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Organizational change can be a big risk, but it’s a risk that can come with great rewards for your company. And sometimes changing is the only way your company can grow. These business leaders were faced with this reality and had to embrace a new direction — but in the end, their companies benefited.
Let’s say that you want to make a change in your organization. It could be anything really — maybe you want the sales team to embrace a new strategy or you want the entire office to implement a new HR policy. Whatever the case, one thing is for certain: it won’t be easy.
The best companies know that rebranding isn’t simply a small logo change. Rebranding is all about clearly defining the company culture and then adjusting the brand name and logo to reflect that image. Obviously, this means it can’t be done in a day; it requires loads of research and, yes, dollar signs. At the end, however, these efforts can make your brand even stronger than before.
By now, most managers have heard the scary statistics floating around: around 70% of mergers and acquisitions fail to reach expectations. But the major question is, “Why?” To figure out why companies can’t seem to make M&A work, take a look at more scary stats from Towers Watson and PMI:
Rebranding is far more than just slapping a new name or new logo onto your existing company. Rebranding requires not just a vision but a clear plan. That vision should guide your customers into a new way of seeing your company — a vision that inspires them to reengage. However, not every company sees it this way, to their own downfall.
With the benefit of growth opportunities in new clients, products, or areas around the globe, it seems like mergers and acquisitions would generally be a good idea for a company looking to expand its reach. But often, that is very far from the case.