There have been many famous instances of rebranding failures in the recent past. Even mega companies like Gap, Pepsi, and Starbucks launched rebranding campaigns that cost them millions of dollars. There are no guarantees in the market that changing your business’ brand identity will make a positive impact.
However, this doesn’t mean change will always lead to loss. Change is inevitable and beneficial if backed by solid reasons. That’s why Rahul Gandhi CPA researched successful branding campaigns to list how they can help your business grow.
How to Legitimize Your Rebranding? Rahul Gandhi CPA Answers!
The reason why Starbucks’ rebranding failed is rooted in their customers. With so much nostalgia and good vibes associated with their logo, it was jarring for their consumers to see it changed.
This failure is a lesson that Rahul Gandhi CPA believes other businesses can learn from. To help your business rebrand, you must have a solid reason and communicate it to your audience. Also, the rebranding efforts shouldn’t deviate from the value you promised to your customers.
And there are certainly great reasons to rebrand.
Startup Failure: If you had a poor-to-average market response and could not attract investors, you should consider changing your marketing strategy. Revise your vision and mission, or make a more memorable logo. Many startups have tremendous potential but fail due to inexperience. To move on from your losses and their reminder, rebrand your company with a fresher and stronger perspective.
Mergers: When two or more companies merge, neither can retain their previous brand identity. Businesses need to rebrand themselves to symbolize the merger and added value to all the relevant stakeholders.
Competitive Edge: Your business is doing well, but it can do better with a new website and brand identity. Rebranding in a highly competitive market can help your business stay ahead of the curve. It can signal innovation and creativity and let investors and consumers know you are at the top of your game.
Change In Management: For traditional or offline businesses, a change in management can usher the company into a new era. When companies go digital or change their modus operandi, their business needs to communicate that change. Hence, younger management often seeks to rebrand a business and enhance its perception in the audience.
Brand Assessment Checklist by Rahul Gandhi CPA
First, assess your reputation in the market to expand your business and make sure you emerge as a powerful brand. Rahul Gandhi CPA recommends undertaking quantitative and qualitative research to learn about your existing business image and decide whether rebranding will help.
You can make an informed decision by sending our questionnaires to consumers and interviewing stakeholders. Remember to ask your employees to participate and provide feedback too.
After collecting relevant data, identify your company’s areas for improvement.
Your brand story is the promise you make to your audience. Have you consistently delivered what your consumers expect of you? Understand which brand experiences have been positive and which have been negative.
Rahul Gandhi CPA observed that changing a positive experience might not be the best starting point. For rebranding, focus on user touchpoints that are frustrating your audience. These are the reasons why your audience wants you to change.