Has the market segment you participate in evolved over the years?
Have you considered rebranding your company to ensure it's aligned with the market you serve?
William Tyree, Chief Marketing Officer at Revenue.io, found his company faced these difficult questions when it was known as "ringDNA"!
The B2B SaaS market has evolved as many companies consolidate their Go-To-Market departments under one revenue leader - the Chief Revenue Officer. This trend is based upon companies viewing the customer journey as a vital area of focus, as historic department-centric processes are not optimizing the customer experience.
As a result, or maybe even as a leading indicator, many revenue technologies have been broadening their features to address the needs of Marketing and Sales, and Customer Success in one consolidated platform. This trend was a catalyst for ringDNA, which was originally known for inbound lead routing and automated dialing for sales to rebrand themselves to reflect the cross-functional feature set in their solution.
Revenue.io was fortunate to have a world-class team of brand, design, and communications professionals who managed the strategy and execution of their rebrand internally - using resources who were intimately familiar with the market segment of B2B SaaS they were serving.
One of the driving forces to the rebrand to "Revenue.io" was the increased focus by B2B Cloud companies on optimizing the customer experience across every stage of the revenue-creating journey, including acquisition, retention, and expansion. One strategy companies are using is introducing a "Revenue Operations" function, further promoting the concept of the need for a solution and company to provide an automation platform to enable accelerated revenue growth.
When thinking about rebranding - how do you measure the ultimate impact of the rebrand? William highlighted their measurements, including social media impressions, video views, content marketing asset downloads, and even email open rates, to measure the engagement with the newly introduced "Revenue.io" brand - especially within their target Ideal Customer Profile.
One example of a tool Revenue.io uses is Shield Analytics to measure engagement trends on LinkedIn for a brand or even an individual.
How do you bridge the connection from a former brand "ringDNA" to "Revenue.io"? Initially, Revenue.io will highlight phrases like "ringDNA is now Revenue.io" - even for Google searches. Then after 6 months, the reference ringDNA will be eliminated, and then 6-9 months later, the plan is to drop the ".io" and be known as the "Revenue" company.
What are some key learnings from going through a rebrand? Understand it is a long process, and you have to trust your employees to work confidentially to pull off all of the work that goes into rebranding.
ringDNA engaged all employees early in the process. In fact, every employee knew four months before the rebrand was introduced.
How important was it to "rebrand" every company asset? Revenue.io eliminated 30% of their content assets and then used the rebranding to refresh every piece of content to ensure messaging reflected the new brand. Revenue.io reviews most content on a regular basis, and after much discussion, it was decided that every asset should be reviewed on a quarterly basis in partnership with Sales during the Quarterly Business Review process.
William's parting advice is to ensure you have the right metrics in place to measure if your customers and target buyers are aware of the brand change, and then ensure the rebranding is meaningful as measured by market opportunity and brand engagement.
If you are considering whether a rebrand is right for your company, William Tyree is a great source of insights and hands-on experience.