Most companies will need to rebrand/refresh their brand at least once during a ten year period. But, how do you know when the right time is? We know it can be a painful process - you're invested in it, attached to it and it's hard to let go. But, there always comes the time for a new chapter as your company evolves.
NERD ALERT: Think of it like good ol’ Newton’s First Law of Motion: An object (in this example. your business) at rest stays at rest and an object in motion stays in motion with the same speed and in the same direction unless acted upon by an unbalanced force.
The unbalanced force? Your brand. A well-done rebrand can do wonders for your business - increase awareness, spike curiosity, draw new customers and more. With that said, a rebrand needs to be done for the right reasons — here are five good reasons you should prioritize a rebrand.
1. You need a makeover
Logo partying like its 1999? It may be time to pump some life back into your logo and other aesthetic collateral elements to transform the old and tired to the new and fresh. Embrace your future while still honoring your past by revitalizing some of the basic elements — logo, type and colors.
2. You need to differentiate yourself from the competition
These days, many industries are super saturated, making attracting customers’ attention challenging. By branding in a way that sets your company apart from the rest, you will have your customers take notice through the noise. It's more important now than ever.
3. You've grown
Does your brand show and tell who you are today? As your company grows, its brand changes and will often stand for something different than it did at its inception. As you grow, your audience, trends and technology evolve as well - and you may need to adapt. By telling an updated brand story, you can continue to reach new audiences, whereas if you stuck with the original story and position, it can become a liability and hold the company back from driving growth. Uber's rebrand is a good example. They needed to broaden their appeal and move away from being a luxury.
4. You need to establish yourself
You’ve grown so fast and continue to achieve your company’s goals, but how do you get taken more seriously? Many companies begin and experience growth without a concrete brand in place. That’s when rebranding becomes a crucial step for businesses to be taken seriously and have staying power.
5. Your leadership has changed
Did your company merge? Get acquired? Appoint a new CEO? It’s definitely a good idea to rebrand and do so in an obvious fashion, so long as it complies with legal requirements. Mergers and acquisitions makes a time to take a step back and analyze audience overlaps, product or service offerings and even geography. By revisiting key messages and positioning, mergers in particular, may warrant the need to create a new brand or simply refresh the message and visual identity. When it comes to the transition of leadership, brands are often linked to a company’s leader — private companies and organizations — and take on the founder’s personality. However, when the company changes up leadership from one generation to another or to an outside owner, a new identity is a way to note this transition. It also allows the new person at the helm to make the necessary shifts to continue to move the company forward in the way they envision.
Are you ready to sizzle or fizzle?
Your brand is an asset that should work for you and your bottom line. It shouldn't be set in stone. You didn't take a vow through sickness and in health. Rather, to have and to hold, and to know when to let go.
The important thing when rebranding, is to not change your whole business, but just change your brand so that it can continue to grow with you.
But, keep in mind that a rebrand shouldn't be carried out alone. It's vital to have a rebranding strategy in place or an accompanying campaign, or your rebrand may do more harm then good. Need help rebranding? That's one of our specialties.
Ready, set, grow!