5 Truths About Rebranding (What I Learned)
Kelley Parks is creator of gira{ph}, and former VP/Marketing & Business Development at Call FCU. These days, Kelley has teamed up with iDiz to help credit unions discover and amplify what is unique about their organization and create chemistry with consumers. Kelley is a regular contributor to SharediDiz and an Editor for CUWaterCooler.com. Here Kelley shares what she learned while rebranding Call FCU (see the companion article, “A Doodad Logo and an iDude Mascot.”)
1. Rebranding exposes your credit union on all levels.
It brings to the surface the deep dark secrets that are uncomfortable to talk about. Are you ready to open the closet door and free the skeletons? To rebrand effectively you have to be willing to talk about your weaknesses.
2. Rebranding is emotional.
If you want to butt heads and become unpopular with your management team and board members, rebrand your organization. When the going gets tough, you find out very quickly who is committed and driven to take your organization to a new level. Unfortunately, not everyone shares the same levels of passion and enthusiasm.
3. Rebranding takes an “outside in” approach.
You’re too close to your organization to really see what needs to be changed. Have noticed how big a forest is when you’re standing in it? You have to stand back at a distance to see really appreciate the whole thing. It really helps to hire experts who can help you stay out of the weeds and see the organization from 35,000 feet.
4. Rebranding isn’t about a consensus of opinion.
As soon as you start rebranding, everyone in your organization suddenly becomes an expert in things like logo design. You need to resist the temptation to please everyone. Whatever you do, don’t water down your brand. If everyone likes something, then there’s a good chance no one will absolutely love it.
5. Rebranding is initially shocking.
Change is hard for most people. It’s especially hard for those that have been with the organization a long time. People have always associated your organization with the old logo and colors. Seeing it in a new image takes time to digest. Those that have creative vision may see the potential immediately, but be patient with those that don’t. The challenge is to get people who were committed to your organization in the past excited about your future.
This article © 2012 by The Financial Brand and may not be reproduced.
Related Articles From The Financial Brand:
- A Doodad Logo and an iDude Mascot
- Three Warning Signs It May Be Time to Rebrand
- Video: What is a Brand?
- Big Banks Roll Out 14 Promises in ‘Customer Charter’
6. Rebranding is Expensive
In my experience, this is one factor that clients we’ve worked with often underestimate initially. The cost to update websites, business cards, letterhead, brochures, digital presentations, YouTube channels, Twitter, Facebook pages, videos (such as training or customer tutorials), online banking systems, e-statements and much more. Even a simple logo change can costs thousands or tens of thousands of dollars in digital and print production costs.
7. Rebranding Takes a Lot of Time.
It isn’t usually something that can be done in a matter of months. More often than not, there are substantial shifts that need to occur — internally, culturally, operationally, technologically — in order to bring the brand into alignment. This takes time, usually years. Changing the brand identity is the most expensive part, but typically easier than changing the myriad of internal factors that shape the experience you deliver.
Although it costs you money, takes your precious time, shocking or whatever; but It is very important. If you are unhappy with your Presence, you have to change it by re branding methods.
8. If branding is wrong, then everything else is wrong. You can’t promise consumers one thing with your brand and then deliver something else. As many experts will say, “branding is everthing.” While branding is certainly a “big picture” issue, details also matter. Details like how your bathrooms smell, what your tellers wear, how your operator answers the phone, etc. Thanks for sharing your insights.
Great work. I recently worked on a rebranding project at my bank and it was hugely intense. It still is. I wish I had read this article beforehand.