When and why you should consider rebranding?
Over time, companies evolve and it’s important that their brand evolves with them.Rebranding is often misconstrued as designing a new logo and new visuals for a company. But, branding is much more than the design. It involves an emotional connection from your employees and customers. While rebranding may involve a change in brand identity, the overall effect is more widespread. There are times when brands no longer align with the purpose they were initially set out to achieve.
Here’s 5 circumstances when your company may consider rebranding:
1. To Reflect a Change in Company Strategy
A change in the products or services offered could mean updating the brand to reflect this. Say your retail bicycle shop grows and adds other outdoor supplies to the shelves like camping equipment, clothes, and footwear. The prior logo with a bicycle wheel and the materials about biking could benefit from being updated to reflect the new offerings.
2. To Account for New Markets
Business is booming and now you’ve found yourself expanding into new markets. What if you’re a personal trainer who started with professional athletes, but now you’ve tapped into a growing market of older recreational athletes. The messaging now has to account for both segments of customers, or you could risk alienating a market.
3. To Stay Current
Who you are now and who you were 10 years ago are completely different people. Brands work the same way. Your goals and values as a company change over the years, and it’s important to make sure that your messaging reflects that. While you may still be the best damn restaurant in your town, maybe now you’re also involved with policies to increase locally sourced ingredients.
4. To Differentiate from Competitors
In a single industry, you may find that your competitors are all using similar color schemes, objects in their logos, or typography. To stand out from the pack, a change in your brand identity could go a long way.
5. To Reflect a Change in Company Organization
Leadership changes, mergers, or company take-overs can all result in large changes in the dynamics of a company. Rebranding when there is a change in leadership can be a means to unify everyone together under a common identity. It can also serve as a reflection of the future the new leadership has planned.