5 Reasons You Need To Rebrand Your BusinessBusiness House
As a business owner you know that it’s vital to stay up-to-date on new processes, changes, and advancements in your industry so that you can evolve to better meet consumer needs. In the same token, your image must evolve to clearly identify who you are and what you have to offer. In the very beginning you must develop your branding and identity to communicate these things to your consumers, but as your brand evolves over time it may be worth considering a change.
Rebranding is a task; it’s not as simple as a logo change and can be costly depending on the course of action. It’s not a decision that is made lightly, but it is a decision that is made in an effort to better the business. If you’ve been weighing out the pros and cons for rebranding and aren’t sure if it’s the right move for your company, check out these reasons why a rebrand could be a smart move:
1. Your brand is outdated.
This one is pretty to the point – your brand needs a facelift. What was appealing 20 years ago, or even five years in some cases, will not necessarily stand the test of time. In a fast-paced world where customers are looking for intuitive design and user experiences it’s essential for businesses to look the part. Take Apple for example, their original 1976 logo is not only nonfunctional, but it certainly would not stand a chance today.
Even before the company rolled it out as their first official logo they went back to the drawing board to create something more universal, settling on the rainbow striped apple that represented the company well into the late 90s. Over time they have continued to simplify their logo and grow their brand beyond the Mac computers they first became known for.
Just like Apple, your branding must be up-to-date to continue to attract consumers who are always on the lookout for the best product or service to meet their needs.
2. You want to facilitate growth.
Your old brand may not have quite the right name or associations to continue moving your business forward. If your entire identity is focused around the core of what your business was, but you’ve expanded products and/or services to something entirely new rebranding can help communicate these changes to customers with a fresh new look and overhaul in messaging.
UPS underwent such a rebrand in 2001 in an effort to tell the world that they are not just a package delivery service, but rather an innovative company who cares about their customers and strives to efficiently manage a hub of activity to provide quality service. The rebrand has been widely regarded as one of the most successful. You have the potential to change every aspect of how your company is viewed as well, and a rebrand is the perfect way to do just that.
3. You’re trying to reach a new audience.
Your business may launch and successfully operate for many years with an unwavering group of loyal customers… or it may not. A decrease in sales, the desire to diversifying, and other factors may lead to your decision to reach out to new customers and that means making changes that will attract them.
Old Spice’s rebrand, which did not include a logo change, focused on creating an entirely new experience for their consumers when they launched the well know The Man Your Man Could Smell Like ad in 2010. The clever, entertaining advertising campaigns under this new identity have brought Old Spice away from the imagery of being for old men and successfully transformed it into a company geared toward a much younger audience, in addition to being one of the most widely recognized brands in recent years.
4. You want your brand to rise above competitors.
If you want to stand out in your market a rebrand could be the way to go to help differentiate your business from the competition. There are a plethora of retailers, fast food chains, security companies, clothing stores – you get the idea – to choose from, so what makes yours better? Overhauling your entire identity can transform everything about your business, and most importantly how people perceive you versus your competitors.
It may be hard to believe now, but Target was once seen as an equal to chains like Wal-Mart and K-Mart. To rise above their previous reputation, they began partnering with some of the biggest names in fashion to bring an edge to their company. Zac Posen, Jason Wu, and Prabal Gurung, are just a few designers who have offered exclusive lines of apparel and merchandise through Target helping them to re-establish themselves as more than just another discount retailer, but rather a retailer that offers high-quality products at low prices.
5. You need to get away from a negative image.
A crisis or scandal has the potential to negatively impact a business indefinitely. In times like this a rebrand has the potential to save the company and may become a necessity, rather than a choice. Redefining your brand will allow your business to restructure not just by embracing a name change or new look, but by establishing your company’s values and culture in a way that tells the public you are moving beyond whatever situation may have occurred, and you hope they will join you.
One of the most well-known rebrands after a scandal? LIVESTRONG Foundation. Formerly the Lance Armstrong Foundation, the organization opted for an overhaul following the athlete’s doping scandal. They do still acknowledge his contributions as founder, but the focus has shifted away from his celebrity after the rebrand and his resignation from the foundation.
Whether you’re looking to rebrand and take your company in a new direction, give it a facelift, or have other reasons in mind for the change it is a decision worth discussing in depth. Rebranding can be a lengthy process, but well worth the time, effort, and wait to help re-imagine your brand in an entirely new light.