Before we jump into the reasons to rebrand, in order to add context for this article, let’s first discuss what it means to rebrand.
A rebrand or brand refresh is not a minor task. A rebrand will require an enormous amount of time and resources. So, a rebranding initiative should be considered carefully.
A typical rebrand initiative may require a new name, a major reposition of your brand, an overhaul of your current offerings and how you describe them, a major update to the visual language you use to express your brand, and so on.
Because a rebranding initiative is a major deal and can consume an organization for many months, it is imperative first to initiate a brand audit. A brand audit will provide you with the clarity and information you need to thoroughly analyze the state of your current brand and also articulate all of the necessary brand elements you will need to update or change.
As I work with many great clients throughout the country, I often get asked when is the best time to consider rebranding. Although there isn’t a definitive rule or guideline, there are many insights into your brand that should help shed some light on the appropriateness of rebranding. Consider several of these situations:
- Are your sales down or stagnant?
- Have you made a significant change in your business, product or service?
- Has the competition landscape recently changed?
- Have you outgrown your name?
- Is your brand frequently confused with another brand?
- Has it been several years or more since you have reviewed your brand message and positioning?
- Has your company merged or changed ownership recently?
- Have you added products or services to your company which affects your overall brand message?
- Have you reached a major milestone in your company?
- Finally, since we are just scratching the surface, there are many more variables to consider if a rebrand is necessary.
If any of these sound familiar, then you should consider rebranding. If done successfully, several major benefits of a rebrand will be to create additional excitement with your current customers, a revive-ration of your current brand, boost brand equity, define a clear brand purpose, get everyone in the organization on the same page, increase sales, create stronger brand loyalty, potentially save you money, and there are even more.
Lastly, it is always a good practice to review your brand’s message and position periodically. When we are asked to perform a rebrand, we typically start with a brand audit. Depending on the outcome of the brand audit, you many not need to do a total rebrand. On the other hand, you might need to invest in your brand a little deeper to keep the competitive edge.