BRANDnew…The Art of Rebranding
Rebranding is something that every company has or will have to go through at some point.
Holiday Inn is one of my favorite brands that recently went through a rebranding process. The hotel underwent a billion dollar rebranding process with the help of the InterContinental Hotels Group (IHG). The re-launch included a new logo, remodeled bedrooms and a revamped welcome experience starting in the lobby area.
Now, Holiday Inn is a well-known hotel brand, but statistics reported that they hadn’t underwent a change since 1982! That is a long time, especially with so many competitors on the horizon, this process was necessary.
If you are thinking about rebranding your business, I recommend rebranding the whole business, not just a facelift…ie. a new logo. Think about revamping the whole customer experience.
Below are 5 crucial steps to an effective rebranding process:
1. Research. Everything, everything must begin with research. Take time to find out what went wrong by conducting focus groups, surveys or simply conversing your your regular clientele. If sales are declining, take the time to find out why. Could it be the product’s performance, formula or general reputation? A consumer poll through a marketing and research team might be in order as a way to figure out what could be wrong with your brand.
2. Keep the importance of your brand identity in mind. Don’t lose sight of what your company mission and goals are. Holiday Inn was known as an affordable option for hotel stay. Even though they went through a rebranding process, they’ve always been able to celebrate the fact that they are trusted, well-known brand that was loved by money-conscious travelers.
3. Get all teams involved in the process. Don’t rely solely on the marketing team as they may not know what is going on the finance or operations department. Involving all teams will ensure that internal processes and procedures are appropriate given the new brand messaging, or determine that they need to be altered in some way. Additionally, this will garner a sense of excitement in the employees who are tasked with representing the brand.
4. Deliver on the new promises. Don’t let the excitement die down after a new logo or a interior design. Show customers that the process was thorough and consistenly ask for feedback to ensure that they are happy.
5. Introduce something new. Social & digital media, for example, has continued to flourish. Find out what competitors are doing online and determine if it’s worth the investment. Also, think about the new environmentally-friendly initiatives that have gained popularity lately.
5. Pace yourself. Rebranding cannot be successfully accomplished overnight.
6. Revisit your rebranding strategy every few months or years to ensure that it is consistent and truly working for the greater good.
Has your company underwent a rebranding strategy? What strategies did you implement? If not, name one of your favorite brands that went through a rebranding strategy?