Rebranding is a complex, necessary and difficult process that frequently can be harder than forming the initial brand.
How can this be so? When you’re starting out no one has any idea of ‘who you are’ or ‘what you do’. Often, this includes the brand itself! Most startup brands evolve considerably over their first few years, becoming something perhaps a bit different, maybe a little sharper, bigger or more focused than the original vision. Or possibly, evolve into whole new areas. Branding is the art and science of wedding emotional needs with rational supplies and opportunities.
Over time, both the market’s emotional needs may evolve (slowly) and rational supplies can also evolve (sometimes quickly). Your customers may want more or different products that you happily supplied at the start. Your product development team, research or competition may have come up with new innovations or ways to manufacture, produce or ship that originally could not have been conceived of.
Now you have a challenge: How do you unite two new sets of assumptions and or realities into something singular: your Brand, in a way that is Iconic, Magnetic and On-Trend? This is the challenge of rebranding.
Rebranding affects every single client, supplier, employee and stakeholder relationship along with every point of contact from business cards to websites to product packaging, signs and shipping. The rewards are great but so are the risks. You can leapfrog ahead of the competition and stratospherically increase margins or you can roll a lot of money down the drain and alienate people in the process! It is not a process to be taken lightly and it generally costs more than the original branding process (it is a quantum leap with a lot of moving pieces). Hire a professional and enroll everyone, particularly top management, in the process.