There are many different reasons to consider a rebrand. The most common involve a shift in operational conditions such as a recent merger, acquisition, product launch, or entry into a new market. But a rebrand may also be triggered by new leadership looking to reposition the company for long-term growth. In short, the reason for rebranding is usually pretty significant and straight-forward, but there is something more to consider—is your organization rebrand ready?
If your company is considering a rebrand in 2021, look at the following checkpoints to ensure you’re truly ready to take on the challenge:
#1 Why now?
Have you articulated the reason for rebranding? Does leadership agree that it’s essential? Internal alignment is critical because everyone needs to be on board. If there’s not a clear driver, consider an exploratory effort aimed at conducting qualitative and quantitative consumer research and ROI projections before starting the full process.
#2 Is leadership fully engaged?
Rebranding requires a significant time commitment, and decision-makers have to be at the table for strategic conversations and key presentations. The entire C-Suite—not just the marketing division—should be eager to play an active role in the effort.
#3 Are you financially prepared to invest in a rebrand?
The financial commitment to a rebrand is just as important as the time commitment. Be prepared to spend roughly 1%-2% of annual revenue on the successful launch of a new brand (research, strategy, creative, implementation). And if your organization has a significant physical infrastructure in terms of office buildings, storefronts, automobiles, or products, make sure that is also taken into account.
#4 Do you have the time to do it the right way?
A successful branding engagement will typically run for 16+ weeks, and closer to a year if a new website is on the table. Rushing a rebrand invites costly missteps, so make sure your organization is committed to taking the time to do this the right way.
As branding experts, we’re focused on providing objective insight and strategic guidance. So whether your organization’s rebrand starts now or next year, make sure you can check all the boxes. And if you’re looking to get started, or just hoping to learn more about the process, drop us a note and we’ll connect you with the right team member.