A rebrand is a vital part of the life-cycle of any company or organization. It is often driven by the need to improve perceptions, compete at higher levels, respond to market insights, make corporate changes and revive the overall look and feel of a brand. Below are some reasons why your company or organization might need a rebrand.
1.) To Improve Perceptions
Do you ever find yourself always competing with the cheapest competitor and getting underbid? Even though you reduced your price or gave discounts your customers may still go to the cheapest option. It might be because your brand is perceived as a cheaper low quality commodity so the lowest price wins.
This is sadly a race to the bottom. Companies often fail to establish themselves as a premium brand that is differentiated with a sense of purpose and meaning that is conveyed through design and understood in their industry.
You can also improve perceptions of your brand by forming emotional connections with your customers. How does your brand make people feel? Your customers don’t only buy your products or services, they buy the meaning and associations behind it. It’s time to bring your brand to life with a distinct sense of purpose, personality and vision.
However, if your brand reputation is damaged through years of malpractices, unethical behaviors and lawsuits then a rebrand will not really be able to repair it or improve its perception. Therefore prevention is better than cure.
2.) To Compete At Higher Levels
Is your brand ready to compete at higher levels? How can you stand out and stay relevant and authentic in a crowded marketplace? You need a well-established brand that looks, feels and sounds authentic.
As your brand continues to grow and establish itself, it would need a rebrand to rethink some very fundamental questions such as:
- Why does your brand exist? What role does it play in the world or in peoples lives. What is its core purpose?
- What does this organization believe in? What are our core values?
- What makes our approach different? Why should people buy from us rather than our competitors?
All well-established companies have an effective approach to design and branding because they understand that your brand is your most important asset and should be well-represented. If you are ready to compete at higher levels then everything from the strategy to your online presence will need to be rebranded.
“Design is the silent Ambassador of your brand.” ~Paul Rand
Another scenario is internationalization. If your brand is ready to go global then it would need a rebrand in order to communicate and resonate with people in different parts of the world. What has positive associations in one country could be seen as offensive or problematic in another. This is one reason why market insights are so important.
3.) Market Insights
Sometimes, by taking a better look into your industry, you may uncover reasons to rebrand. You may be going after a new market or target group, you might discover a market opportunity or you might uncover something new about your customers. You may also have a new competitor who is dominating your industry. It is important to know what motivates your customers and how they make decisions as well as their perception of you.
“Brand is not what you say it is it’s what they say it is.” ~Marty Neumeier, Brand Gap
Having a deeper understanding of your customers gives you a greater advantage over your competitors. By identifying who you serve best, you can serve them better than anyone else. Market insights may reveal that people have a false perception of your brand so there is a need to clarify and simplify. Your value proposition may also not be effective anymore if you have other competitors with better offerings that are seen as more credible and premium. What are your customers dissatisfied with? How can your brand avoid the same mistakes that others are falling into?
Market insights could also reveal gaps and opportunities for your brand to more strategically position itself. How can you be the purple cow in your industry? How can you stand out? For example, if most people in your industry are very corporate and technical then maybe you should be more artistic and expressive. If everyone is more subdued then maybe your brand should be more bright and energetic.
Cultural changes among your target customers may also reveal that you need a rebrand if their preferences, needs, behaviors and attitudes have changed. Market insights reveal to you what their underlying needs are. This way you can position your brand as more meaningful and relevant to them.
4.) Corporate Change
Is your company going through a transition? Then your brand will need to reflect that change. There are many forms of corporate change that could provide reasons to rebrand. Below are some examples.
Mergers and Aquisitions: Two companies or organizations merging together could also lead to a rebrand to reflect the new entity that is created. M&A’s could also lead to name changes or changes to the brands overall portfolio strategy.
Name Changes: A company or organization could change it’s name to show cultural awareness or also to avoid lawsuits if the name is problematic or offensive. One example is the Washington Redskins which had to change its name to something more appropriate. This would lead to a large scale rebrand.
Brand Architecture: The expansion of a company or organization into new products, divisions and subbrands can lead to a rebrand to create a better sense of structural alignment and consistency.
Digital Transformation: May also lead to a rebrand because a company is evolving its processes around changes in the industry and consumer expectations.
5.) Outdated Collateral
Have you had the same look and feel for over 7 years? It might be time to rejuvenate your brand with a fresh new look! Your brand might be looking too old, boring, or outdated. As the market changes in a fast-moving world your brand must also be willing to adapt and evolve to stay relevant.
It isn’t only about print collateral but branding must be approached very holistically. Is your social media presence dull and lacking engagement? Is your website converting like before? It’s about considering every touchpoint both online and offline and conveying your unique message in a simplified, authentic and cohesive way through a better understanding of the industry.
In conclusion, A rebrand can have a huge impact on a company’s bottom line performance. If you enjoyed this article then you may also like my previous one on brand purpose. or my article on Linkedin Pulse on how to differentiate your brand.
