I was talking to our CEO, Josh Weiss last week about what it means to rebrand a business and how to best go about doing so. Josh’s advice inspired me to draft up a submission for CEOBlogNation and it was published!
Here it is:
Rebranding your business is entirely about will-power. Rebranding is about the decision to make an actual change by acknowledging and accepting what one has been doing and what has not been working. The rebranding effort involves actively making the necessary changes required to alter your course. Most problems that companies face today stem from an inability to adapt to changing times. Companies that were once successful now find themselves pushed out by the “new company on the block” and it’s usually younger. When a company decides to rebrand today, to become more appealing to the contemporary consumer, it does so by engaging social media sites for marketing and catering to a more tech-savvy audience. A company may also rebrand by openly acknowledging faults and illustrating it’s plan to change. One of the most graceful examples of this kind of rebranding was executed by Domino’s Pizza in 2010, championed by the slogan “Oh yes we did.” Domino’s openly admitted that their pizza had previously been sub-par and promised to do something about it by consulting with professional chefs in order to improve its product. In the words of John C. Maxwell, “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.”