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Wealth Beat News > Small Business > How To Seize The Opportunities Of Rebranding And Avoid The Pitfalls
Small Business

How To Seize The Opportunities Of Rebranding And Avoid The Pitfalls

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Last updated: 2023/10/23 at 3:55 AM
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Rebranding has the power to transform your company. Handled well, a rebrand can modernize your brand, attract high-quality leads, and prepare for growth and scalability. Yet, the process isn’t without its potential pitfalls. That’s why it’s essential to adopt a philosophy of pragmatism throughout the process.

Contents
1. Gather as much outsider data and feedback as you can.2. Strive for maximum customer support during your rebrand.3. Ensure your rebrand is meeting your key objectives.

Being thoughtful and proactive about every rebranding step can help you avoid media disasters like Tropicana’s failed 2009 rebrand attempt. Today, Tropicana has become a cautionary tale on how not to rebrand. The company’s $35 million mistake? As a recent article from The Branding Journal points out, the redesigned packaging and marketing simply failed to land with Tropicana’s repeat customers. They didn’t want “their” brand to change. After a 20% sales dip, the juice giant scrapped its refresh.

What’s fascinating about the Tropicana disaster is that the company didn’t enter into its rebrand with eyes closed. Their team conducted and analyzed market research. However, they neglected to consider something you should always keep in mind: People don’t like change. Good change. Bad change. Neutral change. It doesn’t matter the kind. Change is just hard for most humans to face. And rebrands force change to happen.

This doesn’t mean you can’t successfully rebrand. You can, and plenty of companies have navigated their rebrands adeptly. Take Dunkin’. It used to operate under Dunkin Donuts but realized it could have broader appeal if it weren’t merely a doughnut shop. Consumers agreed. Not long ago, Dunkin’ leveraged its category dominance by entering into the influencer scene. The move boosted app orders by 57% according to Business Insider research and cemented Dunkin’ as a hands-down faster food favorite.

To achieve the wins of a Dunkin’ without incurring the losses of a Tropicana, focus on the following before, during, and after stages of your rebranding efforts. They’ll help you stay the course and navigate the journey strategically.

1. Gather as much outsider data and feedback as you can.

One of the top reasons that rebrands flop is a failure to ask for — and listen to — stakeholder insights. For example, you and your executive team may be convinced that your business is primed and ready for a rebrand. Are your customers or clients? Or will they be flustered, frustrated, or confused? You want to make sure that your rebrand makes as much sense to them as it does to you and other “insiders.”

From in-person and online focus groups to feedback surveys, gather information to guide your rebrand. Then, look over the information carefully. Ask the tough questions and try to read between the lines. It’s much easier to make shifts in your plans before your rebrand goes live. Therefore, take the upfront time to dive deeply into the feedback you’re receiving.

Remember, too, to test different elements of your rebrand. These might include a new logo, product, website, or even name. What seems like a “small” rebrand such as a slogan change can have a big effect on your brand image and sales. Getting as much upfront data as feasible reduces your risk of missing the mark.

2. Strive for maximum customer support during your rebrand.

All rebrands are unique. Your job is to make sure that you’re guiding customers along the way so they can engage with your company. For instance, maybe you’ve altered the way your customers interact with your brand online. You can’t assume that customers will just figure out how to navigate everything. More likely, they’ll become confused or annoyed. To reduce any friction, consider ways to assist them.

This doesn’t mean you have to add a 24/7 customer service team to your payroll after you’ve unveiled your rebrand. Instead, offer screen recordings or accessible tutorials to consumers. That way, they can find answers to their questions quickly and continue to use your rebranded site and its updated features. Just be sure your tutorials are professional-looking. Zight, an all-in-one communication software provider, recommends recording all screen sharing at 1080p or 4K to ensure that the recording is visually crisp. (For the audio component, Zight suggests a sample rate of 44.1kHz or above.)

In addition to offering self-service, pay attention to any customer concerns that may start to roll in during your rebrand. They’ll allow you to rapidly correct issues that you might have overlooked during planning like error codes.

3. Ensure your rebrand is meeting your key objectives.

During the first weeks and months of your rebrand, track your outcomes and measure them against your original goals. As an example, if you rebranded to drive more consumer awareness, you’ll want to chart KPIs such as social media engagement or backlinks. Remember: Data doesn’t fib. The numbers will reveal whether or not your rebrand is doing what you expected it to do.

And if it’s not? You need to be prepared to pivot. The best of rebranding attempts can sometimes fall short. Being able to reverse course or make modifications will be a huge asset to your company. The last thing you want is to hold tight to a rebrand that’s not working.

The good news is that if you’ve done your homework until this point, you’re less likely to have to scrap everything. You may only need to make some readjustments to your campaign to right your ship.

Most organizations will need to go through rebrands periodically. If yours is due, congratulations. You’re about to embark on an adventure that could significantly improve your brand’s credibility and sales. Just be certain that you go into the experience with realistic expectations and a rock-solid plan.

Read the full article here

News October 23, 2023 October 23, 2023
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