In marketing, for a brand, “to rebrand or not to rebrand” is the age-old question. Shakespeare had the same dilemma, didn’t he! “To be or not to be” – Not sure if he found his answer, but we sure can help you find yours.
The First Aid
When your hand accidentally gets cut while you are preparing dinner for your family, what is the first thing you do? Clean up then gauge the movement of hands.
Let us follow this format in looking at a business model. As you see that your business had bled out and exhausted its chances, what is the first thing that you would want to do? Somehow, as adrenaline still lingers with the fact that you have a business, you are more likely thinking about starting over right away. Yet, from the previous example, it had to get cleaned up first.
Let us apply. So, if a business had bled out, would not it be much better to look at what’s messy? Or at least, what led it to that. A business relies on four pillars: land, labour, capital, and entrepreneurship. One error from any of these pillars would injure your business venture.
Many experts say that it takes time before any business could flourish. Reaching the point of break-even is set as a milestone by most small business owners out there. While it’s lovely to have even started or even have a soft opening, it’s still a continuous effort every day. There is no ‘same day. You will encounter different things daily and coping up with them is always the initial test. So, when it doesn’t happen as planned, that’s when the shake-up occurs. A brand can either choose to undergo brand development or change completely.
Thinking of the worst-case scenario, it is worth pondering on which approach should one do? To rebrand or start over.
Branding and its power
For a brand to be well-known, holds great power. The quality it delivers is what builds its reputation. Most likely, if your products or services were not able to give its customers and clients what is promised it will result in negative feedback. If numerous of these would be out in the open and organic searchers would be coming across it, then it’s doomed. A brand carries a reputation. If it had established something good, you keep up with it and develop it even further. On the other hand, a brand that is considering rebranding needs to consider the collateral damage that is possible. Such as negative feedback, which needs no amendments. Discard it right away.
At this, you have an idea by now if it’s rebranding that you’ll be needing for your business or a complete start over. Deciding on your preferred brand strategy shouldn’t be difficult. If you have given leeway to failure, and have enough resources to go for another try, rebranding may just be what you need. But if you have exhausted your resources from the first try, don’t leave yourself hanging dry.
Tweak your plan. Strategize with the remaining budget and do weigh your options. Revisit your plan and adjust accordingly. Don’t neglect yourself also in the process. Branding, whether you believe it or not, is an extension of a unique perspective, resonant attitude, and bold objectives.
Hiring a creative marketing agency can help you figure out your problem and find a suitable solution to this dilemma.
Rebranding or turning a new leaf in the lifecycle of your brand is an important choice that the internal stakeholders need to make keeping every aspect and every impact in mind. This blog certainly highlights some aspects that need to be considered out of the many.