To re-brand or not to re-brand, that is the question? Re-branding is vital for every business that wants to continue to grow but there are also reasons why to change a brand. Whatever the reasons may be, it is important to make the right choice for the right reasons. A rebrand can have many benefits but must be done right and this takes time, budget and focus that all need to be driven by aligned purpose.
If your business is on average over 7 years old then according to top-branding agency designers, it may be time to have a refresh. Did you know that Apple has rebranded 3 times, Starbucks 4 times, McDonalds 10 times and Pepsi has rebranded more than 11 times in total?
Why branding and rebranding is important
Branding is critical to a business. It is the businesses outward facing identity, it sets the business apart from their competition and presents a (hopefully) positive and memorable impression on both staff and customers. Brand recognition can also increase company value, provide insights (i.e. product and price positioning), sets expectations to the audience and makes acquiring new customers easier.
Having recently rebranded The Marketing Associates I felt it would be useful for other business owners to know what to consider and when to make the leap so that when your identity starts to lose that sparkle you know just what to do.
- Staying up to date: Is your branding out of date? Re-branding isn’t just about a colour or icon, a re-brand can be the company name, the graphic/icon, the type font, the colour way, the structure and layout of a brand. One of the main reasons to look at re-branding is if your brand is getting a bit tired. This doesn’t have to be a big change. Look at all of the elements of your brand, what is working, what isn’t working and what is starting to look a little dated. In 2016 Audi rebranded in order to future proof the brand, bring it up to date in a digital world. They kept their four-ringed logo but had a mat, flat version with suitable type front that could stand the test of time online.
- Repositioning: If implemented properly, a change to the brand positioning and look and feel of a business can have a hugely positive impact for the organisation. The European lingerie brand Hunkemöller had a solid, but old-fashioned image, therefore to be recognised as a ‘high-end’ fashion brand Hunkmöller carried out a thorough successful repositioning and brand exercise through-out the business resulting in a new brand position and logo.
- Changing markets: For some companies, changes in a market situation mean that their business comes under threat. A great current example of that is the death of the high-street and the digitisation of society. It is making it necessary for effected brands to reinvent themselves in order to keep up and survive.
- Bad reputation: This can happen to any business of any size but tends to be seen more amongst big organistions where something like an environmental scandal, hidden data breach or a lawsuit may have led to a bad reputation. A rebrand can, after time, reduce or even squash negative associations with the brand. What is most important about a rebrand caused by something like this is that it is driven by internal organizational changes that honestly deals with the original issue. This is more than a new colour-way or type font and with the need for transparency, people are able to see through cosmetic changes and want to see a real change in approach and brand promise within a business. This is the only way that a rebrand project can remove any negative associations with the brand and therefore be successful.
To find out more about The Marketing Associates please visit www.themarketingassociates.co.uk