Every entrepreneur knows that the process of revitalizing their business, mostly when its performance stalls, can be just as complex and demanding as getting their business ideas off the ground.
Most times entrepreneurs fail at updating their brands, and this often leads to huge losses, and maybe even the death of their business.
So, what’s the best way to pivot your business, expand your services, and reinvent your brand in the minds of customers? The answer lies in branding, and to do this effectively, you need to take off your managerial mindset and embrace your entrepreneurial spirit.
The 2009 rebrand of PepsiCo’s Tropicana was a colossal failure that shook Tropicana, cost the brandover $33 million in losses, and gave competitors like Minute Maid, Tree Ripe, and Florida’s Natural an incredible boost in sales.
What went wrong? During the rebrand, Tropicana made the error of changing the design of their packages from one that customers loved and were already familiar with, to another that was bland and generic.
Tropicana’s failure is one example that captures the effects poorly executed brand updates could have on a business.
According toInteger Group, 77% of consumers will make their decision to buy your products based on your brand’s name, which goes to show that customers are very attentive to branding. So take the time to position your brand and solidify its stand as an authority that delivers outstanding quality.
No brand should remain stagnant. Brand updates help a business adapt to the changes in the market, keeping their customers interested.
But understand that although a complete rebrand is a very rewarding endeavor that could save your business’s performance from going downhill, it can also be perilous. So make sure you test the waters, even though you believe it’s the right time to update your brand, before stepping right in.
And speaking of rebranding, here are five easy steps to help you update your brand without spending unnecessary effort, time, and money.
Remember the old saying, “If it ain’t broke, don’t fix it?” Well, trends, or the desire for a cosmetic makeover shouldn’t drive your motivation to get your brand updated.
Why? Let’s consider Gap’s 2010 logo rebrand, which ended up becoming a badly timed manifestation of Gap’s disconnect from market realities. The failed rebrand exposed the fact that Gap was losing its touch, and sure enough, it faced unrelenting attacks on social media.
Here are a few things that should influence your need for a rebrand.
Now, after identifying these needs, the next step is to harmonize them with your brand’s core values, vision, and mission. This would serve as a guideline for updating your brand. This way, you’d ensure your efforts are in line with your brand’s personality.
Your brand’s visual identity—not to be confused with your brand’s identity—is your brand’s soul, and also the easiest place to begin your rebranding.
The goal of your visual identity is to align the message your brand’s identity communicates with the needs of your audience, and it does this by using:
When done right, your visual identity conveys your brand’s personality, values, and mission, without using words.
“Just do it,” “Open Happiness,” and “Diamonds are Forever” are all excellent brand messages. And recently, KFC rebranded its 64-year-old slogan; “Finger-Lickin’ good,” because of public health concerns.
Your brand’s message should give voice to your brand’s identity and visual elements while communicating your values to your customers.
Although rebranding your brand’s message would maximize your brand potential, make sure your message is authentic, rooted in substance, and not trends. A good way to ensure this is to always carry outaudience testing on all your potential brand messages.
Your brand’s logo is like your totem, a symbol of your ever-changing personality and role in your industry, so make sure it reflects this.
Brands like Google, JCPenny, Starbucks, Domino, Slack, etc. have been very active in tweaking their logo to respond to the changes in the market.
Remember that rebranding logos can be very tricky, especially when you’re changing your niche, or dealing with a new audience, so go about it carefully by investing in relevant tests and research.
Fun Fact: Mastercard’s logo has undergone six rebrands since it was started in 1966.
There’s a growing trend among consumers to desire, not just the best quality, but also exclusive services loaded with special perks and features.
Now, instead of spending millions in overhauling your brand’s name, logos, designs, and identity, an easier path would just be addinga plus to your brand name. As simple as it sounds, adding a plus instantly tells your audience that exciting improvements have been made.
And this route has been explored by brands like Apple News+, Apple TV+, Disney+, ESPN+, Google+, and Paramount+.
Rebranding, whether big or small, is a critical process that shouldn’t be taken lightly. And that’s why it’s necessary that you carry out extensive research, tests, apply best practices, and vet everything for future viability.
Remember, your rebrand journey should be born out of necessity. It must come from a strong definition of your brand’s purpose, vision, mission, and values, not just because it’s trendy and you feel like doing it.