Rebranding 101: Is Your Firm Ready to Rebrand?
There are plenty of reasons not to rebrand. It can be time consuming and expensive. It requires a strong vision and lots of decision-making. It involves employee buy-in and proper education to ensure everyone lands on the same page. But despite all of that, rebranding can be the best move for your firm to stay ahead of the competition.
Why should your firm consider a rebrand?
Your motives to rebrand will be unique to your firm, but here are a few common reasons why rebranding can be a good, tactical move for driving growth and profitability.
- Undergoing a rebrand lets your firm reexamine its big picture goals. You’ll have a clearer picture of what’s working, what’s not working, and where you want to go. Knowing this will allow you to better determine how to get there.
- Fresh, new branding gives your firm an edge. You’ll be better prepared to keep up with the competition and stay ahead of market trends.
- Proper rebranding will increase your firm’s visibility and boost its reputation in the marketplace, leading to higher firm growth.
- Your marketplace is constantly changing. Without a rebranding strategy that adapts to these changes, your firm can fall behind the competition and be ill positioned to keep up with the needs of clients and prospects.
- Establishing a strong brand will help your firm attract more potential clients, talent and business partners.
- A powerful brand establishes stronger authority, which means your firm can command higher fees.
- Rebranding makes your firm more visible, which means prospects are more likely to find you and referrals come more easily.
- Networking will become an easier process, requiring less of your energy—meaning you can instead spend your time building your firm’s reputation.
- Rebranding gives you a clearly defined target client group, so you can market more efficiently.
- A stronger brand allows you to better explain not only what your firm does, but also what sets you apart.
How can you change your brand?
There’s the “why” and the “what” of rebranding. Now it’s time to talk about the “how.”
- First and foremost: do your research. Successful brands don’t make rash branding decisions without first understanding where opportunities lie. Think of all the current, past and potential people involved in the business of your brand. It’s not just about current clients and prospects—it’s also former clients and lost prospects. It’s not just about your competitors, but also the main influencers in your industry. Each of these personas can offer valuable insight into rebuilding your brand.
- Next, tackle the visual representation of your firm, but do so in a logical order. Changing visual elements of your brand can be exciting, but make these decisions methodically.
- Start from the top and move down. For instance, are you changing your firm’s name? If so, make that your first move. Next, tackle the logo, tagline, and web design.
- Your brand imagery should elicit the intended emotional reaction from both current and prospective clients. Think carefully about each of your choices and check them against the findings of your initial research.
- Visual representation is a key factor in repositioning your brand in the marketplace, which is why it should be among the first aspects you change.
To simplify the decisions made during your rebranding, establish guidelines for your brand identity that keep everyone on the same page. Imposing some limits can help to protect your investment and make sure your rebranding keeps your firm’s best interest in mind.
Rebranding doesn’t have to be such a daunting process. It gives you the opportunity to breathe new life back into your firm that improves your ability to compete. And now that you have been through Rebranding 101, you’re ready to start making some choices.
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