When a company starts the decision-making process to rebrand, the questions they must ask themselves are paramount to their success. Rebranding can be a great idea, if your company has an assortment of quality products and services which consumers find valuable and relevant.
Before you rebrand think about the meaning of the old saying, “You can’t make a silk purse out of a sow’s ear.” You need to fix what may be causing your company’s declining sales, market share and profits before you dash into a rebranding campaign. You don’t want to waste time, effort and money to rebrand if you have not addressed the issues your previous brand faced.
Improving your company’s situation may be as easy as reshaping and reinvigorating the company’s product lines but it may also require changes in key management positions.
Rebranding can breathe new life into a company. Here are a few companies that successfully rebranded – after they addressed the marketing, management and the products line issues:
- J.Crew – Before any rebranding started at J.Crew, the new management team made sure the clothing line was revamped to include all the basics which had gotten lost in the product line shuffle. They made sure those basics all contained J.Crew’s notable luxury and style.
- Burberry – Once the Burberry line was considered frumpy and old fashioned. A new creative executive came on board and using just the right type of models, showed off a new revitalized Burberry product line.
- Harley Davidson – In the early 80’s, Harley Davidson almost went out of business because it was making and trying to market inferior products. New management took over and breathed new, innovative life into their product, adding quality and value.
In each case, the company addressed their marketing, product line and management issues and those steps enabled the rebranding process to succeed. For more rebranding successes check out our work.