Rebranding can be a great answer for a business problem. It can also be the wrong one.
Rebranding is a strategic marketing approach where a company makes a change in order to reassert themselves in a marketplace and inspire their consumers. This change can be as small as a color in a logo or as drastic as changing a mission statement or publicly taking a stance on a cultural subject. It’s a buzzing conversation in business, and while rebranding can have very positive outcomes, it can also be detrimental.
A few recent examples of rebranding have gained viral attention, and these companies knew their action plan was risky. Stocks dropped. People praised. People raged. Consumers threatened to abandon their brand altogether.
For better or worse, they became a household name within hours. In an era of information overload, they broke through the sound barrier and made it to the top. But did it work? Did it create real customer engagement?
The Big Question: Is rebranding the right approach for your organization?
Let’s start by digging deeper to get to the core of why a business might be considering taking the rebranding approach.
- Have you identified the base problem?
- Is it an immediate problem, potential problem or growing problem?
- How many other answers have you found to address that problem?
- Is rebranding THE answer, part of the answer or the NOISIEST answer?
One complication for a business in the Age of Information is the level of noise to which both current and prospective clients are constantly subjected. While your modifiers may be true and honest, buzzwords like “efficiency,” “robust,” and “flexible” are becoming lost in a sea of non-specific value identifiers. They alone no longer make your story unique.
So, if businesses cannot attract clients by organically standing out through messaging, the response has become an attempt to force the world to talk about that business with a “relevance makeover” by creating mass buzz.
There is a much healthier answer: The Referral.
You already have an army of assets. Give them something to talk about, and you will earn a return worth far more and with a much more sustainable value than a viral ad.
Does that mean a business shouldn’t ever rebrand? No. There are definite reasons to consider rebranding, but it should never be the first answer to increase sales.
According to Nielsen, a global measurement and data analytics company, a recommendation from a known associate was #1 among 19 forms of advertisement that people trusted. And 92% of consumers said they trust referrals from people they know.
How does a business build itself through its own client-base? We’ll explore how to create a valuable referral program in an upcoming article. Follow Wild Lark Strategies here or on one of our social media platforms (see below) to stay up to date on our future postings.
If you are thinking of rebranding or would like to discuss how to build or strengthen your own referral program, call us or email us at email@example.com. We can help guide you along a path that is healthier for your company.