Rebranding: when is it time?

And when a company is formed, and throughout its life cycle, its brand is the basis success. But sometimes a brand does not resonate with the target market or becomes outdated. In this case, the company should consider rebranding - changing or updating the name, logo, design of presentation products and advertising.

Reasons for rebranding

Companies large and small use rebranding strategies as a way keep up or remain a leader in your industry. Rebranding can save a declining company, increase profitability and increase the number of customers. However, you should not abuse the constant changes of image. As elsewhere, a “golden mean” is needed. Let's consider the factors that signal that the time has come for rebranding.

The company does not stand out. Regardless of the industry your organization operates in, you likely have competitors. To be successful, it is important to stand out effectively.

If your business name or logo is similar to others, you are damaging your brand. A related problem occurs when you use stock graphics in your branding or marketing materials, because everyone will recognize them, and your competitors may also be using such images.

Rebranding helps a company find its own voice, improve its appearance and improve perception, establish leadership positions to attract audiences.

One example is the famous car transportation brand UBER, which has changed its logo image several times recently. To make it more recognizable and understandable, management decided to move away from any symbols and add the full name.

A merger has occurred. When two companies merge or one acquires the other, many important decisions must be made, including rebranding. The new company must evaluate the value of previous brands to determine what branding options can be used. If neither has made a huge splash in the industry, rebranding is a way to start over.

If both brands have been strong, it may make sense to use them. For example, the large pharmaceutical company GlaxoSmithKline was formed as a result of the merger of Glaxo Wellcome and SmithKline Beecham.

Negative history. If your organization evokes negative associations among consumers, then through rebranding you can create a new brand identity, in which there will be no dark traces of previous decisions of the head or managerial mistakes.

At some point, the clothing of the prestigious Burberry brand began to be associated with the clothing of gangsters. It got to the point that people wearing these clothes were not allowed into some pubs. The company carried out a rebranding, the goal of which was to give other shades to everyday clothes and get approval from celebrities.

Modern trends. Sometimes a brand does well but needs a facelift. All companies, no matter how successful they are, need to be fresh and relevant to stay on top of their industry.

It's possible that your Comic Sans font, Flash-based website, or 1990s color palette are negatively impacting your image and making your business look dated.

If your business is located in such a situation, perhaps it is time for a rejuvenation of the brand. This will help develop and improve communication with consumers.

To make sure these words are true, just look at the history of changes to the Airbnb logo. The modern version looks very stylish.

Business is developing. Sometimes a business gets an opportunity to expand or target a new market. Let's say your business started out selling personalized T-shirts, but now you want to add custom coffee mugs. If your branding revolves around T-shirts, customers won't know that you can come to you for other products.

Earlier this year, Dunkin' Donuts rebranded to just the first word Dunkin'. Donuts remain the main focus, but the company is not giving up selling drinks to go along with them.

However, understanding the right time for rebranding is only the first step. The next task is to develop a competent strategy that will help to obtain an iconic and memorable brand that reflects the preferences of the audience. You need to focus on what makes your brand unique and special. A bright individuality is the key to a strong brand, which can become a household name in its industry and evoke extremely positive emotions. To pull off a rebrand, everything from the logo design to the look of the business cards must be carefully considered.