New Year, New You, But At What Cost? Rebranding Can Come with a Price
By: Kristine Mize
The New Year inspires us all to make a change, lose some weight, spend more time with the kids, finish that project we started last New Year’s Day. Professionally, however, big change has to be carefully considered, the cost should not outweigh the benefit not only to the company but to the client as well. Sometimes rebranding is necessary, to keep up with the times, client demands, new technology, and just trying to stay hip.
Business Insider says, “A successful rebranding involves overhauling a company’s goals, message, and culture — not just changing a name or a logo.”* They offer some great examples of 9 companies who took a major chance on change and failed miserably. Here is the take-away:
- Make sure your new name isn’t slang for something else that detracts from the intended meaning.
- Be aware of your customer’s attachment to the old design.
- Don’t mess with a classic.
- Sad attempts to be hip can misfire.
- Don’t be the last one to the party by using something dated.
- A corporate sounding name may leave consumers confused.
- Don’t use a meaningless name or a name people can’t pronounce.
- Changing too often is costly and may indicate an identity crisis.
- A name change won’t help your customers forget high prices and poor service.
“The real reason to rebrand is to alter the expectations you’re setting for the public,” Frankel explains. “Changing your brand strategy means becoming a different company…it’s not just changing your name or your logo.” Rebranding may be necessary and could catapult your company to the next level. At MSGPR, our public relations staff can help you make wise decisions and execute a plan to help your company succeed. Give us a call today!