Rebranding is an incredible challenge for any company, and the uniqueness of the task guarantees there will always be new things to learn. You might say that some of the lessons are well-known, but how they apply — and how they impact you — can offer refreshing insight.
As a company president who is currently leading an organization through a rebrand, I’m hoping to pass on a few tips for how entrepreneurs, business leaders and managers can navigate similar waters without fear of capsizing.
The company, which was founded with the name Allied Trade Group, started as several websites that all rolled in to the same business, originally branded as ATGStores.com. But, as the home furnishings industry changed, it became clear to us that “ATG” would have to change, too. Here are 10 things we learned in becoming The Mine — now a premier online destination for unique fine furnishings and décor.
1. Changing your company name isn’t going to solve all your problems.
When we first started to talk about rebranding the company, we knew our name wasn’t our only issue, but it was part of the puzzle. We knew the ATG acronym was confusing and hard for customers to remember; however, a new name wasn’t going to be a magic Band-Aid that resulted in instant organic traffic and a sticky brand.
Before you rebrand your company, you need to reevaluate your overall strategy and offering.
We used data and customer insights to accomplish several things: We redefined our target audience, established a new strategy for our products and services, and created a plan to overhaul the look and feel of the website. It took us two years to take our offering from 4 million to 1 million items, and refine the selection with a focus on high-quality, design-forward brands.
We also added and improved services to support those brands. We now offer one-on-one service through our personal concierge team, professional installation and assembly services, more robust pro services and access to design partners who provide original content and design inspiration. Once we had that in place, we felt confident we were ready to reintroduce ourselves as The Mine.
2. Finding the perfect name requires a process of exploration and elimination.
It’s best to know what names aren’t available for sale or aren’t within your budget before you start planning. Brainstorming is great, but it’s also good to focus that effort in ways that will result in a usable concept.
I think people probably imagine a very creative process, and it is, but it’s also very methodical. Or, it probably should be to make sure you’ve uncovered and considered every available option.
3. Don’t put too many cooks in the kitchen.
Choosing a new name isn’t easy. It’s important to have a team involved in the selection process, but you have to be strategic about it. Having both internal and external players helps gain perspective, but less is often…
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