Rebranding is the process by which a service or product that was developed in one brand, or company is marketed in a different brand name or identity. The process of rebranding aims to reposition the brand or the company, or to distinguish itself from the negative opinions about the previous brands over a period of time and for some reason, or to climb the success ladder by moving the brand still upwards. Rebranding of professional services firms can work wonders for those companies that are struggling to modernize, differentiate themselves from their competition, or even escape a lackluster reputation.
There are many reasons why a professional services firm might consider rebranding. But whatever the reason, a firm eventually faces the question of how to rebrand in a way that yields the desired business result. Sometimes a company sees a reason to rebrand to seize an opportunity or to prevent potential threats in the future. Proactive rebranding is recommended in the following situations:
Rebrand to differentiate better from competitors
If your business struggles to overcome a negative reputation, a rebrand can help consumers see you in a fresh new light and regrow brand loyalty. In this case, brand recognition might not be decreasing, but the rebrand would turn negative brand recognition into neutral or positive brand recognition.
Rebrand to give new life to outdated branding
When your branding no longer fits your brand, you need to develop a new strategy to evolve your brand. In fact, if this is the reason you’re rebranding, you’ll want to consider a complete brand overhaul and create a new, modern brand identity. Modernizing your brand image is an important step to turning your business around and accelerating growth. Every day that you continue to operate with an outdated brand identity sets you further behind your competitors.
Rebrand if your business outgrew the original mission
In order for your business to grow, it is necessary to diversify the products and services you offer, it is not necessary to stop at one and the same product, due to this fact you will be able to grow, don’t limit yourself to future growth opportunities.
Rebrand to outgrow the poor reputation
If your business struggles to overcome a negative reputation, a rebrand can help consumers see you in a fresh new light and regrow brand loyalty. In this case, brand recognition might not be decreasing, but the rebrand would turn negative brand recognition into neutral or positive brand recognition.
Steps for a Successful Rebranding of Your Professional Services Firm
Changing the look and feel of your brand can be a challenge if you don’t know where to begin. Here are some things to keep in mind when beginning your rebranding journey.
Start with the business reason
Rebranding strategy should start with a thorough understanding of the business reason behind the rebranding. Does your firm need to compete with larger, more established competitors, here are some of the main reasons to rebrand your brand and become the leader?
- You need to compete at a higher level or in a new market.
- Your brand no longer reflects who you are.
- Your firm is spun off from an existing brand.
- You have a legal reason compelling you to change.
- You need to simplify and focus your message.
- You have a new marketing team.
Research your firm and your target audience
When you are clear on the business case for rebranding, the next step is to conduct independent research on your firm and your clients. If you are attempting to move into a new market, that research should include your new target clients as well. The goal is to have an objective understanding of your current brand perception and competencies.
Use positioning and messaging to capture your brand strategy
As you develop your firm’s market positioning and messaging architecture, you will uncover the essence of your brand strategy. Your market positioning is a brief description of where you fit into the market space. This positioning will drive many of your subsequent decisions. But you can’t just make something up. It needs to balance who you are as a firm and who you want to become. You must be able to support your positioning or your brand will be empty.
Build your brand identity
This is the part of the rebranding strategy where you develop the visual elements that will communicate your brand. Think firm name, logo, tagline, colors, business card design, stationery, and the like. These elements are often described in a brand style guidelines document, which provides a set of parameters to ensure your brand is implemented consistently across all of your marketing materials. Don’t forget that your brand is your reputation and your visibility, not your firm’s name or its logo. Your brand identity is a sort of visual shorthand for your brand.
Build your website and online presence
Your website is your single most important communication and business development tool, and every business needs a website. Even if you are active on social media, your popularity won’t make you any money if you don’t have a five-star website to direct your sales towards. It is the place where you can tell a compelling story to each of your audiences. It is the first place a prospective client or employee will turn to learn more about your firm.
The final element is to develop a plan to promote and strengthen your new brand. It’s also important that you build the brand in a way that communicates your firm’s reputation and expertise, as well as its name. It must communicate your market positioning. Brand building is different for professional services. Some rebranding strategies fail because they try to shortcut the process. Others fail because they picked the wrong partners to work with. You should do next:
- Start with a sound rebranding strategy. Find an experienced partner.
- Give rebranding attention. It deserves and the rewards will follow. A well-positioned firm that clearly communicates its brand is a formidable competitor indeed.
- Create a final detailed launch calendar. Based on the communication plan for each target audience, you should include every step of the communication process for each audience and the exact communications being delivered.
Closing Line
In a world where trends are constantly changing, it can be hard to maintain a modern image. A rebranding strategy is an option that business owners often overlook, but keeping the look and feel of your brand fresh and current can be the key to keeping your company at the top of your industry. A rebrand is a declaration of your company’s commitment to upward growth. It gives you a chance to revamp and refresh the primary touchpoint between you and your customers.
If you find yourself in need of guidance through the process of rebranding your professional services firm, SEOmoft will gladly lend a hand. Our team can take the guesswork out of it for your business, develop an appropriate strategy and help your brand freshen up. Contact us to discuss ways a branding or rebranding strategy can work for your business.