Rebranding is the mark of an evolving company; one that has been around long enough to grow and change to greater connect with their target audience. Many well-established brands that we interact with every day have a wonderful history of brand evolution; companies like Coca-Cola, Starbucks, Shell, American Airlines, and Pepsi have gone through multiple rebrands to ensure that they will withstand the test of time. It's always fun to discover the roots of brands we're very familiar with, so I thought I'd share:
There are multiple reasons a company might want to rebrand, and when considering this undertaking it's necessary to maintain enough perspective on your company and your competition to determine whether your brand is still relevant.
Making the decision to rebrand shouldn't be taken lightly, especially if you decide to do a complete overhaul. If it's a minor rebrand, then you can get away with introducing it gradually; but if you send everything back to the drawing board, it can cost lots of money to replace your brand on your website, products, advertisements, etc. Sometimes this investment is necessary for the health of your company, and it's up to you to decide if it's worth it.
Here are some questions you might ask yourself to find out if it's time for you to consider investing in a rebrand:
HAS MY COMPANY'S MISSION CHANGED?
The company you created 10 years ago probably isn't the same company it is today. A changing company is a healthy company: it means that you're growing into your market, and finding new ways to serve your customer base. However, this also means that your old branding doesn't quite match the message you need to proclaim to your audience.
The whole purpose of branding is to connect your current or potential customers to your story, and to show them how you can make their lives easier. If your current branding sends a message that differs from your real mission, then you are doing yourself and your clients a disfavor.
IS MY BRANDING OUTDATED?
To stay relevant in your customers' eyes, you must be relevant to your competition. This requires keeping an eye on the visual trends not only in your industry, but also in our culture's leading companies. Looking at the famous examples above, you notice that all of these logos have a trend of moving away from a busy, hand-drawn aesthetic and toward the more streamlined, minimal look that is considered good design today.
Sure, you can argue that sticking with your current branding ensures brand recognition, but there are many ways to successfully rebrand while maintaining your company's ability to be recognized.
AM I KEEPING UP WITH MY COMPETITION?
As I said before, it's important to keep an eye on your industry to see what types of brand strategy they're implementing. If you notice that your competition is becoming more successful than you are, maybe it's time to take a good hard look at what they're doing with their brand and see how yours measures up.
As culture and technology grow and change, customer needs also change. It's so important to know what your customers need now, today, and not just what they needed 5 or 10 years ago. Stay up-to-date with your knowledge of your industry and your customer needs, and align that with your brand strategy.
Rebranding is not a small job, but given the right care and attention, it can see your company successfully through the next decade of business.
Stay tuned for Part 2: How to Approach a Rebrand!
If a rebrand is something you're considering, reach out to me to see how I can help you through the process! Click here.