When a new property is acquired or an existing brand is underperforming or failing in the marketplace, it may be time to rebrand and start fresh — but where do you begin? There are some key factors to keep in mind when you begin brainstorming a new brand to help ensure its success for years to come.
Identify Who You Are
First and foremost, you need to identify your goals and values as a company and make sure you are presenting yourself accurately. Pinpoint what you are trying to accomplish and the culture you want your brand to establish in the market, and how a rebrand is going to achieve that. Are you keeping the end goal of your company in mind? Are your brand values embodied and evident in the proposed changes? It is important to stay true to yourself while making a change that will force people to take notice.
Know Your Audience
The biggest thing to keep in mind when rebranding anything — be that a property, a product, or a company as a whole — is your audience. Recently at Catalyst we conducted a rebrand on a property in Milwaukee, Wisconsin. The property was not resonating with the students due to its older architecture and negative sentiment in the market and it needed to be refreshed in an impactful way in order to gain a fresh start in the market. By interviewing students at the property as well as on campus we were able to identify unique characteristics that the local audience responded to.
For example, the residents wanted something with a modern look and feel, and price was generally not an obstacle for a particular demographic segment of the target market. Knowing the students’ attitude allowed Catalyst to propose the name “The Marq,” a name that would resonate with the portion of the target market for whom the higher rental rates would be amenable. Further, the new brand identity was representative of the look and feel students sought when searching for an apartment.
Acknowledge Longstanding Local History
Customers tend to react to things that are familiar and fall within a certain comfort zone, such as local landmarks or history. You don’t want to get caught up with any current trends that won’t work 10 or 15 years from now, but rather create a long-term, more timeless solution. With a student property, a perfect example of this is the target university.
For Marquette University, it made sense to draw on that local connection when naming The Marq. By changing the name to something familiar that had a direct correlation with the university, the property became more recognizable as a student-housing destination and relatable for students. Catalyst further built on that connection to the university by incorporating school colors into the design of new marketing materials and the logo. This sense of familiarity made the property easily identifiable and allowed students to associate it with the university more easily.
As you begin brainstorming your rebrand, make sure you keep these key points in mind. These considerations can help lead you to a reinvigoration of your brand that will resonate with the audience while creating a lasting brand presence in the marketplace and ultimately improving the brand’s bottom line.