Protect Your Brand's Equity
You may be thinking of rebranding your organization.
Your rebranding may come in the form of a new name or an entire new visual identity.
How do you know if it’s a good time to rebrand?
In this episode, we share two reasons why you shouldn’t rebrand and three reasons why you should.
One reason you shouldn’t rebrand is when you have valuable, positive brand equity. Your followers care about and identify themselves with your name, values, and mission. You have made a strong emotional connection with them. This comes from their experiences when they interact with your brand and the level of trust they feel when they think about you or use your services.
Your brand equity is built overtime – it’s based on people’s perceptions of your reputation.
It can feel intangible but it is a strong force that plays into a person’s decision to start or continue their relationship with you.
A rebrand can cause confusion. So be careful.
One rebrand that comes to mind involved a local adventure race that wanted to expand their reach by going national with their events. Their name was based on the city’s name, so it appeared to make sense to make changes.
They had a huge following year after year (6500+ participants at their peak).
But, when they rebranded their name, they lost over 75% of the local support because the runners thought it was an entirely new adventure race and simply didn’t sign up.
The confusion cost them.
They lost a significant chunk of their brand equity even after going back to the original name years later. The organizers never recovered and eventually had to quit the race altogether.
It can seem appealing to make a brand change and after you watch this episode you may realize that the time is right for you.
Need help in this process? We can help you make that decision or work with you to avoid confusion in your rebrand process.
