5 WAYS TO KNOW WHEN IT'S TIME TO REBRAND
The word “rebrand” can stir a lot of fear within companies – especially when they know it’s time to implement one. Rebranding can be a daunting task, and without the right support or knowledge of why one should rebrand, it doesn’t seem any easier.
We are here to help you understand the importance and value of rebranding while also giving you next steps for your company! But first – let’s discuss what a rebrand actually is and why a company would execute one.
WHAT IS A REBRAND?
A rebrand helps a brand stay relevant, attract new customers, and stand out among competitors through changing a logo, slogan, mission, values, name, target audience, or brand identity.
WHY WOULD A COMPANY REBRAND?
Many companies decide it’s time to rebrand when they are predicting future growth, enter a new line of business, are trying to reach a new audience, or want to stay relevant in the current market. Other companies may need to rebrand due to a merger or acquisition, competitive influences, legal reasoning, or negative publicity.
5 WAYS TO KNOW WHEN IT’S TIME TO REBRAND
1. YOU AREN’T STANDING OUT AGAINST COMPETITION
When you’re in a competitive market, it’s important to stand out from businesses similar to yours. Consider rebranding if your logo or brand identity is either lacking or too close to another competitor’s. You may be missing out on plenty of potential customers if your brand requires an element that will set you apart from the rest. Is your brand moving forward to stay relevant to the modern-day consumer? Are you attracting new people?
Some of the most successful brands are timeless but have still slightly updated their logo over the years to stay relevant (Coke, Nike, Tiffany & Co., Google, etc.). There is a difference between a complete rebrand (changing the logo, tagline, and more drastically) versus a brand refresh (still recognizable as the existing brand but have small elements modified) which you will see below.
2. YOUR VISION HAS CHANGED
Your branding should reflect what you offer at the present moment, not 10 years ago. Have you experience a shift in the clients that your serve? Are you coming out with a new product or service that doesn’t align with your original mission? When your vision has changed, it’s important to update branding statements, taglines, tone and wording, branding materials, and anything that informs the consumer about your product or service.
3. NEW MERGER OR ACQUISITION
If you’re approaching a merger or acquisition, think of your branding as a puzzle. If multiple brands are coming together as each individual “puzzle piece”, it’s important that all fit together nicely – it shouldn’t feel forced or like something is missing. Rebranding is important in this circumstance because it will keep brands aligned and provide clarity for how they work together.
4. BRAND EXPERIENCE IS CONFUSING
Presenting a brand consistently across all platforms can increase revenue by up to 23% (Forbes). It’s important to send a uniform message across packaging, social media, and other branding materials to secure your brand identity. Consumers can easily get confused by who you are and what you do if your branding is conflicting and uncertain.
Rebranding can allow you to start from a clean slate while setting a standard for your brand across all marketing channels and assets.
5. YOU NEED TO DISASSOCIATE FROM NEGATIVE PERCEPTIONS
Many companies realize it’s time to rebrand when they are attracting consumers they never intended to. If there are elements of your brand that can be off-putting to clients, it’s important to seek out branding solutions that are still consistent with your brand but can captivate ideal new clients as well.
WHAT ARE MY NEXT STEPS?
It’s difficult to know where to start when taking on the task of rebranding, but it gets easier when you recruit help and nail down specific goals. First thing to ask yourself – “can I identify a problem with my current branding?” If the answer is “no“, then don’t fix it. Most brands shouldn’t undergo rebranding for 5-10 years. If you already have a well-known brand and reputation, you may be compromising your brand equity through a rebrand in the long-run.
When your company makes the decision to rebrand, make sure that upper management understands the value of it and that they play an active role in the process. An impactful brand strategy is formulated and carried through from the top down.
It’s important to assemble a team to work on the rebrand – this can includes representatives from management, marketing, sales, and human resources. Each individual will be able to provide a different perspective to the rebrand that team members from other departments wouldn’t have.
Next, define your goals, budget, and timeline. When you set specific and achievable goals for your rebrand, the journey will be more efficient and productive. Without them, the vision and mission behind the rebrand can become foggy. These will depend upon the size and complexity of your business.
Finally, find the right branding partner. There are plenty of trustworthy agencies that are skilled at both creative strategy and execution. You don’t have to do this alone, and with the right support, your brand can be incredibly successful!
If you are looking for design and branding support, our team would love to serve you! Get connected with us here.