The change of season has many companies considering an updated look and feel for their brand.
While the desire to change can often lead to new opportunities, a rebrand or refresh should never be taken lightly. We've written before about rebranding mistakes and the team approach that's most likely to make your rebrand successful.
But how do you know it's time for a refresh? Negative drivers like lawsuits, investigations, and bad press are easy to identify and can command a total rebrand if their impact is strong enough. But more often, brands must weigh their current efforts and understand if a rebrand will provide enough of an adrenaline shot to improve their company's marketing functions:
- Attracting new clients
- Deepening existing client relationships
- Improving the value of the company's product or services
- Attracting and retaining top talent
The answer is rarely clear cut.
Forbes Agency Council—an invite-only community for public relations, media strategy, advertising and creative executives—recently asked its members what questions companies must consider before undertaking a rebrand. My answer is below:
Will I See A Real ROI?
Will your new brand open up enough revenue-generating opportunities to justify the expense, time, resources and disruption that will happen before the rebrand is done and successfully implemented? Be clear on how the rebrand will help you attract new clients, deepen existing relationships, command more for your offering and attract new talent. Think carefully before taking the plunge.
For more advice on weighing the pros and cons of a rebrand: