If a business is losing market share or if it is falling behind in customer satisfaction or favorability surveys, then it is time for that company to rebrand. Done correctly, a rebrand can completely turn a company around. One compelling rebranding case study is the amazing turnaround story of Domino’s Pizza. The company had become known for low-quality pizza and service; however, after hiring a new ad agency and completely rebranding, Dominos began to gain market share. In fact, Domino’s stock has gained an astounding 5,000% since its rebranding in 2008. Companies that are looking to become the next great turnaround story should follow the four rebranding steps below.
Determining the Purpose of the Rebrand
Before a company begins to rebrand, the company must agree on why it needs to rebrand itself. Since all departments will be affected by the rebranding efforts, the heads of marketing, budgeting, product, research, and sales must all be on the same page. From here, the company can move on to the second crucial stage of the rebrand.
Once the company heads have agreed on rebranding, the company must do extensive research on all fronts. This includes getting feedback from the current employees and stockholders of the current brand, surveying customers about the current brand and observing competitor brands. From there, the company and the outside consultants can have a better idea of where the company is, in terms of its brand, so it can create a clearer path forward with the rebranding effort.
Being Sure to Rebrand on All Fronts
Once management has agreed on the rebranding message, this message must be communicated to every aspect of the company. That means that every employee, manager, customer, potential customer, stockholder, and third-party vendor must be aware about the new brand. From there, the rebranding should be deployed through advertising, marketing, social media, public relations, and internal communications. Consistency in key. You will, for instance, need to create new signage, and relying on a plastic vacuum mould manufacturer may be useful.
Staying Steady and Strong Once You’ve Rebranded
Once the company is rebranded, the branding message must stay consistent for at least several years. According to the widely accepted Rule of 7, a consumer will usually need to see an ad or a branding communication at least seven times before they remember it. Therefore, it is important to understand that rebranding is a multi-year project.
Rebranding can give the company the momentum it needs to recapture lost market share and entice new investors. This multi-year project should be embraced by every member of management, involve deep research, and be deployed through every piece of external company communication. With the right rebranding strategy, today’s struggling company can be tomorrow’s great turnaround story.
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her three-year-old husky, Snowball.