Very simply, re-branding your small to mid-size company means giving it a new set of customer expectations and a new personality/identity that is consistently conveyed. The most obvious changes occur with graphics and may include a new logo.
“Brands, it seems, alongside ownership of copyright and trademarks, computer software and specialist know-how, are now at the heart of the intangible value investors place on companies.” (Reference here)
For the business owner, the key word in re-branding is "re." This is because what is often discarded in the re-branding process is the goodwill and positive associations with the existing brand. Avoid this mistake by carefully examining all the elements of the brand before making changes.
Avoid re-branding for these additional reasons:
- You are tired of your image (but are your customers tired or it?).
- Your agency tells you it is time to re-brand (what evidence do they have?).
- Your competition has re-branded (perhaps this will benefit your company more than theirs.)
A useful checklist is this pdf reference:
The Top 20 Mistakes Marketers Make When Rebranding And How To Avoid Them.
A recent article in The Business Insider by Bianca Male makes the point that "A brand identity, name, and logo is a company's public face. So you'd think companies would be really careful in figuring out how to revamp that image.
"Sadly, a good number of recent rebranding attempts seemed to just crash and burn." Read the full article.
Clearly, there is much to be gained by re-branding. But as countless articles and many failed efforts demonstrate, it is wise to approach re-branding cautiously. Let the purpose of re-branding spring from an assessment of your business purpose, goals, and performance, and whether or not-re-branding is the best solution.