Rebranding Your Business. Here’s Why:
Whether you’re running a national restaurant chain, a design agency, or a Fortune 500 company, rebranding your business is a necessity. Why? Because your brand needs to be reflective of your business and your strategic direction. This means that as your business evolves, your brand identity needs to change as well. If your brand remains stagnant, chances are your business is also stagnating.
At TVI, we recently rebranded our entire agency. We altered our image, our messaging, our logo, our website, and even our mission statement to be more reflective of what we do. The change was difficult, but necessary.
How did we know we needed to rebrand?
1. Our business capabilities had changed.
One of the hardest parts about rebranding is letting go of the identity you’ve already built. It’s not easy to shift how you think about what you’re doing (versus what you set out to do) but it’s only when you open yourself up to facing the truth that you can move forward. Sometimes, what starts out as a perfect brand image becomes considerably less perfect as you grow and that has to be acknowledged.
TVI started as a creative agency focused on design, but our capabilities had altered and expanded dramatically. We didn’t just design any more – we designed, we developed, we strategized; we even consulted on brand image and social media. Our existing brand didn’t convey any of that. To move forward, we had to alter how we presented ourselves to the world.
2. The image we projected didn’t match our work.
One of the best ways to evaluate your brand image is to get a sense of what other people think about it. What do your customers, employees, competitors, and prospects think of your business? What do they like? What do they dislike?
TVI found that customers liked our openness and attention to detail. They found our consulting and development work to be extremely valuable, our social media strategies to be highly useful, and they described our design and development deliverables as “cool” and “sexy”. Unfortunately, they also found our positioning to be confusing and our website to be stodgy.
3. Our target markets had expanded.
Every company has a target market and a target customer. It’s important to do the relevant market research to discover who the right targets are for you.
TVI began with the intent of serving the restaurant and hospitality industry and we got so good at creating great restaurant websites that we won awards for our work. At the same time however, we’d begun to serve clients in markets as diverse as investment banking and space exploration. In short, we operated in multiple markets but only marketed ourselves to restaurants.
So we had to rebrand and adjust our brand marketing.
How did we go about it?
Well, first, we had to answer the question “Who?”.