In marketing rebranding is an important tool that can be used efficiently if the tool is right for you. If your brand is failing to retain the recognition that it was before, then maybe it is time for a change. However, if struggling to gain more business is the current issue, throwing out the playbook might not be the best idea.
Rebranding isn’t a strategy you should pursue just because it “seems like a good idea” or because your gut is telling you to go for it. Your brand is the foundation for all your other marketing and messaging strategies, so changing it is literally going to affect everything else in your company. That’s not a level of impact to trifle with. Plus, one of the most important factors for successful branding is consistency; if you change too much too quickly or at an inopportune time, you could interfere with your existing customers’ loyalties to your brand.
When IS rebranding needed?
As it grows, your company may be trying to target a broader audience, and the brand should reflect this. A common example is that of an established company that rebrands in order to appeal to the millennial crowd. One company that has done this very successfully is Adidas. In the past few years, the sports retailer has gained considerable market share—to competitors like Nike and Under Armour—by capturing the increasingly large athleisure segment adored by millennials. The key to success? Focus on digital-only marketing and influencer branding strategy.
The business has changed in a significant way
Your company may have pivoted, expanded into new product lines, entered international markets or acquired/merged with another company. Your brand needs to reflect these important changes, and not be left behind to represent your company’s past identity.
There hasn’t been a cohesive branding effort—yet
When companies just start out, it’s not unusual to be very scrappy with branding: you just slap a quick logo and come up with any other brand elements in a haphazard way. However, as your company grows, a more deliberate branding effort could go a long way to make the company appear more professional.
The brand is dated
After many years in business, your branding may not feel as contemporary as it should. Your 1990’s logo in neon-colored bubble letters could certainly use a fresh take.