A Self-Help Guide to Rebranding - PART 2

In this article, aiming to give you a Checklist Before The Rebranding process, we will share more about the financial implications of rebranding and possible returns, as well as a few last tips and tricks.

For those who would have missed it, in the first part of this article, we have covered:

• Definitions: What is rebranding? There might be more options than you think…
• How to decide to go/not for the rebranding
• If deciding to go, how to make sure you keep your rebranding goals in check
• How much do you need to change (brand wise)?

How much do you need, to change ($)?

Long story short: Will rebranding cost you something? You bet! Does it need to be expensive?
Not necessarily.
A few tips on how to make the most of it:

• Having a clear idea of what you are looking to change and keep will help setting the sandbox for the team’s creativity, within measure.
• Be pragmatic; set the budget you can afford to spend, and if needed, how you may spread it in time. Rebranding are usually phased processes, and therefore, can work alongside your cash flow.
• There could be opportunities to kill two birds with one stone along the way, and maximize your return on investment:- For instance, if the rebranding process includes getting some more consumer feedback, can it also inform other departments like service and product development?- Or, if you are to build new branding tools, it is also an opportunity to systematize the process for new packaging creation, social media posting, etc. which typically take lots of time and human resources to operate.- Which ones of your team will you involve in the process? This might be an opportunity to train/engage them further in the business. And to create brand ambassadors that will in turn help you align everyone.- Adding onto this that taking this opportunity to consolidate your Why (or brand purpose) would considerably decrease the amount of decisions you, as a brand owner, need to make on daily basis.
• Finally, a number of investors will value the brand as an asset especially in F&B and consumer brands. Having the brand done right can multiply the sums invested, or your Earnout by quite a few times. A number of the people we worked with were overjoyed to have taken this calculated risk afterwards.

Going live: When?

Timing is everything. When pushing your rebanding out to the world, pick your timing wisely. You probably don’t want to be seen as just rebranding to be talked about – though it might work, it might not get you the type of press you were looking for. Letting it go quietly, depending on the extent of the rebranding, might confuse (or worse, alienate) some of your consumers, leaving them perplexed at best, disengaged at worst.

There are, on the other side, a few opportunities you don’t want to miss on: New Product Launch, Product/Service Considerable Enhancement Communication, Anniversary, Team Building or Celebration, etc. That’s one campaign concept all done already!

Your Checklist Before The Rebranding Leap

A few final tips:

• Make sure all the key stakeholders are onboard with the process and aligned on the objectives. Having that buy in early on will considerably fasten the overall process.
• Communicate your objectives to all the partners supporting you in the process, it will make it that much easier for them to deliver solutions in alignment with what you need for the business which will again get you faster to where you want to be, and avoid you many detours.
• Be realistic yet creative around your resources. Allocate a budget, and which team members will champion the project.
• Assess the value of what you are receiving, as formal deliverable and additional value in the process to reach it. What effect will the process have on the team involved? Will it be useful to them in the long run in terms of growth, training, buy in, adjustment to your vision?
• Make sure the deliverables are tools that your team can use, and your champions can teach other members how to use.
• Think of how consumers will become aware of the rebrand, and make sure there is a positive outlook for them in things changing, too.