Essential Strategies for Succession Planning: So What About Branding?

As you continue your succession planning, one inevitable question will arise: What about my branding? Should the new company keep our existing logo,
tagline, and colors, or is it time for a fresh start? What is the best way to conduct these changes? There are no universal answers to these questions, but the nature of your business and your preexisting strategy can help inform your decision and help your company move forward throughout the acquisition process.

How Effective Is Your Existing Brand?

This is an excellent place to start your exploration, and you need to be completely honest and objective as you look at your company’s success. Take a look at the current business landscape and evaluate whether your branding sets you apart from the competition. Are you developing brand recognition and building a following in your community? Is your name unique enough that people will pick it out from the crowd? How does your logo, tagline, and company colors compare to others in the industry? If your existing brand is truly an asset to your team, it may be best to keep it throughout the transition. If you find ways to improve, you can seamlessly update your brand throughout the succession planning process.

Meet with An Expert

Given how essential branding is to your overall success, this is the perfect time to bring in experts on branding and design. Getting sound advice can prevent major stumbling blocks and ensure that you’re putting the best foot forward with your overhauled look, so connect with industry leaders now and set yourself up to win.

Need a Fresh Start?

A business transition is the perfect time to reframe yourselves in the business landscape, so embrace the refresh if it’s time to move forward. Sit down with your team, including any new partners or investors, and determine what aspects of your branding need a makeover. The key things to discuss in your meeting are your target market, your area of expertise, how to communicate your brand and how you want your brand to be perceived. By taking a bird’s eye view of your branding, you can craft a new look that establishes trust and authority.

The Sooner, The Better

If you decide to update your look, start immediately. Your first step should be to email your current clients and inform them of the coming changes to your name and look. Be sure to drive home your commitment to their needs.  Ask your ideal clients for their honest opinion about your new brand. Get input to ensure you’re putting the best foot forward across the board. After sending the initial email, you can slowly start making changes to your website, but be sure to include language such as “formerly known as” to smooth the transition. You may also want to place your new logo side-by-side with the old one for a month or two, in case older users are confused when navigating to your site.

Your brand is invaluable to the success of your business, and it should be an essential part of your succession planning. Take the time to meet with your team and decide whether it’s time for a refresh, integrating this change throughout your transition. As always, if you have questions about your branded system, please reach out to me!

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