IF there is a nightmare for marketers it’s when we hear the sentence “We need to work on rebranding strategy”, and let me explain why?
There’s a lot of money on the line when companies try to change their public image. And the actual fear Failure?
That sort of change is public and it can lead to years and years of financial difficulties which is a good enough reason to worry. But Fortunately, rebranding is not uncommon – many major brands, ranging from Dunkin’ Donuts to Uber, have successfully rebranded in the past which gives us hope and inspiration to lead any company with the urge of rebranding to a whole new world.
But first, let’s make sure you have the right reasons to rebrand.
The Right (and Wrong) Reasons to Rebrand
Rebrands are complicated, and carry big risks.
Uber a vivid example of a rebranding done for the wrong reasons. After redesigning their logo 44% of people were unsure of what Uber’s logo represented.
That’s why it’s important to know the risks of rebranding for you to choose to do so for the right reasons, and there are a few major reasons to consider a rebrand:
- New locations: you will need to refresh your brand if you’re expanding to international markets who won’t identify with your current logo, messaging, etc.
- Market repositioning: brands are designed to connect companies with their customers, so if you reposition your business to target a completely new customer profile whether through product, place, price, or promotion your brand will need to follow suit.
- New philosophy: If your MVV (Mission, Vision, Value) are shifting and changing the direction of your business along with them, you’ll need to reevaluate your brand.
- Mergers and acquisitions: when two companies come together, two brands come together, therefore, finding a new brand that reflects the new entity will prevent confusion and build trust.
Additionally, here are a few reasons not to rebrand:
- Boredom: too often, people consider a rebrand because they’re sick of seeing the same logo and slogan every day. When you’re starting to feel restless with your brand, remember that your customers (who see it much less frequently) might love that signature color you’ve come to loathe.
- Covering Up a Crisis: whether you’re working against persistent internal issues or fending off bad press, a rebrand isn’t the answer. Consumers and employees will know that it’s a coverup.
- Impact and ego: for new managers, a rebrand might seem like the fastest way to make your mark. And it’s possible that sales have been decreasing, or perhaps brand awareness efforts aren’t picking up, but either way, jumping into a rebrand is the wrong move. You might lose whatever brand recognition you had and set back your sales and marketing efforts
Now that you know the right and the wrong reasons to rebrand, it’s time to consider if and how you want to rebrand your own business. Whether by a logo redesign, a website redesign, some refreshed messages or a complete new brand plan, we can help you to consider your best strategy for building a brand that gets it right this time, Contact us at info@blendadvertisingeg.com