10 Aug Five Things to Consider When Rebranding Your B2B Company
Let’s face it; pulling off a successful corporate rebrand isn’t easy. That’s probably why there are so many stale brands in the B2B marketplace today and so many CMOs shying away from the much-needed initiative. The potential for loss, at least initially, can be significant without the right team in place. However, the upsides of a successful rebrand can bring enormous success for a company that has outgrown a market, is looking to develop a more competitive edge, or is entering an entirely new market.
Sometimes, rebranding is a faithful leap into bigger and better opportunities. Often, it is absolutely necessary to stay afloat in the current marketplace. Regardless of why you’re looking into revamping your brand, there are five important elements marketing executives must consider when changing the ways businesses view and perceive your company. If taken into careful consideration, the following points can almost immediately affect your positioning in the market.
- Identify the Promise Your New B2B Brand Provides
Consider a rebrand if you meet one of two conditions: Your current brand promise no longer reflects your company’s core values, or you’ve evolved into an organization that offers something fundamentally different than when you started.
If either of these criteria are met, decide on how to create messaging around the exact change in your evolving company and values.
It pays to follow advice from thought leaders like Simon Sinek, who reminds us to “Start with Why.” Sinek’s book encourages companies to focus on why they do what they do, and then carry that why throughout their marketing branding and strategy. According to Sinek, “People don’t buy what you do, they buy WHY you do it.”
- Rebranding Is Not a Marketing Tactic: It’s a Value Shift
The CMO and the marketing departments have a big role in the rebrand, for sure. However, rebranding is first and foremost a business initiative that is supported by HR and other departments in charge of bringing on the right employees to convey the new promise. From company workforce to products to customer services, the rebrand ought to contain an overhaul of internal values and positioning as much as it presents an overhaul to image.
Hence, a company’s rebrand directive must originate from the CEO, who will align the promise of the rebrand with primary business objectives. It’s the job of the CMO then to nurture and carry out marketing strategies that direct the rebrand for the public, while other departments work to support the initiative internally.
- Research, Research, Research
Do your homework to anticipate how your new brand will be received. Start with analyzing facts, including buyer behavior and prior sales figures. Test new concepts slowly with select customers within your sales channel. Listen to feedback and then make appropriate decisions based on that feedback and your brand’s goals.
Before a rebrand happens, you need to define the success you envision and then create a logical road map toward that goal. Consider all local markets that your brand will do business in to see if your rebrand makes sense from state to state and country to country. Building a brand that has global appeal is hard, so take care that your new endeavor doesn’t alienate a segment of your customer base.
- Simply Creating a New Logo Isn’t a Rebrand
Rebranding your company likely will involve a logo change, but the task is much larger than that. Don’t forget all the components of your brand experience such as revamped messaging and positioning, websites, signage, photography, etc. Rebranding is partly about look and feel, but these aspects have to come as a continuation of a new company promise that better states how customers’ needs will be met.
Pretty window dressings are not enough to make a rebrand successful. New design elements must come with serious thought as to how the core message will best play out through color and other elements that invoke emotion and company values. Remember, it’s the WHY that counts. A new company image must relay this underlying mission both emotionally and explicitly.
- Empower Employees to Get On Board with Rebranding
Companies that can get their marketing team to collaborate on and support the rebranding effort often have a considerable advantage. Their employees live the company culture and promise day in and day out, and they are sometimes the best go-tos for creating a new, on-point messaging for a brand.
Take the necessary time to engage all departments that might contribute meaningfully to rebranding. A new name, logo, tagline, or all of the above may better represent the intended promise with interdepartmental feedback.
Remember, however, that employees might be a bit hesitant of a rebrand, thinking about how the change might impact their jobs. Position the change as a positive and exciting evolution that will lead the company to new horizons and opportunities, without negatively impacting particular roles or departments.
Ready for rebranding? Spire agency can help. CLICK HERE to contact Spire and get started on your rebrand today.