WHAT IS REBRANDING AND WHY IS IT IMPORTANT?
Rebranding is a marketing strategy where the “look and feel” of the company is changed- the logo, tagline, name, etc.
In simple words, rebranding is important to evolve! Most companies consider rebranding once every 7 to 10 years with more minor refreshes in between to elevate their visual identity.
Rebranding can work wonders for businesses. It can help modernize, differentiate from their competitors, or even escape a dull reputation. Rebranding also provides an opportunity to target new customers facilitating successful marketing penetration.
Apart from the above-mentioned reasons, situations like acquisitions, mergers, or shifts in leadership may also require rebranding.
“A rebrand is an opportunity to honor a company’s roots while positioning it for the future”- Dalton Dorne. This is true because rebranding does not mean building a new brand. It just means making changes that still align with the company’s old values. But when is the right time to rebrand? Or should you rebrand at all?
Well, rebranding is like renovating a home. You notice wear and tear or the designs become outdated but you can still continue to live. But when the ceiling starts dripping, that’s your biggest sign. Similarly, your brand can still push through in the market with slightly outdated strategies but it makes it difficult to survive, it is time to rebrand. In both cases, the goal is not to make things look new and flashy but to enhance the functionality.
SIGNS YOUR BRAND NEEDS REBRANDING:
- Your brand starts looking like every other brand
When you are unable to differentiate from your competitors, it is time you rebrand. Rebranding during this time can help you identify and redefine your key differentiators. Keep in mind that you should be able to articulate the key advantage.
Rebrand in a way that your audience is clear of what you are offering for them that they cannot get elsewhere easily.
- Your brand has a poor reputation
91% of consumers are more likely to make a repeat purchase after a positive experience. Domino’s was almost out of business in 2009 due to its poor quality service and therefore a bad reputation. The company changed all that by addressing the issues, fixing them, and successfully rebranding. By 2016 the company held a 15% share of the market and now is one of the most loyal pizza chains in the world.
If your company is going through a bad phase reputation-wise, it is smart to rebrand (refreshing the strategist too!) which can help the audience see you from a fresh perspective.
- When your brand is doing really well!
Yes, while you are doing well, it is time to grab some new audience. Rebranding at this phase also allows you to appeal to your current audience, which is of utmost importance.
Rebranding also allows your employees to stay committed to a dynamic landscape and creates a sense of positivity and pride. This will help the company to do even better. A well-known brand Meta, adopted this strategy because they were heading towards the implementation of new technologies and concepts.
- When your brand is facing legal challenges
It is one of the most smart strategies to implement to escape reputational damage. By adopting a new image, your brand can demonstrate a commitment to positive change, and strategically reposition itself in the market.
Ultimately, it represents a proactive effort to preserve or regain market share and rebuild trust among stakeholders.
- When your brand lacks visual identity
When you recognize that your brand is not appealing to your audience, it is ideal to rebrand. Consider changing the logo, the color pallet, the tone of your brand, the tagline, and values.
Do not forget to tailor your brand content for each platform as the audience in each platform is different and they would like to see content variations. Understand the nuances before going to this step.
- You are undergoing a merger or acquisition
When the company is being merged or acquired, it is important to rebrand to integrate the entity seamlessly into the existing framework. It communicates a unified identity to both internal and external stakeholders.
It also allows companies to shed any redundant brand elements and present a cohesive image of both entities. Rebranding in this case serves as a strategic tool to facilitate a smooth transformation.
There might be more reasons for rebranding but when not to rebrand?
REASONS YOU MUST NOT REBRAND
- Just to “shake things up”.
- Because you are bored.
- Everyone around you is doing it.
- Because there’s a drop in the sales.
- Because there’s a strong brand equity.
To rebrand or not is a dilemma but when you get the thought “Is it time to rebrand?” that is your first sign to consider rebranding (but with careful assessment).
As Warner Buffet quotes “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”. This quote is a good one to keep in mind while rebranding because this will help you focus on your efforts and eventually ensure success.