To Brand or Rebrand, that is the question.
If you’re considering a rebrand, the best place to start is to understand the importance of what a Rebrand is, and the definition of what exactly a rebranding does.
A rebrand, is when a brand looks to vastly change its Logo, Name, Image, Website, Advertising and Marketing Strategy overall – to look, sound, and act completely different from its previous looking brand and from its competitors. Rebranding can also extend to changing the overall marketing strategy, digital strategy and advertising activities to communicate the brands new message.
Why do I need to rebrand at all?
The underlying reason why any business would look to rebrand is often an economic decision. Depending on the size and level your brand (or business) is at, and where it sits in the market place the underlying reason can be business critical. To the point that, if you do not rebrand it would be detrimental to the future success of the brand (and the business) itself.
Most companies rebrand to reposition themselves in their marketplace, to either gain more market share or make up for lost market share due to a savvy competing brand. Other reasons may include communicating new brand messages to your target audience, distancing the brand from negative situations that may have emerged (either through take overs or mergers) or the brand simply needs to stay relevant in an industry or market that has moved, changed or no longer exists.
A rebrand should not be taken lightly
Some global brands have found they can increase their sales revenue through strategically rebranding their products repeatedly. And whilst this may be an effective marketing strategy in the short term, it’s not a cost effective one long term.
Considering a re-brand must be a planned approach, so it can grow any business through the innovation of the brand, AND potentially tap into new or emerging markets. It’s important to have a plan to ensure costs are kept under control and existing targets are not potentially alienated from the new brand.
When is a good time to rebrand?
It’s important to exercise caution when considering a rebrand; however here are (3) occasions where a rebrand would be beneficial. These would include:
- Differentiating your brand from your competitors to increase sales and strengthen your market reach, even if you have lost market share.
- A rebrand can remove any unwanted or bad publicity, where you can intentionally be crafting a new, more relevant and specific brand offering to your target audience.
- A rebrand can also be considered if your industry or market place has changed, showing a more relevant and applicable brand offering.
Successful companies, from small start-ups to global giants have all realised the importance of ensuring their brand stays current and relevant to their market place. A rebrand for any company can be a financially rewarding exercise when partnered with an experience agency like Brand for Brands.