Many companies in Nigeria are in dire need of rebranding. It gets so embarrassing that you begin to wonder at what the management of these organizations are thinking and why they can’t seem to see that not rebranding is strangling their business.
From observation, the only companies we seem to notice rebranding at various times in their growth trajectory are companies in the financial services industries. These companies realize that they are in a highly competitive industry and need to be at the cutting edge of innovation and customer experience. Rebranding and ensuring their refreshed brand is in consonance with their aspirations is an exercise they embark on to remain relevant to their customers and maintain their positioning in the industry.
The question is, why are companies in other industries not following this good example? Companies need to understand that the market is constantly changing and is very fickle. The ability to remain top of mind with consumers is key to the sustainability of their business. Companies need to realize one immutable truth that rebranding is essential in today’s business world to remain relevant.
But how do you know if your company needs a rebrand? It’s a question all Chief Executives should ask themselves.
Sometimes the signs are obvious and many times they are not, if you’re wondering whether your brand needs a refresh, let’s take a look at Brian Lischer’s six signs. He says each is a good indicator that the time is right to rebrand.
• You’re embarrassed to give people your card. This is one the most common sign he says. He says, “if reaching for your business card makes you cringe, or if you feel the need to explain why your website is outdated when you share your URL, it’s a good sign you’re ready for a rebrand. You should be proud of your brand: When you’re not, it showsâ€. Take a moment to assess your business card, website and other marketing collateral. Do they inspire confidence in you as a brand ambassador, or do they make you cringe (even a little)?
• Your brand’s name no longer evokes its vision. What’s in a name? When it comes to branding, a lot. Sometimes what seemed like a great name 10 years ago is no longer aligned with what your brand is trying to accomplish. Other times a name takes on a whole new meaning due to cultural happenings outside of your control. More common still, a company expands (or flat-out moves) its geographical reach. Does it bring to mind the positioning and personality you’d like your brand to embody?
• Your brand doesn’t stand out from the crowd. Among the primary goals of branding is competitive differentiation. If your positioning doesn’t separate your brand from the competition, then your brand is failing you. Now, that doesn’t mean being different just for the sake of being different: Neon colors and brash messaging don’t help a corporate law firm compete for business. True differentiation is authentic and rooted in the promise only your brand can offer. You can get a better sense of your brand’s differentiation by performing a mini brand audit. Take a look at some of your brand’s collateral alongside that of your top competitors. Does it stand out or just get lost amongst the sameness? Where are there opportunities for differentiation? These might include color, messaging or imagery.
• Your brand has become too complicated. Many companies come off as inauthentic brands: In order to survive, they had created new service offerings, lowered prices, expanded into new markets, or had gone after less-than-ideal customers. Essentially, they tried to be everything to everyone. These tactics may have got them through the short-term, but when it comes to long-term branding, increased complexity means decreased effectiveness. Any opportunities to simplify, focus, or develop a unifying brand narrative will benefit your business for years to come.
• You’re undergoing (or have recently undergone) a merger or acquisition. Acquisitions lead to serious misalignments in culture and values. Too often, executives don’t fully think about the repercussions of M&A activity until it’s too late, resulting in diminished performance for both the parent brand and the acquired brand. If you’re undergoing (or have recently undergone) a merger or acquisition, take a big-picture look at the implications for your brand architecture. It can be helpful to sketch out a diagram of the various brands and sub-brands involved. Look for logical ways to configure your brand architecture so that each brand and sub-brand derives value from the others.
• You’re not attracting top talent. It’s simple: The best talent wants to work with the best brands. If you’re unable to recruit quality personnel for open positions, it might be because your brand seems mediocre to qualified candidates. If you suspect your brand is preventing you from attracting top talent, brand research can provide the answer. As part of your research, consider crafting questions for surveys that elicit how likely the subject would be to work at your company, and why. The answers to such inquiries might be surprising.
In conclusion, note that the first sign you need a rebrand is the fact that the thought of a rebrand even crosses your mind at all in the first place. Once that happens know that it is time to hit the drawing board to start the process of rebranding your business. You will be glad with the results if properly executed.
