Sometimes a rebrand is simply necessary. It can help your retail company align better with the expectations of your customer base, and it may even help you establish yourself in a new market, which can generate greater sales and profits.
However, such a drastic transformation is never free of risks. Because of this, it is critical to have a thorough understanding of the possible pitfalls you’ll meet along the journey and take the necessary precautions to avoid them. In this quick-start guide, we’ll look at a few common mistakes and at the simple strategies you can implement to prevent them. Let’s get started.
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Failing to Clearly Define Objectives and Goals
One major pitfall in rebranding is not having clear objectives. Without a focused aim, you may just end up pouring endless resources and energy into rebranding efforts that simply go nowhere. So, yes, you may have a different-looking brand, but has the process served the purpose? Possibly not.
Fortunately, to avoid this, all you need is to set specific, measurable, achievable, relevant, and time-bound (SMART) objectives. These can guide your decision-making process and ensure that your efforts are aligned with your goals.
Start by asking vital questions like, “What do we want to achieve with this rebrand?” You might target expanding your market reach or modernizing the brand image—in any case, having a well-defined purpose guides every decision and action taken.
Ignoring Market Research and Consumer Insights
Another frequent mistake is overlooking what the market research concluded about your branding options, or just ignoring insights and feedback from your consumers.
This may result in branding choices that don’t resonate with target audiences. In turn, this can lead to decreased sales and consumer trust. Your clients may just think that you simply don’t understand their needs and wants!
Be careful though. Companies sometimes skip this crucial step, assuming they understand their market. While you may certainly have knowledge in your niche, the retail industry is changing at an unprecedented rate. So, don’t make assumptions and conduct detailed market research. Use surveys, focus groups, and competitive analysis to gather relevant data and use it to guide your rebranding process.
Underestimating the Importance of Internal Buy-in
Internal buy-in can make or break a rebrand! Employees are your company’s most powerful asset and, if they are not engaged, they will lack enthusiasm or fail to represent the brand.
Plus, you may even find yourself having to deal with higher turnover rates and employees leaving en mass in a moment when your company is at its most vulnerable!
Fortunately, you can easily prevent this with just a few strategies:
- Cultivate a sense of ownership among your team.
- Involve employees early in the process by asking for their ideas and feedback.
- Hold workshops and seminars to explain the new brand’s vision and importance.
Overlooking The Importance of Consistency in Brand Elements
When rebranding your company, you’ll need to choose new brand elements. Now, these will definitely play a role in keeping your business recognizable among new and existing customers. However, it can be challenging to manage both new and old branding elements.
For example, you may have new signs, logos, and brand colors, but how do you use them in your marketing efforts? How do you transition your social media feeds from a certain aesthetic to another? Will new merchandise have new or old elements?
Keep in mind that this is a crucial aspect. In fact, inconsistency in applying new brand elements can confuse both employees and customers. Companies often focus on singular elements—like a new logo—while overlooking other aspects, such as typography and color schemes. To avoid this, create detailed brand guidelines that cover all visual and verbal components. If you are unsure on how to get started, consider signing up for specialized Retailer Signage Programs. These will guide you through every step of upgrading your company’s signage and branding across multiple touchpoints.
Not Monitoring and Evaluating the Rebranding Impact
Last but not least, be sure to evaluate the impact of your rebranding process. To do so, you’ll have to evaluate and manage different aspects including:
- Customer feedback
- KPIs, including Customer lifetime value (CLV), website traffic, and social media engagement.
- Sales increase and bottom line girth
- Results from analytics tools, which monitor progress across different touchpoints, including your website and social media.
- Data on customer engagement, sales metrics, and brand perception.
Monitoring these aspects can help you ensure your rebranding is not only successful but continuously evolving to meet goals. This is essential to refine the ROI of your investment, adjust your rebranding process for better results, and make sure that your new brand is ready to stand the test of time!