The Benefits of Company Rebranding
Has your brand image become “root bound” and outgrown its original identity?
Just like a plant, your business can outgrow its original “container” or brand identity. It might have started off as a seedling of an idea, based on a single product line or a limited service area. The brand image might still be tethered to that product, industry or geographic location. You see it all the time with companies such as…
Burlington Coat Factory (Do they sell just coats? Are they located in Burlington? Are they a manufacturer?)- CompUSA (Do they sell other electronics besides computers?)
- Books-A-Million (As printed books decline will their brand name stay relevant?)
- Radio Shack (They’ve recently resorted to call themselves “The Shack”)
- Linens & Things (What exactly are the other things?)
These firms get stuck, root bound, and have a difficult time growing their business. They spend valuable time, energy and marketing dollars explaining what they really do, the services they also offer. It’s times like these where it’s important to stop, take inventory of just where a company is, where it’s heading, and how to best convey that new direction. For Minnesota Manufacturing & Mining, it meant rebranding themselves as 3M, a company known for innovation. Being tied to a state and a specific industry no longer made sense.
Is your company brand restricted by a geographic or industry reference? Is it outdated or outmoded in any way? Is it confusing or misleading to potential customers?
It could be time to “repot” your company brand and let it grow
In our branding work, we continually help clients reinvent themselves to better align with their current customer base. Case in point was a four store retailer in Florida called Wholesale Landscape Supply. The generic, descriptive nature of the name made it forgettable, with little brand recall. What’s worse, over time the client base had evolved to include an increasing amount of retail customers. In addition, the landscape
portion of the name kept some large commercial customers away, not wanting to buy in bulk from a “landscape company.” What we uncovered as the “pivot point” or common thread, was the desire to buy big piles of outdoor “stuff” in volume, regardless if the customer was wholesale, retail or otherwise. The end result of this rebranding exercise was a whole new name… Big Earth! The name speaks volumes to what they do without limiting them to one category. In other words, they now have room to grow and prosper. And grow they have, with first year sales up over 200% from the previous year. All this, in a “down economy.”
Taking the next step
If you are feeling restricted by your branding, it might be time to rebrand your company, product or service to rebuild your bottom line. To find out how, just pick up the phone, or flip the switch to get a no-obligation quote.
Want more food for thought? Read about additional reasons for company rebranding.
• The Benefits of Rebranding Your Company
• Seven Signs It’s Time to Rebrand a Company