Ask a CPA: I’m considering changing the name of my practice, where should I start?
Tips to consider for a successful rebrand
Our financial planners are used to getting a slew of financial questions. Topics around liquidity, funding limits, big purchases, documents your adult children need and more—with the strong relationship we have with our clients, nothing is really off limits.
On occasion they will get a question that they feel is outside their realm of expertise, which brings the opportunity to consult one of our many partners. Practice valuation specialists, liability lawyers, dental practice consultants and more, if it’s in the dental field, it’s likely we have a thick rolodex of contacts that are experts in their niche.
Luckily when the topic of rebranding a practice came up, we didn’t have to go too far and were able to consult our own CWA Marketing Department.
Here are the tips they had to share:
A rebrand is a huge undertaking but can be incredibly rewarding in the end. The obvious upfront cost is working with a graphic designer or creative agency to create a new logo and name that gives you the look and feel you want. Hiring a consultant to help you fully realize the new corporate identity and public image you desire could also go a long way.
The hard part of this process is finding everything that has the current logo on it and updating it with the new logo and name. Brands like Olive Garden did a rebrand where they didn’t update all places of the old logo, and it was (and still is) considered a failure. The result of this is brand confusion which essentially devalues the new brand and makes the business look unprofessional. It’s important to be all-in on a rebrand, which requires replacing all things with the old logo and name on it.
When you rebrand, it also gives the business an opportunity to make other changes that enhance the experience for customers in the business. It’s common to see brands put the effort into rebranding when they are making pivotal changes in the business to enhance the experience, and thus, try to attract old customers they may have lost for whatever reason. An example of this is Weight Watchers, which recently rebranded to WW and changed its age-old business model. For a business like a dental practice, a change that enhances the experience could be a revitalized waiting room, new and improved processes, like different service offerings that are more hi-tech.
Tips to consider for a successful rebrand:
• Establish the purpose of the rebrand
• Have a new brand vision
• Plan from every angle
• Make your rebrand known
• Stay consistent
• Experiment and be creative
• Notify your constituents
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