Vann & Associates | PR + Marketing VannPR.com Re-Branding: The Process and Hidden Cost of a Facelift Re-branding is more than just logos and letterhead. The outcome can literally define an organization for decades. Presented by: Lauren Daughety Vice President Vann & Associates | PR + Marketing VannPR.com What is a Brand? The name given to a product or service from a specific source. A trademark or identifying mark. A brand is a name, term, sign, symbol or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competitor. Vann & Associates | PR + Marketing VannPR.com A Brand is Much More Than a Logo A specific perception in customers minds concerning the qualities and attributes of a non-generic product or service. What your customer thinks of when he or she hears your brand name- both factual and emotional. What they think, hear, smell, taste and sense from others around them. Your brand exists in your customers mind. Your brand is a bond with that customer. A brand is the essence of ones own unique story. Your brand is a promise. Mission + Story + People + Culture + Style + perception + Words + PR + Messages + Opinions + Visuals + Media +Objectives + Soul + Personality + Experience + Customer Service + History = A BRAND Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #1 GOAL: To change the perception of the product to appeal more directly to the target audience, moving away from the end user to the decision maker (from the child to the parent). Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #1 Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #2 GOAL: Create a brand to reflect the close-knit community of Midwest City as a destination, rather than an extension of Oklahoma City. Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #2 Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #3 GOAL: To create a brand identity that accurately portrayed the organization as a current, professional and female-centric entity. Vann & Associates | PR + Marketing VannPR.com Re-Branding Example #3 Vann & Associates | PR + Marketing VannPR.com To brand or Not to Brand? Your brand is sending the wrong message. Youve outgrown your own brand. Your audience does not understand your product. Tarnished reputation. Your brand is dated, boring or does not stand out from the competition. Your brand does not reflect your mission, vision or identity. You are re-launching. You are not attracting your ideal customer or target audience. Your brand has evolved. Your brand is too close to a different company or trademark. Stimulate growth. Reasons to Re-Brand Vann & Associates | PR + Marketing VannPR.com To brand or Not to Brand? You are attracting your target audience. You have strong brand recognition. Your brand stands out. Your brand exudes the essence of your mission and vision. Decision makers are simply tired of the current brand. New management. When nothing is changing- branding is more than design. You cannot afford re-branding. Reasons Not to Re-Brand Vann & Associates | PR + Marketing VannPR.com Sample Re-Brand costs 1 to 250 million in revenue: $15,000-75,000 Medium-Sized Business Canadian Museum of Civilization The countrys largest museum spent $25 million on re-branding in This included a renovation of about half of its permanent and temporary gallery, about 50,000-square-feet and included a budget of $3 million for artifact/exhibit movement. The Ringling After an 18-month study involving surveys of patrons, staff, board members and the community, The John and Mable Ringling Museum of Art re-branded for a cost of $100,000 in 2013. Vann & Associates | PR + Marketing VannPR.com Hidden Costs of a Re-Brand Research Trademark & trademark research New logo mark & brand standards (design) Collateral & business identity Marketing materials Website, new domain name & social media branding Signage & permanent displays Staff & volunteer clothing Internal documents Training Vann & Associates | PR + Marketing VannPR.com Potential outcomes Grow into new markets and expand customer base Reach a more specific target audience and improve your offerings and messaging to better relate Increased sales/revenue Competitive differentiation Better brand recognition Potential for a new reputation Reduction of wasted budget dollars due to meaningless marketing It could flop or create public upset Vann & Associates | PR + Marketing VannPR.com Key Points to Remember Consistency + Frequency + Anchoring Your brand exists in your customers mind. Your brand is a bond with that customer. A successful rebranding involves overhauling goals, message, and culture -- not just changing a name or a logo. 1 No matter if you choose to re-brand or are working to strengthen your current brand, remember: Research is key. Protect your brand. Dont mix old and new, dont take shortcuts and dont allow others to tarnish your logo mark. Vann & Associates | PR + Marketing VannPR.com Lauren Daughety, Vice President Vann & Associates | PR + Marketing