When is the Right Time to Rebrand? 7 Key Points to Consider
When was the last time you updated your brand identity? Or redesigned your website and marketing material? Every year, Graphic Evidence help numerous clients on their rebranding journey. Before we start with the implementation, we always ask them to consider a few facts.
Rebranding, for most, is not a small undertaking. This means that it’s wise to have a valid reason for a rebrand. Moreover, changing your branding may disconnect the goodwill you have with existing customers. Therefore, your new branding must be an obvious evolution and accurately position you for growth.
Why should you consider rebranding?
The biggest reason for brands going through the rebranding process is to be prepared for the future and the ever changing expectations from customers.
Up next, we’ll have a look at the most frequent scenarios and signs that your company might need to rebrand.
So when is it the right time to rebrand?
1. Growth beyond the original product
Before 2001, Apple was known as the producer of great desktop computers. But they had a new product coming up that needed to be sold to a younger group of customers than Apple had before. The product was called iPod. When releasing the new product, Apple had to make itself more approachable to young people who would be iPod’s potential buyers. So the brand went through a slight rebranding. The result? – Apple was named “Brand of the Year” in 2001 by Brandchannel.com.
As you introduce new products or services to the market, you might need to re-position your company to meet the expectations of potential buyers. Here, rebranding can help you to prepare your company for a new target market, and to earn more trust from new customers.
2. Merger or acquisition
It is only natural that if two companies merge, they can’t continue to exist as two separate brands. In case of an acquisition, the smaller brand needs to align its branding and visual language with its new owner company. When merging two organisations together, both need to work in coordination to create a new mutual brand.
When dealing with a merger, both companies should ensure that they’re still recognisable to their customers. A big change in logo design or even brand name might bring about confusion. So make sure to notify your customers and explain to them why you’ve decided to go through the rebranding process.
3. Expanding to new markets
Imagine you started a company in your home country with a limited market size. Suddenly, you’re doing so well that you’d like to conquer the entire world. But your brand name is only understandable to local clients and might sound confusing to the international market.
When going to new markets, make sure that your branding works on an international level. If you think it might not look trustworthy or appealing to new markets, schedule a rebranding meeting with your design agency.
4. Targeting a new group of customers
Let’s say you’re a company producing healthy snacks. You’ve built your brand around the customer persona of 18-22 years old health-conscious girls. Your branding is youthful, exciting, and colourful.
But soon, you’ll learn that the biggest consumer group buying your products are 30-year old working women. You learn that your product is loved by the younger consumer group, but they can’t really afford to buy it very often.
When deciding to target a new group of customers, you need to reposition your company to meet your clients’ expectations and look more appealing to your new target group.
5. Bad reputation
If your brand’s gone through a scandal or is simply known for its bad service, it might be easier to rebrand it as an entirely new company, instead of trying to fix a broken brand.
If you’re unsure whether it’s the right time to rebrand, create a survey where you ask people what they think of your brand. Moreover, consult with your design agency and ask for a second opinion.
6. Outdated brand image
Your brand image might have looked innovative in 2010. But in the fast-paced world we now live in, things get old quickly.
Keep yourself updated with your industry news and see how your competitors have changed their branding over the years. If you feel like you’re falling behind in the competition, going through the rebranding process can help you regain ground (and clients).
7. Legal issues
As entrepreneurs start small companies, they’re often unaware of the legal restrictions of choosing a brand name or logo design that resemble an already existing brand.
You might run into legal fights with bigger brands claiming the ownership of certain logos, words, or even messages. Sometimes, it might be easier to rebrand your company than fall into a lengthy legal process. Moreover, you’ll get a chance to re position your brand and do it even better this time!
As you can see, there are many reasons for rebranding your brand. There is no universal right time that suits each company. Instead, you need to understand when it’s the right time for you.
Source : http://www.graphicevidence.co.uk/right-time-to-rebrand/