For many businesses, the concept of rebranding is an exciting prospect. The possibilities brought about by a fresh and crisp identity are indeed enticing. Rebranding is a time-consuming process, which is why it must be planned meticulously. Although a rebrand can feel like a fresh beginning, it may not always be necessary. Just because you may no longer feel fond of your business logo, does not mean you should revise everything.
Rebranding is a delicate process and doing it wrongly can have dramatic consequences. Just one example is the fact that Tropicana sales dipped by twenty percent after a rebrand in 2009. In this blog article, we shall be discussing some reasons why you should rebrand.
No differentiation from your competitors
Although industries change and evolve, it is a common phenomenon to see competitors adopt each other’s traits. This makes them appear the same with no drive to stand out. In certain cases, companies rebrand simply because their competitors did so. When this takes place, a rebrand would not be perceived as authentic or unique.
Targeting a new audience
For different reasons, businesses may decide to expand their service offering to new clients. It may be the case that the existing branding does not connect with this new audience you are trying to target. In such cases, a rebranding exercise may be fruitful.
In most cases, business success is followed by the urge to grow, irrespective of industry. The growth may need to be accompanied with new branding and digital channels, with designs created to correspond well with different media. If the business has been in operation for a long time and no rebrand took place, it may be a good idea to explore this option.
It would be foolish to assume that good branding will cover up malpractices or misconduct. With that said, if your business has faced media scrutiny and has taken tangible steps to avoid a re-occurrence, a rebrand might help. This will assist your business to dilute negative connotations with your brand that might damage business prospects.
Merger or acquisition
A business will go through a number of changes when merging or being acquired. Studies show that a significant number of businesses rebrand following a merger or acquisition, to reflect the changes taking place.
The decision of whether to rebrand or not should be made after accounting for several considerations. It is not a decision which should be taken lightly and needs to align with the company’s long-term brand strategy. Want to learn more about rebranding? Contact MYC by sending an email on email@example.com