Are you in sync with your target market, or are you trying to attract a different customer demographic? Does your brand portray the right image, or does your packaging cry out for an update? Is your firm considered fresh and vital, or do consumers write you off as outdated?
There are many smart reasons to rebrand your company or a key product. Rebranding can revitalize your firm, refresh its image, attract new customers and place you in a better position to compete successfully.
McDonald's successful rebranding as a nutrition-conscious eatery is an excellent example. Decried as a leading cause of American obesity, McDonald's introduced salads and wraps and started offering fruit and veggie choices in Happy Meals. Vegetarian burgers have been introduced in British Columbia stores with a rollout in California planned soon.
But rebranding also entails a certain amount of risk. We are naturally resistant to change, particularly when it comes to companies and products that have become an integral part of our lives. If proper strategy is not executed, rebranding can alienate and even anger customers. Despite McDonald's new, healthier menu choices and a switch to non-saturated fry oil, it didn't take away from the iconic hamburgers that made the chain a household name.
Rebranding is not an exercise to be taken lightly or rushed into. Successful rebranding efforts require strategy, careful planning, creative insight, testing, evaluation, preparation for the rollout, commitment and patience. Here are six steps toward successful rebranding:
Are you overdue for a brand refresh? We can help.