Rebranding is no easy feat. It requires a thorough examination and development of your brand strategy. More difficult is translating this into optimum change within the spectrum of change. Rational objectives will no doubt be to speak to given and developing target audiences ahead of the competition. However, the real challenge is with the existing stakeholders. Not only taking existing customers and clients with you, but also your team – including founders and owners! Like anything, working through a sound process will be efficient. Vision, values, positioning and proposition with your clients in focus should ensure you are pitching to the right audience.
“Rebranding can be a very serious declaration of intent, a marker of your company’s commitment to evolution and upward growth.” –Andre Bourque, Growth Strategist & Independent Consultant
In terms of when rebranding is most effective – there are no rules. Some of the most recognisable brands are on completely different sides of the spectrum in terms of rebrands. For example, Pepsi is on the much higher end with eleven rebrands in the records since it’s creation in 1898. Starbucks, however, is on the much lower end of the scale with only four rebrands on record since it was founded in 1971.
What are the signs that you need to undergo a rebranding process? One of the top reasons is the loss of relevancy in the market place.
“[The] Key to a company’s relevance is the evolution of the brand. A primary responsibility of a chief marketing office is to know when it’s time to advance a company’s legacy by transforming it’s brand.” – Jim Freeze, Chief Marketing Officer | Interactions LLC
On top of maintaining relevancy, a brand refresh may also be necessary when you would like to tap into a new demographic.
Other reasons to rebrand:
· When you outgrow your existing brand mission / image
· Your company is expanding / acquiring
· Your company is merging
· Reputation management
· Change in leadership
If you’re thinking of re-branding, we’d love to hear from you! We offer bespoke advice and a free, no obligation consultation over coffee.
