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How Do You Know When It’s Time To Rebrand?
A rebrand is a significant step for any business, as it involves changing the way the company presents itself to the world. Knowing when…
A rebrand is a significant step for any business, as it involves changing the way the company presents itself to the world. Knowing when it’s time for a rebrand requires careful consideration and analysis of various factors.
I’ve read reports that say a business should rebrand every 7–10 years. Some reports read “This” and some reports read “That”. I honestly believe that whatever direction a brand chooses to go, is determined by the vision of the leader of that company and or brand.
Before I list some suggestions let’s look at one of the biggest companies in the world, Microsoft. I like to imagine big companies that are doing well today couldn’t have possibly imagined the major impact that they’d have on the world. When Microsoft hit the market in 1975 the company started with the logo in the chart referenced below:
Do you see how it started off one way and ended up another?
That’s what it’s like when you have your own brand. Sometimes we’ll start things one way and the vision gets clearer as you move in the direction of your goals. And things change. That’s ok.
Here are some key indicators that suggest it might be time for a business to undergo a rebrand:
Changing Market Trends: If the market the business operates in has undergone significant changes, a rebrand may be necessary to adapt to the evolving landscape. This could be due to shifts in customer preferences, emerging technologies, or new industry trends that impact the company’s relevance and competitiveness.
Outdated Brand Image: A brand that looks old-fashioned or no longer resonates with the target audience may need a refresh. An outdated brand can give the impression that the business is stagnant or not keeping up with the times.
Negative Public Perception: If the business has faced significant negative publicity or a public relations crisis, rebranding can be an opportunity to distance itself from past issues and start anew.
Expanding Target Audience or Product/Service Offerings: When a business undergoes significant growth or diversification, its current branding may no longer accurately represent its new identity, values, and scope of offerings. A rebrand can help align the brand with the expanded target audience or product/service portfolio.
Merger or Acquisition: When a business goes through a merger or acquisition, it may be necessary to rebrand to create a cohesive and unified brand identity that reflects the combined entities.
Legal Issues: If the business faces legal challenges related to its brandings, such as trademark disputes or copyright infringement claims, a rebrand may be necessary to avoid further legal complications.
Declining Sales or Market Share: A significant decline in sales or market share may signal that the current brand is no longer resonating with customers or that the business is losing its competitive edge. A rebrand can help reignite interest and attract new customers.
Global Expansion: If the business is expanding into international markets, it might need a rebrand to ensure its brand name, logo, and messaging are culturally appropriate and well-received in different regions.
Company Name Change: If the business has changed its name due to any reason (e.g., a change in ownership, a merger, or to distance itself from negative associations), a rebrand is necessary to reflect this new identity.
Innovation or Relevance: A business that prides itself on innovation or is at the forefront of its industry may want to consider a rebrand to reflect its cutting-edge status and remain relevant.
Important Note: Logos are crucial in identifying a brand, often the first thing people associate with a brand name. They significantly contribute to brand recognition. Changing logos abruptly can lead to confusion and diminish the brand awareness you’ve built. Customers may wonder if you’re still the brand they know and love. Case Study: Gap Inc. I remember coming back to the Gap, and taking on a leadership position, after being gone for a few years. I came back during the time Gap attempted to change its logo after 20 years. The public went nuts. They were not receptive to the change. It has always fascinated me that the public was receptive to Microsoft’s logo change after 25 years….but said hell-to-naw-to-the-naw-naw-naw to Gap’s (lol)
Deciding on a rebrand should involve extensive research, market analysis, and input from stakeholders, including employees, customers, and partners. It’s essential to carefully plan and execute the rebranding process to ensure a successful transition and positively impact the business’s long-term growth and success.
Are you thinking about a rebrand? Share which point made above resonated with you below in the comments.
To your continued success,
PS: Not sure if you should rebrand? I offer 1:1 Coaching, let’s work. Click here.