We live in a brand-saturated age. From jingles we can’t get out of our heads to the packaging that has you subconsciously selecting one variety of breakfast cereal or bottle of wine over another, we are all – whether we realize it or not – incredibly brand literate.
When it comes to considering, creating and implementing a brand, even the most astute entrepreneurs can find themselves wondering, “Do I have a brand, or do I even need one? Is a brand the same thing as a logo? Will it make a difference to my bottom line?”
Your brand identity is a living thing, existing in the minds of your customers in the same way it does on your website, letterhead and all consumer touch points. Your brand is your most important asset to your business – what it stands for and what is expected from your customers. It’s a collection of associations with everything from your logo to service and product expectations. A strong brand makes you money – through increased customer loyalty and greater profitability. A weak or non-performing brand leaves you vulnerable to competition and not realizing the true revenue potential of your product or service.
If there truly is the need for a rebrand, there are important differences between simply refreshing your brand and completely reinventing your brand. Starbucks, for instance, changes aspects of their logo frequently to keep the brand fresh and match their current brand positioning, but they keep their color palette and other philosophies the same. But Kmart Corporation, which used to be S.S. Kresge Company, completely changed their company name by adopting one of their most popular product lines, “Kmart,” as their company name. There are millions of ways to rebrand. Understanding our clients’ root problems and knowing their needs and wants help us identify where to start with a rebranding.
However, rebranding is not always a cure-all – you’ve probably heard about the fiasco that ensued after Gap’s logo change. Digging into a client’s brand history and story and understanding your client’s status quo before making a plan is very important. Trust me, in the real world, there is no one-size-fits-all. How do you help your client’s business exceed their expectations? It really depends on your own experience and in-depth research.
After so many years in the business, I believe that marketers are similar to doctors. We ask questions, do research, identify the problem, and give prescriptions. We have developed an internal process at King Media: We Listen. We Craft. You Succeed. This is how we address each of our clients’ requests. As an expert in brand management, I’ve seen a lot of businesses “mis-rebrand” themselves and even lose their original position in the market. My suggestion for anyone considering a rebrand is to do your research and find out the real problems you are facing before making any decisions.
Don’t forget that rebranding can be a great strategy, but it is not an antidote. The key to success is how you use it. If you’re having business difficulties and are considering rebranding, call the team who has decades of success in building brands. You know where to find us.