped clients from a one-person consultant up to Fortune 50 companies. We have the expertise and experience to help you make the decision and to find a game-plan that truly fits your goals.