“Sometimes, you just have to start all over differently.” ― Bernard Kelvin Clive
After a decade of crafting beautiful and quality shoes, a well-known fashion shoe firm chose to rebrand in 2022. They changed their name from Horseman Shoes to Horseman since they are expanding beyond the production of shoes. There is always a time and season to examine the brand, look ahead, and prepare.
You may be thinking, “Why would I want to rebrand? Isn’t my brand already awesome?” The short answer is no, probably not. Truly amazing brands don’t need to be rebranded; they simply stand out in their category with minimal effort on their owners’ parts. But for most companies and products, rebranding is an important part of growing up and maturing as an entity.
When done correctly (like in Starbucks), rebranding can be beneficial; nevertheless, it is not always the case (think: New Coke). In any case, every successful firm has undergone at least one big rebranding along the way – and if yours hasn’t, it may need to!
Rebranding is the process of changing some or all of your branding assets and marketing strategy. It can help you bring awareness to your business and help you stand out from your competitors. Rebranding can also be a great way to refresh your image, which helps keep up with the times in an ever-changing world.
This type of change isn’t always easy, but it’s necessary if you want to keep customers interested in what you’re selling or offering as a service provider.
Why do companies rebrand?
You might be wondering: why do companies rebrand? The answer is complicated. Many reasons can lead to a rebranding process; but the most important reason is this: when your business needs to change how it looks or how it’s perceived by other people, you have to rebrand.
Companies usually begin their rebranding process when there’s a shift in their target audience or market position. As new competitors enter the market, or if consumers’ expectations change over time and demand a new type of product from your company, you’ll need to adjust accordingly. This means changing the way your brand looks (or sounds) so that people recognise that things have changed, and know where they stand with you now.
Questions to answer before you rebrand
Before you jump into the rebranding process, there are a few questions that need to be answered.
What are your goals? Are you hoping to increase conversions on sales or downloads? Do you want more traffic and awareness for your brand? Understanding what you want out of the rebrand will help with measuring success after it’s finished.
What are your competitors doing differently, and how can they benefit from an overhaul of their own? If they’re not rebranding or making any changes in their strategy at all, it might be time for yours.
Who is your audience and how will this benefit them? Whether it’s an internal team or external customers/clients, understanding who will be impacted by this change will give insight into communicating its purpose effectively in marketing efforts, going forward.
How do we plan on marketing our rebrand? This can mean anything from creating new ads for social media platforms like Facebook or Instagram, sending out press releases about important milestones that occurred during development stages (like when we changed from being named ‘XYZ Company’ before), et cetera; but whatever route we decide on should align with our goals listed above!
When should a company consider a rebrand?
A rebrand is a great way to refresh your brand. But it can also be an opportunity to redefine it if you feel like your brand image has become outdated, lost its way, or no longer reflects the business strategy. If your market has changed and expanded, or you are not connecting with your audience in a meaningful way, then maybe it’s time for a rebranding effort. Is your current brand delivering on its promise? A rebranding can help address these issues and improve on what is already working for you.
Advantages of rebranding
Rebranding can help you stay relevant and appealing to your customers.
Old brands may not be relevant in today’s market, or they may have lost their meaning over time. Rebranding can help you communicate a different message than your old brand did so that people understand what your company does and why they should buy from it.
Rebranding can help appeal to new customers, investors and employees.
If the reason for renaming isn’t obvious, people might think that something is wrong with the original name or its connotation for them personally (e.g., if it reminds them of an unpleasant experience). If a rebrand occurs periodically (such as when an organisation changes ownership), then this could be confusing for potential buyers who aren’t aware of all the changes going on behind the scenes; while frequent rebrands might seem like a bad idea at first glance because they sound like companies don’t know what they’re doing – in actuality they’re just trying something new!
Effects of bad rebranding
A few years ago, I received a panic call from someone upset about how others perceived his company’s new corporate identity. The company was celebrating its tenth anniversary, and he felt the need to change the company name and logo. He made significant investments in the interior design and rebranding of the office building, among other things. Clients, on the other hand, consistently referred to the company by its previous name, which was causing him problems. His efforts did not aid in the rebranding process. He did not consult a brand agent or seek advice; instead, he did everything himself.
Bad rebranding can also damage your brand’s reputation. If your new logo looks like it was made by a five-year-old, if the font is too big or too small, or if the colour scheme clashes with everything else on the market, people will think you’re unprofessional.
And this isn’t just about aesthetics – bad rebranding can hurt sales and customer loyalty. If customers see that the company behind their favourite product has changed its identity so drastically that they don’t even recognise it anymore, they might feel betrayed. They’ll lose trust in your brand and stop buying from you altogether, or at least until another company comes along offering them something similar (but not quite as bad).
Bernard is an Author, Speaker, Lecturer and Corporate Trainer.
