Welcome back to another episode of the Franchise My Business podcast, hosted by Kevin Oldham, where we dive into the world of franchising and business strategies. In today’s episode, we will explore the fascinating topic of franchise rebranding.
Have you ever wondered why successful brands like Subway or Pizza Hut undergo a makeover of their logo and image?
Well, it’s not just about aesthetics. A brand is more than just its symbolic representation, it’s the promise it makes to consumers, and the mental anchor it holds in their minds. Join Kevin as he shares firsthand experiences of rebranding over 600 franchise locations and the complexities involved. From the psychological impact on franchisees to the costs incurred, rebranding is a decision that requires strategic thinking and careful consideration. So, if you’re curious about the importance and challenges of franchise rebranding, this episode is for you. Let’s dive into the world of franchising and explore the fascinating topic of franchise rebranding!
HIGHLIGHTS:
The Significance of Data-Driven Decisions in Franchise Rebranding Endeavors – Kevin Oldham
“If you’re thinking about rebranding, engage your franchisees. Don’t do it in a vacuum. If you have a franchise advisory council, really good to bring them in. Absolutely, they’re the people that need to be weighing in on this. And then if you happen to be the chief marketing officer, make sure that you are prepared to take a few arrows. You’re prepared to stand your ground and also look at the higher good and the real reason as to why you’re doing it. Sometimes it helps to back it up with research, particularly if you have a tagline and you wanna see if that’s resonating with people and things like that. Research projects can help that as well in showing it. But backing up by data can help you get buy-in from your franchisees. And the buy and the support are ultimately paramount. I know some franchises that have flat out changed names, and that’s a big deal.”
The Strategic Shift: How Rebranding Empowers Franchisees to Meet Competitive Challenges – kevin Oldham
“So there’s an extreme version of quote unquote rebranding is a complete name change. Know this, know that us franchisors, we don’t just go through these exercises and make these changes on behalf of our franchisees just for the heck of it. We do it because typically the brand is getting dated or there’s something that we need to do. The exterior market conditions and the competition is leveled up and we need to meet that or exceed what they’re doing. So know that typically these things are not done just for the heck of it. As a matter of fact, very few people like to go through them. It’s a painful exercise to rebrand, but ultimately, it’s something that is typically made at the C suite level as a reason to pop through another iteration of the brand and bring it to market, most likely to stay relevant, increase market share, and help you be successful as a franchisee.”
Find out more about Kevin and Franchise My Business:
- LinkedIn: https://www.linkedin.com/in/kevinoldham
- Website: https://kevinoldham.live/
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