Top 5 Reasons to Refresh Your Franchise Brand
Rebranding is not a process any company should undertake without clear strategic reasons to do so. For a franchise network, this is especially true. Rebranding is costly and daunting to implement system-wide, and you absolutely must get it right the first time. But if you do rebrand at the right time, for the right reasons, the benefits can be game-changing. Here are a few worthwhile reasons to consider repositioning your brand. Note that it’s not always a shift in logo or look – it can be other aspects of the customer experience that refine your brand:
Target audience needs/expectations change – Think McDonald’s big, new store redesign that has some franchisees kicking and screaming… BUT early results are showing a promising return on owners’ investment.
Competitive landscape shifts – Domino’s recent quest is a good example. They had lost their way for a time, but have fought back hard with what some think may be too many branding shifts in recent years: fresh crust, artisanal pizzas, new “pizza theater” store designs, and now a refined logo.
Broaden product or service offerings – When we helped JumpBunch® add a new profit center, research made it clear we needed a “cooler” logo and look that older children would embrace, and “JB Sports” was born.
Attract new, different target audiences – It makes sense that a fresh look (and sometimes changes to the customer experience) are often needed to attract a different demo or psychographic. The big challenge, of course, is to not alienate your loyal base.
Flat or falling market-share – Consider Radio Shack’s “The Shack” not-so-successful rebrand attempt a few years back. Their big marketing and PR splash attempted to shake off their image as your Dad’s electronics store and grab more of the wireless / smartphone market.
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