Founder of Rebranding Experts, the only firm purposely designed to rebrand organizations successfully.
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It seems like everyone is rebranding these days. Major social media platforms have embarked on ambitious rebranding journeys, from Twitter to X and Facebook to Meta. Corporate entities are also leveraging rebranding as a strategic tool to realize their growth visions. For instance, Overstock.com's acquisition of the Bed Bath & Beyond brand aimed to distance the company from its original image as a liquidator.
While the acceptance of rebranding is growing, many business leaders remain plagued by misconceptions that leave them hesitant to embrace this powerful strategy. Transforming an organization into a new brand and rallying employees and customers around a fresh promise and experience is a formidable endeavor. However, with meticulous planning, smart strategy, outstanding creativity and precise execution, one can achieve the desired ROI without yielding to anxiety. A high-performing brand translates into a high-performing company, driving sustainable revenue growth, fostering customer loyalty, attracting top-tier talent and enhancing shareholder value.
Executives Say Rebranding Works
A Hanover Research study found that 78% of executives polled say rebranding had a positive impact on their company. On top of that, 81% of the executives saw a positive return on investment from rebranding efforts.
Our firm is singularly dedicated to the art of rebranding, and as such, we have encountered and dispelled numerous misconceptions regarding this transformative process from business leaders. Our experience has shown that common misconceptions can be easily addressed:
• Rebranding is more than just a marketing strategy. Rebranding isn't merely a marketing ploy; it is an enterprise-wide strategic growth accelerator. When executed correctly, it can expedite essential changes throughout the organization. This includes fostering innovation adoption, mobilizing employees, reshaping the product and service lineup to seize great opportunities, and reconnecting with customers in a meaningful manner. Rebranding is an opportunity to reinvent, reboot and recharge your entire business, uniting all transformation efforts under a single compelling vision.
• Rebranding goes beyond changing the logo. Rebranding commences with redefining your core customer promise and the very essence of your existence. This shift cascades into a reimagining of your values, customer and employee experiences, identity and market strategy. A mere logo facelift is a brand refresh, far less comprehensive and transformative.
• Rebranding is neither quick nor easy. Rebranding is not an overnight makeover; it is a complex process that demands time, leadership involvement and eventual engagement from all employees, coupled with meticulous planning. On average, a rebranding initiative spans 12 to 18 months from inception to launch. Developing a detailed road map and affording your team the necessary time to execute it effectively is paramount, as demonstrated by Avon's 18-month timeline for their comprehensive rebranding effort.
• Rebranding need not sever all ties with the past. Extensive preliminary research should identify key brand attributes that must transition into the new brand. These are the differentiators and facets residing in customers' minds that will propel brand growth. Rebranding is akin to a trapeze artist gracefully grabbing a new bar mid-air while letting go of the old one. A successful rebrand respects your company's heritage while signaling positive change. Retaining elements that resonate with your audience effectively communicates your brand's evolution.
• Rebranding is an investment, not an expense. Rebranding does incur costs, but it should be viewed as an investment in your business's future. Weigh these costs against the potential long-term benefits, such as increased market share and customer loyalty. It is crucial to comprehensively identify all rebranding expenses upfront to approach the project with full knowledge of the required investment, preventing unexpected costs from dampening enthusiasm.
• Legal and trademark challenges can be overcome. With over 2.5 million estimated trademarks in the country and 5,000 new filings weekly, trademarking a new brand may seem challenging. However, creative naming practices, including coining or compounding words, can mitigate legal issues. Legal experts possess the skills to navigate trademark and copyright concerns, resulting in the emergence of more unconventional names, such as "mntn," which face fewer legal hurdles than traditional names. One client loved their new name Bravanti, a compound of "brave" and "avanti" (an expression for "onward") to signal how they ignite bold futures for their professional coaching clients.
• Not everyone needs to embrace your rebranding. In today's polarized social-media-driven landscape, criticism of a company's name change is almost inevitable. Not everyone will embrace your rebranding, but it is vital to focus on the most critical stakeholders for future success. We build change management techniques into every rebranding plan to identify potential sources of negativity and help mitigate them. Do not shy away from rebranding; instead, plan strategically.
• You can be proactive so you don't lose brand recognition. Leaders often fear that loyal customers may not recognize the new brand identity or question the intent behind it. Clear and proactive communication with customers is essential. Explain why the rebrand is necessary, the objectives it aims to achieve, the new name and what it signifies. By educating your customers first, you are more likely to garner their enthusiasm for the new brand and their receptiveness to how it will enhance their experience and benefit your business.
• Overcome employee resistance. Employees may naturally resist change, fearing disruption to their roles or the company culture. Involving employees in the rebranding process, encouraging their input, and providing training and support for adoption are key steps. Ensure that employees understand how the rebrand aligns with the company's growth and their own career development.
Successful rebranding hinges on thoughtful planning and a well-structured playbook to keep you on course. By dispelling these misconceptions and embracing rebranding as a powerful strategic business tool, you can address the critical needs that have been hindering your progress.
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