Just Another Friday at the Pond

Look who dropped by the pond!

It was great to see Jim Henry, former and forever froggy, today at the office. Jim was up for a rainy Nationals game and stopped by to check in on the team.

Glad to hear that you are enjoying retirement Jim!!!

Hop To It: Is It Time to Rebrand?

By Pam Long

Before we talk about rebranding, let's talk about what the word "brand" means. A brand is the essence or promise that a product, service or organization delivers to or is experienced by a buyer. Your brand confirms your credibility and connects your target audience emotionally. A strong brand will motivate and create loyal users. It is the sum total of their experiences and perceptions. Although your organization's name, logo and theme help to support the brand, they are not the only elements. Indeed, successful brands — such as Apple, McDonald's and Coca-Cola, to name a few — are represented by every aspect of their communications, from advertising to websites to press releases to promotions.

So what does "rebranding" mean? An organization goes through changes and evolves over time. As a result, sometimes the current brand does not align with whom and what the organization is, nor does the brand represent where the organization is heading. And sometimes an organization's relationship with its customers changes.

Another way to define rebranding is to think of your brand as the foundation of your organization. If your foundation has developed a few cracks, it may be time to lay a new one.

Keep in mind that rebranding is more than just enhancing your company logo. Rebranding means taking a hard look at your current positioning, messaging and values. Sometimes, for example, an organization's ownership and mission shift, and your values and priorities may shift as well. Sometimes, public tastes and attitudes change, and it's time to align your brand accordingly. In the late 1990s, for example, Target was viewed as just another low-price retailer, indistinguishable from Walmart or Kmart. Through exclusive deals with high profile designers and personalities such as Isaac Mizrahi, Giada DeLaurentiis, Michael Graves and others, Target positioned itself as "affordable chic" and began to stand out from its competitors. Today, Target is second only to Walmart in retail sales.

In determining whether to rebrand, you might consider an internal analysis of your brand by looking at its strengths, weaknesses, opportunities and threats (SWOT). It is also a good idea to determine if your brand has "equity." Brand equity is the existing value of how and what you do, plus your reputation with you customers, staff and other stakeholders. You can measure your brand equity by looking at the following attributes:

Brand Reputation — Exactly how is your organization perceived and viewed?

Brand Awareness — Is your target audience aware of your organization? Do your competitors get more attention than you do?

Brand Momentum — Is your brand stale or is it growing? Have you outgrown your current brand? Does your brand have a negative issue associated with it?

A key to a successful brand is to understand the needs of your target audience and prospects. Remember, if you do not create your brand, your customers will create it for you.

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Pam brings over 20 years of industry experience in marketing communications and branding. She is a successful manager of complex projects at every phase of marketing and specializes in developing and fostering strong client relationships in understanding their needs and business objectives to align with the appropriate marketing strategies and tactics.