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How to Rebrand Your Business Last week, AIG CEO Edward Liddy told Capitol Hill, "I think the AIG name is so thoroughly wounded and disgraced that we're probably going to have to change it." Rep. Paul Hodes (D-N.H.) added that AIG now stands for "arrogance, incompetence and greed."There's an important branding lesson to be learned here--namely, if you've screwed up royally, changing your name and rebranding your business is a good idea. Just make sure you can back up your new name with a better business strategy. In the current crisis, business owners are changing the way they run their businesses. But many after revamping their strategy, forget to translate that into their marketing materials. "That'll raise questions about the company," says Robert Cline, owner of graphic design and branding studio CLINE&CO. Mixed messages can confuse your customers and even cheapen your brand. That's why it's important to create a strategy, and then stick to that strategy in your branding efforts. While branding looks simple enough--some clip art here, a splash of color there--the root of successful branding is actually more complex. The internet, for one, has complicated things. Instead of a one-way conversation, "a business's promotional efforts are now a dialogue between business and customer," Cline says. That means your brand is constantly changing. Websites like Yelp mean your brand changes with every review, which can be beneficial, or it can be extremely damaging. "These days, you post anything on the internet. Customers that have had a bad or good experience are gonna let the world know about it." Since word-of-mouth may backfire, the best way to keep your brand polished is to have integrity in your business practices. Cline says that will prevail over any of the gripe you get on the internet, or otherwise. "If you run your business with integrity, it's going to show." Remember, the flashiest logo and all the marketing materials in the world can't save a business that doesn't have fundamentally strong values. And for AIG, which is now AIU, a quick-fix, one-letter change doesn't omit the bonus scandal or where the $170 billion bailout money goes--but at least it's a step in the right direction. --Jessica Chen
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It's a tough call: fish with the name that got you there and hope you can regain your mojo, or cut bait and start over. There are good examples for both, but the key is fixing the fundamental problems (or people) who got you in the mess in the first place.
Garrick Infanger
www.fullrabbit.com
I don't agree Jessica that changing the order of their initials is "at least a step in the right direction." Sounds like more deceit to me. Their arrogance shines through once again. A little humility wouldn't hurt them.
Your Branding is like any person's personality, your image usually correspond with your personality, a product, service or persona should have an identity that will separate them from the rest and please if you try to do it yourself, unless you are a Graphic Designer you are dead right from the start.
Rudy
rudy@rudyhurtado.com
www.rudyhurtado.com
The key to branding, period, is how will potential customers "see" an organization without literally seeing them? In other words, how do they feel about that company; and what emotional impact does the company have on customers and potential customers?
Values, I agree, are a driving force to make rebranding a success. It may take time however, it is possible. After all, remember:
-Cracker Barrel
-Tylenol
If companies are sincere with their "new" brand, then those responsible must be willing to reinvent themselves, embrace their values and take advantage of the opportunity to re-emerge successfully.
Herm Allen
herm@hermalencoaching.net
http://hermallencoaching.net
This was really an useful article on the importance of brand names. Thanks for sharing this.
Jason Price
jprice@walkersresearch.com
http://www.walkersresearch.com/emaillists.asp
Jessica,
I think you hit the nail on the head in saying that a company must first have strong values followed by a solid business strategy. Without having these firmly established, it really won't make much difference what type of branding is done.
Rebranding because of negative experiences is a tough one. If the company is "under new management" it seems to be a much easier task than current management having an epiphany.
Extending or changing a brand to reflect a new strategic direction is difficult but at least builds upon existing good will.
In addition to AIG, Accenture was birthed successfully from a rebranding effort to separate the consulting practice from the troubled accounting arm of Arthur Anderson. This was well done.
Cecilia Edwards
www.CeciliaEdwards.com
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Yani
Changing the brand name will surely help the company to go in better situation provided a better strategy must be adapted to create a new brand name.
I think re-branding is a very tough phenomenon. There is basically no way to subtly rebrand. Your customers and clients will know.
Unfortunately I think the "stench" will follow. Additionally, chances are that a total rebrand will be very expensive. So if you have to rebrand for some reason (that has most likely caused you to lose financially in the first place) then practically speaking -- have you got any money left?
I think most likely not. Just a thought.
David
Chief Blogger @
http://thrillofenterprise.blogspot.com