The word “rebrand” can sound scary and daunting, but sometimes it’s in your brand’s best interest to go through a rebrand. Sometimes it’s due to a merger or acquisition of another company, or it could be because of a shift in your approach to business. Other brands try to rebrand to shed some excessive baggage or negative press. Other times, it’s just to refresh the brand and give it a more modern look for the market.
CVS and their rebrand with a renewed commitment to healthcare is an example of a good rebrand. They were looking to position themselves as a more health-focused store after their initiative to help consumers quit smoking. On September 3, 2014, they announced their name change from CVS Caremark to CVS Health, though store signage will stay say CVS/pharmacy.
Their Start to Stop initiative, removing cigarettes from their stores and offering other options for their customers to cease smoking, rolled out in February and was a huge move for the company. Their CEO, Larry Merlo, stated that tobacco accounts for $2 billion of the company’s annual revenue.
CVS Health’s rebrand can be considered successful, their stock shares went up and the general public was very receptive.
So, how can your brand rebrand like CVS? Here’s X tips for your rebrand.
rebranding tip #1: give your brand a backstory
You’ll want to make sure your product resonates with your audience. Budweiser rebranded and decided to reflect the soul of their heritage. They’re linked to the idea of the “American Dream” so their rebranding as brewing the hard way, pulling themselves up by the bootstraps. To help find your brand story, you can ask yourself a few questions:
- what’s your company’s reason for being?
- what’s your history?
- what’s your corporate mission?
rebranding tip #2: do your research
Revamping your brand is costly, so you want to do it only once. The SciFi Channel, now known as the SyFy Channel, rebranded themselves in 2009. This move was met with outrage from viewers around the world, alienating many viewers. SyFy also happens to be a slang term for a particular STD– did no one think to just do a quick Google search before rebranding everything?
Start by getting feedback from employees and stakeholders, they’re the ones that know your brand best (or should); they live and breathe your brand every day. Ask for their current thoughts and present them with the new potential options. You can also ask your customers what their thoughts are by creating email surveys and making phone calls, even providing a small incentive for their time.
rebranding tip #3: plan, plan, plan
Take inventory and see exactly what assets will need to be changed and when. Company logo, marketing collateral, email signatures , promotional items both in-house and external, advertising, website design, new SEO keywords and more. The amount and kind of assets changes from brand to brand.
Next, plan your launch. An internal launch first is helpful, it allows employees to be educated, trained and become advocates for your rebrand, as well as helping and confused current or potential customers through their confusion. All company communications will need to have your rebrand efforts in them, including social media.
Be consistent with your rebranding. Too many rebrands in a short period of time can cause confusion. With so much at stake– reputation, money and more– there’s no room for mistakes when it comes to rebranding.
we can help you navigate your rebranding efforts.
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