If you’re bored with your brand it can be tempting to think you need a rebrand. But rebranding isn’t without risk and even big companies can get it wrong. If you’re wondering whether to rebrand, here are some reasons why you should, and why you shouldn’t.
What is rebranding?
Rebranding is rebuilding your marketing strategy, including your company name, logo and style to create a new identity for customers, audience, stakeholders and employees to relate to.
Knowing the risks of rebranding
The main reason companies rebrand is falling sales figures. They reach the hasty conclusion that brand-awareness activities, promotions and giveaways are not paying off. But this may not be the just the brand’s fault. As tempting as it is to just go for a rebrand, other things could be wrong.
Before hitting ‘rebrand’ consider the supporting marketing of your brand. Are you marketing in the most appropriate way for your audience? Is your market research right? What traction does your brand already have that could be capitalised upon?
Do you remember when Uber rebranded? Just under half of those surveyed who used its services didn’t know what the new logo represented. And three-quarters said they wouldn’t change their provider of this service based on a logo.
Know these risks of rebranding, and the sacrifice you could be making of the recognition and engagement you already have.
Other reasons not to rebrand
Being bored is not a reason to rebrand. You will see your company’s logo and branding in your sleep, but your customers won’t. Try to understand where your boredom is coming from – it’s unlikely to just be that you’re fed up of the colour palette, and more likely to be something structurally failing around your marketing strategy.
Covering up a crisis is also not a reason to rebrand. Word gets out and customers, and employees, will have an idea of what’s going on to the extent that a rebrand won’t distract from whatever the issue is or has been.
Personal ego is one of the worst reasons for a rebrand because it has little to do with the actual company offer, stakeholders and customers, and is often just so a new senior manager can make their impact. The question should be asked whether there is good reason for the company to rebrand, or whether it’s for them personally.
When rebranding is a good idea
If, on the other hand, you are considering rebranding because your offer, products and services, values, mission and values are no longer reflected in your brand, then it’s probably a good idea to rebrand.
New geographical location/market
Perhaps you’re planning to expand to new international, or at home, markets. If your planned new market won’t identify with your existing brand identity, logo, messaging and experience then you might need to either refresh your brand to more broadly encompass your market, or create a ‘sister brand’, which is a brand that has close affiliations with your existing brand.
New target audience
If you’ve changed your products and services over time, or pricing structure, to meet different customers’ needs, or an alternative market, it could be the case that your brand no longer fits the target audience you aim to now do business with, therefore you will need a rebrand.
New company direction
If the mission, vision and values of your company have changed or shifted far from what they originally were, then your messaging and customer experience you provide will also have shifted. This can be just down to the natural development of business direction, adjusting to market conditions, or changes in senior management affecting decision making. Either way, your brand needs to follow suit and reflect the new direction, mission, vision and values of your business.
A merger or acquisition
The last thing you want is for your customers to be confused. If your business merges or acquires, there are going to be a couple of brands in the melting pot, with significant potential to baffle your audience. Take control by bringing the relevant elements of each brand together in a rebrand that correctly reflects the new identity.
Rebranding strategy
Of course, a new website and online presence/experience is just part of the brand. Need any help considering a rebrand? Or if you’re further down the line with an identity in mind and need help to translate this into the professional, cohesive and secure experience for your customers to engage with you, get in touch.
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