Rebranding is a painful process, but sometimes it’s necessary to keep your place at the market. A good brand is the backbone of your company, After all, your brand is your goodwill and something you are recognized for. However, the market is a cruel mistress. What has worked well yesterday, today is outdated or perhaps even wrong. The companies that notice the right time have a significant advantage over the competition.
Rebranding means upgrading your company’s image and reputation. Usually, you need it to show the world your new face. Customers, shareholders, competitors, investors, they all want results, not empty promises. To rebrand is to become modern, up-to-trends, and justify the prices of your goods and services. However, sometimes you don’t need to rebrand the core of your company, but just certain parts. That may include:
- new company name and logo
- new slogan and a brand style
- a new mission of your company
- cultural adaption to new markets or trends
How do you know it’s rebranding time?
Certain signs are telling you it’s the right time. Although rebranding can be expensive and time-consuming, don’t ignore these signs. After all, your brand was built to last and meant to stand.
Your brand has a somewhat embarrassing past
If sometimes you feel ashamed of your brand’s history, it’s rebranding time. Hugo Boss was a member of the Nazi party in 1931, and the company even issued a formal apology in 2011. Disney had problems with the racist cartoon characters at the beginning of their rise. Although someone’s political, racial, or religious views should have no connections with the vision of the company, the public remembers. Especially nowadays, with the #blacklivesmatter and everything that is happening. Luckily for them, these two megacorporations have rebranded their reputation successfully.
Your brand is often mistaken for your competition’s
Having a simple brand isn’t a mistake. After all, there are no much simpler logos than for instance Nike or Apple. However, even if you are not a worldwide company, your brand needs to stand out. That can be hard if you don’t have something recognizable. If your customers can’t spot the difference between you and your competition, you will lose them. That is especially obvious if you created your brand just to copy the competition. Remember, an original beats the copy every time.
You have outgrown your starting brand
Every beginning is hard, I know. Most likely, you have started from scratch, and perhaps even DIY your logo. But now you have steady growth, and your beginner’s brand just doesn’t cut it anymore. Maybe you have gained new customers or even widened your business on new continents, and your brand simply doesn’t represent you in the good light anymore. Starbucks opened its first store in Seattle, in 1971. It took them 20 years to open 16 stores, another 20 years to open up 4709 stores, and now, they have 31000+ stores around the world. As the company grew, its brand was changing. From a small Seattle coffee store to a world’s largest coffeehouse chain, Starbuck knew the importance of a good brand designer.
You are targeting new customers, and rebranding is necessary
As I mentioned above, the marketplace can be as treacherous and unpredictable as the sea. And of course, the times are changing. That’s why it’s most important to keep up with the trends. Can you imagine trying to sell Tamagotchis now? Although it may seem funny, Tamagotchi is a great example of both good and bad brand marketing.
- Thanks to great branding and marketing campaigns, over 82 million(!) of Tamagotchis were sold from 1996 to 2017.
- Thanks to failing to keep up with time, newer generations have no clue what Tamagotchi is, or who manufactured it ( Bandai Co.).
Don’t let your company become a Tamagotchi.
You are trying to attract the best talents
The best employees want to work in the best companies. After a certain age (and salary increase), the numbers on your bank account become just that: numbers. Every expert wants to work with other experts, as a part of a personal sense of accomplishment. You can’t just wave with a bunch of banknotes and expect everyone will be thrilled to work for you. Especially if your bunch of banknotes isn’t that fat.
Amazon is the largest company EVER, but they still pay minimum wages for most of its workers. Average Amazon worker (all positions included, from a doorman to a CEO) stays in the company for averagely a year. That’s not a way to do business. Of course, having a net worth of more than $1 trillion ( yes, you read it right) shuts the mouth of many. However, if your net worth isn’t that big, or even if it is, you need to maintain a good reputation. Nobody wants to work for a dictator or for a company with a bad reputation.
Rebranding isn’t easy. Especially assuming the time and resources you spent building your brand. However, sometimes it’s necessary, to keep you in business. In short, if your brand isn’t appealing, money’s worth, or represents you in a bad manner, you need to change it. If you need a word of an expert, feel free to contact me. I am more than happy to help.