Marketing teams don’t make the decision to rebrand easily. After all, it takes a lot of time, money, and effort to develop a brand and build brand awareness. But sometimes, rebranding is the best strategy. Here are 10 scenarios where a marketing team might want to consider a rebrand.
1. The brand needs to reach a new audience for its company or product
If sales are flat or slipping and efforts to boost them aren’t working, rebranding may help a company or product reach new consumers. In addition, rebranding to create a stronger and more upscale image may provide a company with an opportunity to raise prices.
2. The brand doesn’t set a company apart from its competitors
Customers and stakeholders should be able to determine what makes a business different from the other players in the industry. If research shows the audience can’t make this differentiation, it’s time for marketers to think about their company’s unique aspects and how to communicate them with a rebrand.
3. The brand needs to stay relevant in an industry that’s changing quickly
Many industries, including technology, engineering, finance, and artificial intelligence, evolve rapidly. For companies in those quick-to-change industries, brands need to communicate that they are at the forefront of developments. These fast-growing industries attract new players, and older companies need to keep their brands relevant to be competitive.
4. The brand didn’t get enough attention at the outset
Entrepreneurs or small companies may have started with a brand that consisted of nothing more than a name and a logo. As these small businesses grow, it becomes apparent that a brand needs to communicate more about a company, and these businesses must rebrand or expand their brands.
5. The brand no longer reflects the business
Over time, a business evolves, and the brand needs to change to match. For example, Dunkin Donuts dropped the “Donuts” from its name to emphasize its focus on serving coffee expeditiously. When a brand conveys a message that doesn’t align with its products, it may be time to rebrand. This type of rebranding may also be necessary when a company matures and the brand no longer reflects its identity.
6. The brand has an old-fashioned appearance
A company’s brand is more than logos, colors, and fonts. However, those aspects of a brand resonate with stakeholders. The longer a company exists, the more likely it will need a rebranded logo to stay modern and timely. Ford Motor Company, for example, has redesigned its logo at least 12 times since it was founded in 1903. Recommendations vary based on industry and other factors, but most brands will need an overhaul every five to 10 years.
7. The brand is no longer considered acceptable
Acceptable language and standards evolve, and brands that may have been tolerated or even welcomed in the past can find themselves facing criticisms and even boycotts. For example, Aunt Jemima became Pearl Milling Company, and Uncle Ben’s became Ben’s after their brands were criticized for portraying racial stereotypes.
8. The brand isn’t attracting or retaining quality employees
Of course, there’s more to a job hunt or a career change than branding. But if a company is not attracting top talent or is losing its best employees to competitors, a rebrand could help.
9. The brand has developed a negative image
Sometimes, a scandal causes so much damage that a company needs to rebrand in order to recover. For example, when Lance Armstrong was caught using performance-enhancing drugs, he resigned from his foundation, and the Lance Armstrong Foundation was renamed and rebranded as the Livestrong Foundation.
10. The brand needs to reflect the changes of a merger or acquisition
When two or more companies join forces, corporate identity changes. It’s critical to rebrand at this time. Rebranding signifies a change, so it allows companies to communicate what is different and how the changes will affect customers and stakeholders.
Strategies for a successful rebrand
Rebranding is a significant step for marketers and their companies. For more full-service support, the marketing team at Imaginari can partner with marketers to create a successful rebrand. Reach out today to learn more.