Is it time for a rebrand?
The prospect of rebranding can be a daunting task for any company. However, when executed successfully, it can reinvigorate a business and deliver substantial commercial benefits.
When clients, customers or employees interact with your brand, they form an opinion about what sort of business you are. This opinion is influenced by a range of factors including what you say, how you say it, what you stand for and how you look. The point at which external perceptions no longer match what’s inside is the point at which you need to make a change.
Rebranding is simply about reflecting this change and staying competitive in a constantly changing marketplace. It’s expected that a brand will need to evolve at some point during its lifecycle. Even the world’s biggest brands need to make a change from time to time. Take a look at the evolution of Nike, McDonald’s and Apple. Even Starbucks has gone through four rebrands.
Here are five reasons why businesses, big and small, might choose to go through a rebrand:
1. Change in leadership or strategy
If your approach has changed, it is likely that you will have to reflect this change in your brand to ensure that your customers and clients understand who you’ve become and what it means to them.
2. You’re failing to differentiate yourself from your competition
A differentiator isn’t just your service offering: it’s what you stand for, how you act, your values and how you treat people. Harvard Business Review conducted a study which found that 64% of consumers cited “shared values” as the primary reason they have a relationship with a brand.
3. You’ve outgrown it
Your brand isn’t a static entity. Consumer behaviour and trends are always evolving and so those who stand still, stand to fail. Look at your competitors and move with the market to stay ahead. Ensure what you are offering is always meeting the demands of your customers.
4. You’re transforming your offering
You grew up doing X, but now you’re doing X, Y, Z. This is normal for a business but you may fail to attract new clients when your existing brand positions you firmly in one field. In some cases, you may also be limited by your name.
5. You need to disassociate yourself from a negative image
For whatever reason, your brand has become known for something that it is not and you need to shake this. A rebrand can be critical to helping a business move forward into a new chapter.
Whatever the reason, research and strategy play a critical role in ensuring that the new brand is considered and appropriate to your audience, whoever it may be.
Take a look at some of our recent branding work for: