Is this year bringing change to your organization? If so you should take stock of your brand as you move toward a new path for your company. In our post Is your brand screaming for a change?, we covered reactive rebranding scenarios. This month we focus on more proactive rebranding scenarios.
The signals for considering rebranding are when your leadership team is discussing the following:
1. Selling or merging
A healthy brand equity may be used in the business valuation process and help you get the most money for your business. The financial benefits of a brand with positive reputation, awareness and client satisfaction—all outcomes of an on-target brand—can help with the sell of your company.
In the case of merging your business, a strong brand will help your organization rise to the top of companies being considered to merge with and gain a larger market share.
2. Taking stock of your company’s culture
A rebrand can help stimulate the culture of your business when employees have an ownership in the culture. By going through a rebranding process, your organization’s culture should also be addressed. It is the perfect time to make sure your organization’s culture and your brand are in sync. If your company has had significant employee growth, your company’s culture may have decayed without your leadership noticing.
3. Succession planning
You are proud of the accomplishments and the growth your organization has achieved under your leadership. Now it’s time to plan for the future leadership. Want to make your organization attractive to employees or family members who are taking over the business? Involving the new owners in the rebranding process will get them invested and will help give them a sense of ownership. Since the management is changing, the opportunity for rebranding is ideal while change is in the air.
Do you have multiple divisions that are closely aligned in services? Does each division have a different logo associated with it? If so, you may look into whether having a unified brand could result in a stronger brand and marketing efficiencies.
5. Spinning off
When you are contemplating a new service or creating a new division, you may need a rebrand so the parent company’s brand and the new service or division each have a distinct and unique brand. For example, if your new service is going to focus on elderly clients and the parent company’s focus is on millennials, then the tone, messaging and brand identity may need to change to attract the appropriate audience.
No matter the reason for rebranding, when you’re being proactive about it, you have the freedom to shape your client’s perception of your brand. Think hard about what will make your brand stand out from the competition. You might only need to make a small change here and there. Or you could need to revamp everything. Regardless of the changes you make, ensure you have a solid strategy going in so you’ll come out with a solid solution at the end.