Successfully rebranding a business can be a dangerous business, the risk being losing one brand and not quite launching the new.
Those who’ve done it say the process must be creative but controlled.
One company to have undergone rebanding is The Exchange Group, which last week relaunched as “Marketplacer”.
The company, which originally was a niche cycling marketplace, has raised approximately $10 million from private investors including David Paradice and Gerry Ryan and relaunched as a plug and play platform designed to simplify the process of creating online marketplaces.
Business Insider spoke to Managing Director Jason Wyatt about the challenges a business faces when rebranding and shared his advice for others who are considering going through this process.
Here’s what he said.
1. Separate yourself as a founder and focus on what’s best for the company.
Yes, this is your company and you were the one who came up with the idea. This doesn’t mean your personality and thoughts should be the heart and soul of the brand. Don’t let your ego get in the way of building your brand. At the end of the day the brand needs to be built on a range of factors and ultimately needs to resonate with the customer in order to be successful. 99.9% of the time, what’s good for you will be different to what’s good for the company. Draw the line of where you stand and where your company stands and step back to reflect on what will be best for brand growth and development.
2. Know your magnetic customer.
There are specific customers that can be considered as evangelists. They are the ones who are going to be your biggest fans so it’s important to understand their characteristics, traits and ultimately their needs. Ask yourself what is it about your brand that they connect with and like? Try and pinpoint your biggest referrers, champions and the ones who have been with you since day one. They are they ones that you need to understand in order to build your brand. You can then feed this market research into your branding strategy. Understanding that insight will enable you to develop your brand so it will attract more of these ‘magnetic’ customers who will evangelize your company and grow your customer base.
Dive deep into your customer base and identify the magnetic customers as they will act as organic advocates and talk about your brand to others.
3. Clearly define your brand values.
Defining values is crucial to rebranding, as this will separate you from your previous title. Are you honest? Trustworthy? Loyal? Take some time to really think these over; as once they are set it is crucial not to change these. Ever. Values can’t change over time as this will result in distrust with customers and make your brand seem amateur and unorganised.
Some of the core values we stand by at Marketplacer are:
By defining core values you will know how to act, both in good and bad times. You’ll know where to position yourself and know what to and how to act.
4. Consider your brand as a person.
By looking at your brand as a person your can outline the core structure of what you need to do. If you treat your brand as a person you can develop personality traits and emulate this to your customer. Who is your brand? How is your brand going to be viewed? A good way to do this is by thinking of your brand a person at a barbeque. If you had to introduce your brand to someone at the barbeque what would you say about it. Is it cheeky? Is it happy go lucky? Is it corporate and business savvy?
If Marketplacer were a person it would be best described as confident, positive and intuitive.
5. Really understand your brand from the inside out.
Ask these questions:
If your brand were a car what type would it be?
What food would it eat?
What kind of house does it live in?
What other brands does it associate itself with?
As you define these small aspects your brand will come to life and start to have a voice and be taken seriously within your market space.
A brand is not a logo. A brand needs an emotional connection to its customer and the only way you can achieve this is by clearly defining everything your brand is.
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