A successful business will probably choose to rebrand at some point – it is part of the organic process of growth. The key to success however, is knowing when to undertake this process. A well timed rebrand can be a real investment. Time it poorly, however, and you may end up regretting the decision.
A common misconception is that simply updating your logo is enough to constitute a rebrand. This is rarely the case. Most rebrands are a reaction to some kind of development that ultimately requires you to change how your brand is perceived.
Well managed businesses are constantly adapting to change. These changes come in many different guises and can sometimes take you by surprise. Shifts in consumer demands and behaviours, the development of new products or simply an expanding marketplace can all significantly affect the future direction of the business.
Even the largest multinational companies that have a global presence and a well known brand image face the need to rebrand on occasion. When you consider that the costs involved for companies of this size can be relatively high, clearly the benefits must outweigh the cost.
Is it time for your business to consider a rebrand? Below are five common reasons our clients choose to update their brand image.
1. The need to evolve.
As mentioned above, it is a well known fact that consumer habits are constantly changing. Typically, a shift in target demographic is enough to warrant a change of brand image. Social media has transformed the way we view brand identities. In the fast-paced world we live in today, it is more important than ever to keep your image up-to-date so your audience can still relate to you.
From a creative industry perspective, design trends can also quickly change. It is a good idea to try and keep up with the major trends otherwise you risk losing relevancy.
2. A leadership change.
A change at management level can have a significant impact on the direction of a company, and a change in leadership can sometimes bring a change in philosophy or mission values. If the original brand image doesn’t fit with new beliefs, naturally it needs to be updated.
3. Business expansion.
Growth plays an important part in cultivating a successful businesses. If a business begins to develop beyond its original reach or intent, it is highly likely that a rebrand will be required in order to continue with this progression. Additional products, services or markets all fuel the need for a new or additional brand image.
4. Reputation management.
If the brand image of a company becomes tarnished, the option of damage limitation is available. Investing in a rebrand is a way to disassociate a business from a failure, and could go some way to repairing the damaged brand image.
5. Reaction to external factors.
If your company is losing marketshare to a competitor, you may consider updating your brand image as part of a defensive strategy. A strong competitor may force another business to consider its position within the marketplace, and a rebrand could go some way to renewing the appeal with your target audience.
What to do next…
- It is vital that you clearly identify your aims. This may mean asking yourself some tough questions. Is your current brand failing? Why? What do you hope to achieve with a rebrand?
- Choose an experienced branding professional. Preferably one with a proven track record and good reputation.
- Make your audience aware of the change before it happens, or you could risk alienating part of your market.
Ultimately it is up to you to decide what is best for your business. However, having a good branding professional on hand to offer advice will help to put you in a well placed position to make the right decision.
If you would like to speak to an experienced branding professional, please feel free to contact us.