The only constant thing in business and life is change. The world is constantly changing and keeping up with emerging shifts can be tricky, but vital for success.
As enterprising business leaders, it's imperative we plan for the future, keep evolving, put some innovative strategies in place to ensure we stay relevant, particularly during and post COVID-19.
We may currently be in crisis mode, but a recovery phase is sure to follow at some point and we must prepare for success in a post-pandemic world. COVID-19 will undoubtedly have an immense impact on not only the way go about our everyday lives moving forward, but also our future spending habits, and brands will need to quickly adapt to emerging trends to survive and thrive.
"Every success story is a tale of constant adaption, revision and change." - Richard Branson
Some financial experts expect a spike in spending once this pandemic comes to an end and community confidence returns. Business owners can start preparing for all that pent-up spending today by streamlining operations, re-evaluating products or services, strengthening their brand position, increasing brand awareness and rebranding reflecting changes.
"Be flexible so we can change with change." - Bruce Lee
Great branding sets the tone for future sales and it’s an opportune time to look back at what has and hasn't worked, what can be improved, changed or incorporated into your brand moving forward.
"Change before you have to." - Jack Welch
Most established companies opt for a partial rebrand due to time, money, risk and effort required to tackle a full rebrand. Depending on the end goal, a partial rebrand may be all that's required to achieve the desired result. Whether you decide on a partial or total rebrand, solid commitment to change is required and there is no easy way around it.
"If you do what you've always done, you'll get what you've always gotten." - Tony Robbins
Post COVID-19 the world will see a shift in consumer behaviour and many brands will need to tweak or reinvent aspects of their business to meet new consumer expectations. A partial rebrand can stimulate fresh interest, help your business stand out and attract new customers whilst retaining your current customers. If you're thinking about undertaking a partial or complete rebrand, the visuals of the business may not be the only thing in need of an update. The company’s identity, message, vision, mission, products and services may also need a makeover. This can be a big move and must not be underestimated but may also be necessary.
"The best way to predict the future is to create it." - Abraham Lincoln
Sometimes a rebrand is required, and businesses need to keep in mind not only who they are trying to attract, but also how to retain existing clients. The key to any successful repositioning or rebranding undertaking is communication. It's imperative you keep your clients in the loop to ensure they don't feel left out, and if not executed efficiently, you may see a drop in clientele.
Customers expect transparency, clear and concise communication which builds trust and loyalty. At a time of so much uncertainty, buyers want to know what your intentions are and the reasoning behind the changes. It can be as simple as a social post, direct email or press release letting them know what's happening and what to expect. If you’re open and honest with your customers from day one, they’ll be more likely to hang in there with you through the transition.
"Your brand is what other people say about you when you're not in the room." - Jeff Bezos
Change of any kind is generally uncomfortable for most, and the slightest shift within a workplace can have a huge impact on employees. By addressing these concerns head on, explaining the need for change and the positive effect of improvements, will not only eliminate fears that the change is somehow personal, but further convince your team that they are an instrumental part of the process.
"A great rebrand is exciting to your customers as well as your internal team." - Forbes
Acknowledge your employees' concerns, keep them in the loop and get them involved. Actively including your team members throughout the transition, reaffirms they are a valuable asset in the business and will continue to be moving forward.
"If everyone is moving forward together, then success takes care of itself." - Henry Ford
Yes, it's all been said before - 'teamwork makes the dream work'. If you believe that rebranding is the best strategy moving forward, you will need the cooperation and support from your team. Looking to your team for inspiration and giving people responsibilities will drive a holistic motivation and improve the overall culture of the business during and after the process.
"If you get the right mix of people working for your company, it will have a far greater chance of success." - Richard Branson
It's a fact, successful iconic brands are constantly evolving, shifting, re-positioning and adapting to the market to stay ahead of the game. Rebranding is ideal for any business that's getting a little dated, seeing a shift in the market, feeling competition getting too close or for any other plausible reason - changing it up is always a good idea, stagnation of any kind stifles growth.
"Business is constantly changing. Constantly evolving."- James Dyson
However, a rebrand can mean much more than just a new logo and bringing the brand up to speed with changes can be a challenging task. It may require a total overhaul in certain areas of the business, which will also require a clear and decisive vision about what the new and improved will do differently. Any level of rebranding can be a difficult decision for established brands. Businesses should strongly consider the cost of changes, timing and their existing brand awareness within the marketplace before making any moves.
"Change is inevitable. Progress is optional." - Tony Robbins
Whatever you decide, make sure it's the right move for your brand. Don't base your decisions on what others are doing, but on what works for your business. Just because your competitors are changing it up and exploring different avenues, it doesn't necessarily mean it's the right solution for your company. And, during such unpredictable times a trusted name, product or service might actually be exactly what we need.
"Sometimes evolving doesn't mean transforming; sometimes it just means owning what is there." - Salma Hayek
A rebrand can be very beneficial for a business but can also come with numerous risks. Talk to your customers, team members and a branding expert to assist you with your decision. Following, are a few key reasons for rebranding;
Reflect Brand Values
Stand Out Brand
New Target Audience
Boost Bottom Line
Merger, Reposition, Reputation, New Management, Growth, Strategy Change, Tech Advances, etc...
"The future depends on what we do in the present." - Mahatma Gandhi