“When do I know it’s time to rebrand?”
We hear this question a lot, and there’s no one-size-fits-all answer. Businesses rebrand all the time for many different reasons.
Maybe they’re expanding into new markets and need a brand that appeals to more diverse customers. Perhaps the core business mission or offerings changed, making the old brand feel like a mismatch. Or maybe they need to counteract the effects of new management, bad press or an outdated image.
Here are some of the most common situations that spark a rebrand:
1. Repositioning: In marketing terms, repositioning means adjusting your brand’s look, sound and values to match whatever business changes are underway. Companies can then use this new brand to appeal to all-new customers.
2. Fading Image: If you do your job well enough, your company will thrive and outgrow your original brand. Most successful companies stay fresh and competitive by engaging in some level of rebranding every 7 to 10 years.
3. Going Global: Brand and product names don’t always translate well into foreign cultures – even if the countries share a language, like the U.S. and U.K. Even colors can be misinterpreted if they mean someone else to customers in other parts of the world.
4. New Boss: New CEOs and other management changes usually bring a fundamental shift in the company’s operations, goals and values. These kinds of comprehensive changes are the perfect backdrop for creating a new brand.
5. Mergers & Acquisitions: When companies combine, rebranding is almost guaranteed. Take Comcast, for example. They bought NBC and put the iconic peacock icon atop their name. Then they bought Universal and spun off NBCUniversal Media, a subsidiary that blends elements of all three company logos.
6. Bad News: If a company faces a big enough crisis, rebranding can quickly become part of the reputation management process. A new look, new customer-facing values and even a whole new name can help the public forget whatever went wrong.
7. Market Forces: Sometimes you don’t plan to change but the market has other ideas. If consumer tastes shift quickly or you suddenly have more competition, rebranding can actually help give you an edge on these new challenges.
If you’re starting a new decade unsure if your current branding is strong enough to go the distance, talk to the experts at Brand Poets. We can give you a clear picture of where your brand fits into the market and give you easy-to-execute ideas that will make an impact.
About Brand Poets
Founded by Tana M. Llinás, Brand Poets is a collective of strategists, storytellers, and digital artisans crafting smart, poignant campaigns that command attention. Instagram: @BrandPoets
This article was originally published in the Community Newspapers.