If you’ve been to a Dunkin Donuts store recently, you’ve probably noticed a few changes: they are now calling themselves just ‘Dunkin’. The store is upgraded and has a new, sharper feel – it is familiar but somehow newer and more exciting. So why did the company make a $100 million investment into rebranding and upgrading their stores? More importantly, do you think your brand needs such an upgrade? How do you know if it does and how do you go about doing this? Will it be worth the expense? Find out here!
Rebranding and brand revitalization.
There are times when a brand is invisibilized by the passage of time, new brands in the market, and so on. Your brand may start to seem a little dated and your people may start to take it for granted in a sense. They see it but they don’t really see it. You run the risk of becoming irrelevant and ceding ground (customers) to newer, trendier, snazzier kids on the block. That is why you need to make your brand relevant again. You need to call attention to your brand and make your ideal individuals focus on it again. You need to make it important and beloved to them.
Firstly, consider whether you need to rebrand completely or whether your brand needs a refurbishment. Sometimes it is a matter of do or die – there could be market forces, changing attitudes to, say, the environment or health that could make rebranding necessary. In many cases, a brand becomes politically incorrect with changing attitudes and sensibilities, and not rebranding could be disastrous. In a recent episode, I explain how big brands such as British Petroleum, Weight Watchers, or the Indian Tobacco Company had to rebrand – almost reinvent their identity – to survive and remain relevant to their audience.
Do you need to refresh your brand?
Maybe your brand doesn’t need a complete rebrand, which is basically going back to the drawing board and changing everything. Maybe what it needs is a makeover to call attention to it, for new interest and visibility. To carry forward the makeover metaphor, this would be rather like an upgraded new wardrobe or a chic new hairstyle. If some other brand was supplanting yours in the mind space of your customer, this exercise helps you once again place your brand front and center for your ideal audience.
So, do you feel that your brand could do with an upgrade right now? Ask yourself whether your brand is fulfilling the current needs and aspirations of your customers. Is your brand looking current or dated? Is your brand consistent in terms of the personality you want it to convey – casual or formal, budget or upmarket, exclusive or accessible? Is it sending out the message and effectively communicating what you want it to? What is the competition doing that your brand is not? Very importantly, will the whole exercise justify what it will cost? Remember, rebranding or even a brand refurbishment isn’t just about a new logo, tagline or layout, or brand messaging and PR. It is all this and more. Check out this episode of Inspiration to Millions to know whether you need a brand refresh and how you can do this to revitalize your business.