Rebranding your business is not merely changing your name. Many steps are needed to ensure a successful rebrand that doesn’t confuse your existing customers. The first question is, “why rebrand your business at all”?
Sometimes the original name for your business doesn’t fit anymore. You may have expanded locations or added new products/services. Your moniker may be too long or too short and doesn’t represent what you do or who you are. It may be too generic. You may have even had an unscrupulous previous owner or bad press. Understand that it’s a lengthy process; however, if you approach it with a clear strategy and don’t take shortcuts, you may find a resurgence in your business.
Where do you start when rebranding a business?
Accept that this will be a subjective process.
The consensus among your staff may be difficult, so it is best to keep your primary planning group small. Set a strategy and checklist with definite target date goals for each step. Give yourself enough time to be thorough with each progression.
After reviewing each step, determine a budget. A typical ad budget for businesses falls between 5 to 8% of your gross, depending on the category. When rebranding your business, this budget should be higher for at least a year after the launch of rebranding your business.
Be open-minded and brainstorm with some trusted peers.
Ask questions of family and close friends as well. Does the name connotate negatives about the business? What does a new name need to say? Is it easy to pronounce/spell? What does it represent? Does it have an upbeat message? Will it speak to your target audience? How are you unique?
At this point, no ideas are off the table so create a long list of options. Weed that long list down to five that you like: research trademarks and .com addresses. Ideally, you want a name that will work as a .com rather than a .net. The exception is if you are a non-profit, check for a .org extension.
Once you have your list vetted, create a couple of focus groups. There should be about 8-10 people in each group to encourage discussion. The group should have a range of ages, ethnicity, and professions. Do as many groups as you are able. Provide them with paper and pen; you will find them more engaged and creative. Be careful not to sway the group as to your preference. Ask questions and let them talk. Your role is to listen, not support your opinions.
Once you decide on a name, you will need a logo.
Or not! Some business names act as their logo without artwork. Examples: Etsy or Craigslist. At this point, it is wise to interview a couple of professional artists for submissions of a logo and a font/color for the new name. Color and font are significant; you can check our previous blog on that topic.
If you are near a local art or design college, you may want to tap into students for their creativity. Many artists will submit on a “consignment” basis; if you choose their logo, you would then pay the agreed-upon amount for rights to own the logo. You will want the logo delivered electronically in several formats for future marketing.
Trademark the chosen name and logo! Register it with your local county and the IRS. Some companies decide to keep their last name for legal reasons and register as d/b/a. Rebrand your marketing materials: business cards, signs, letterhead, invoices, uniforms, ID badges, vehicle wraps, and so much more. There are many more of these items than you will first imagine! Make a checklist of collateral needed.
Have a “launch.”
It’s an excellent strategy to run a teaser advertising strategy two weeks before the upcoming reveal as a “wait for it.” A creative campaign will build curiosity. Include ALL members of your team; make them part of the excitement. Give everyone a branded item like a company shirt, mug, tumbler, or similar if you can.
Set a budget for a celebratory day at your location if you are a brick-and-mortar. Invite your local chamber of commerce; many chambers of commerce will provide a complimentary ribbon-cutting ceremony. It can be as simple as coffee and donuts or wine and cheese. Be sure to invite the press with a formal announcement. If you support a local non-profit, they may be able to assist uniquely.
Set a reasonable budget to support the rebrand for at least a year.
You cannot merely change your name and assume customers will gravitate to your location by word-of-mouth. There are many marketing options. Depending on your target audience, you may choose digital, print, direct mail, cable, radio, geo-targeting, events, or any choices available in your community.
There are organic (free) options like Facebook or Instagram; however, you cannot rely solely on these to imprint your new name in the minds of your customer. Remember that the average person receives thousands of daily brand messages, so you must incorporate some effort.
Rebranding your business is not for the faint of heart.
It takes months of planning. A skilled marketing professional can assist with all these steps, so don’t feel you must do this task alone. It would be best if you didn’t do this alone. Firewall Branding has experience in every step and will guide you through the process so you may do what you do best: manage your business! Send us a message on our Facebook page if you want more information on this subject.
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