To increase their value and relevance, professional sports teams, as well as businesses, often rebrand. Consider the Washington Redskins pro football team, rebranded to the Washington Commanders. This change was made due to concerns about the original name. It took almost 18 months to rebrand. It is not clear why the process took so much time. Why can’t the team manage a fan poll? Or choose a name they like. Although it may seem simple, rebranding takes time. It is not just about changing the name or logo.
Autumn Sterrett (COO) and Rachel Hardin, Creative Director of VHS Design Co., shared their insights on key aspects of a rebrand. Hardin says, “Brand identity or brand philosophy is a combined vision, mission, and your values that creates a unique identity.” Do you think it’s hard to do this? Try again.
HiveMind Studios reports that the average rebranding project costs 10%-20% of a marketing budget. If your annual revenues are $15M and your marketing budget $750K, you can expect rebranding expenses in the $75,000-$150,000 range to revamp your company’s branding.
Create a New Mission
Rebranding is when an organization or company needs to change and grow. They may want to change their market position, expand their reach, or seek to enter a new market. They might also consider changing their brand after a merger or acquisition or because of a new company vision.
These four elements should be taken into consideration when making these decisions.
Identifying the new brand
It is difficult to identify a brand name because you want to retain current customers and attract new ones. This involves brainstorming (i.e., developing new characters), testing, and confirming that they are available. An organization may begin with a name, then think about how it will look, such as colors and logos. All of these must be done to appeal to both current and future customers. Take the Washington Commanders’ rebrand. The fans were divided. Some wanted to keep their old names, while others wanted a new one. This required the team to identify which elements would continue and which would be dropped.
Develop the Strategy
Sterrett says that once the vision, mission, and values are established, it’s time to develop a strategy to facilitate the transition from the existing brand to the new one. Although it might seem easier to throw away the old plan and start over, this is not always possible for large corporations or large organizations. This is also not feasible for small businesses. It will be necessary to adapt existing brand features into the new plans while also making sure it matches the elements of the change. This includes but isn’t limited to changing product labels, updating the website, making adjustments to promotional materials, and changing marketing strategies. These updates can be done properly to avoid confusion for consumers and maintain their loyalty.
Get feedback from key stakeholders.
It is important to involve key stakeholders, including employees, in the rebranding process of your company because they spend the most time engaging and interacting with the market.
Nicole Kemp, Senior Manager of Brand & Marketing Operations at BrandActive, and Jo Clarke, a senior director, suggested that: “If branding and culture are not integrated into your organization, then use your rebrand to bring together your marketing and HR teams. You and your colleagues should align around the goals that are important to them. You might ask HR colleagues to discuss how employees can live out the brand and show passion and purpose at work. You might also consider whether your brand could be used more deliberately in your hiring campaigns to improve recruitment results.
Do your research on the industry and competition.
In addition to the ideas and opinions shared by your team members, it is important to generate market understanding through thorough research. Understanding consumers is essential, but knowing your competitors is equally important. It is necessary to understand your competitors when repositioning a brand.
Sterrett advises being aware of trends and fads. It is expensive to rebrand, and you need to make sure it is sustainable. Microsoft Zune, Palm Pilot, and Napster are just a few examples of companies and products that have struggled in changing industries.
Uber was a great example of a company that did this right. It rebranded and emphasized its riders and drivers simultaneously. It was about creating real value, not just a shift in a logo, tagline, or picture.
It would help if you considered whether a name change is necessary.
Suppose your company name is difficult to spell or find digitally, confusing, unclear, not reflective of what you are offering, or has trademark issues. In that case, a new company name might be required. Like any business decision, it is important to consider both the actual costs and the potential benefits. Brian Lischer, a branding agency at Ignyte, says that rebranding can lead to “loss of brand equity in the existing business name…as well any SEO value you have created under the name.”
These changes are often easier for large companies with a loyal following. Dunkin’ Donuts, for example, recently changed its name from Dunkin to Dunkin. This is a simple change that can be easily associated with the company’s former name. Since everyone knew them as Kentucky Fried Chicken, KFC was officially established. While Facebook’s transition to Meta is more complex, they are a large corporation that can afford significant marketing investment.
It takes time to make the world aware of the changes. It takes time to determine when and how to launch.
Like the Washington Football Team, any company that decides to rebrand will experience a slow, tedious, and expensive process. Whatever the reason for the change, there must be a strategy to ensure success. Organizations don’t want to do it if they don’t have to.
