Trends are constantly evolving and businesses must adapt to these changing trends to maintain a fresh image. As times change and brands become dated, it is vital that businesses consider the option to rebrand. This can inject new life into your brand and is vital if you want to remain current, competitive and grow.
Rebranding is the action of changing a business's image to support a change in the internal or external environment.
Rebranding can be helpful if your business has fallen out of favour with customers or clients, to create a new company image, to jumpstart growth, destroy misconceptions, or to evolve with changing customer needs.
Of course, rebranding doesn’t mean creating a whole new business from scratch, but it’s also more than just changing a logo. Rebranding is creating/tweaking a new identity for your business, whether it be a complete overhaul or just a minor facelift. In your case, it might involve picking a new name, changing your logo and having an overall fresh look and feel for your brand.
As your company matures and grows, it might evolve into something that is much different from when you first began. It may be the case that your image no longer represents the products or services that you offer. Or perhaps your core values and identity have become a liability.
In these scenarios, it is important to realize that you may have outgrown your brand and it is time to reconsider rebranding or repositioning.
When you first start your business, you’re targeting a very specific target market. But if your brand doesn’t attract the right target market, you know it’s time to rebrand your business. Changes in your logo, colour palette, design—or perhaps changing your name or tagline may be what you need to keep up with your market, customers and their evolving needs.
When businesses are just starting out, it can be exciting to see the progress each month. After years of hard work, sometimes the growth slows down or ends altogether. It’s common for businesses to make the decision to rebrand after years of brand-building—when you've grown tremendously, but now your brand no longer matches the growth your brand is aiming to achieve.
Remember, this does not mean a complete makeover. It is important to identify areas of strengths and weaknesses and work out which aspects of your brand would you like to keep and what would you like to change. This will help you understand how to move forward and change your branding to suit the growth goals of your business.
Generations are constantly changing—from gen x to gen y, gen z and now gen Alpha. There’s always a new generation that’s growing up and spending money in the marketplace. If you want to tap into a new, younger audience, then you should probably consider rebranding. Brands looking to target new markets and audiences should make it their priority to study and understand their customers. What are their preferences, motivations and buying habits? How can you rebrand and adjust your brand experience to meet their needs and expectations?
Starting out as Apple Computers Inc., in 1997 Apple changed its name to Apple Inc. They scrapped the old rainbow logo and introduced the minimalist monochrome apple that has now become ubiquitous. Rebranding allowed them to be more competitive and representative of the products they offer. Apple wanted to be seen as innovative and modern as they began to add new products like iPad, iPhone, iPod into their line.
Did you know that Dunkin’ Donuts became Dunkin’ in 2018? In an effort to become more competitive, Dunkin slimmed down its menu and began to focus more on beverages instead of its food. This was simply an extension of a rebranding effort to make themselves more relevant to consumers.
The legendary soda brand has recently launched a new marketing campaign to inspire positivity and change. Coca Cola has done away with the iconic logo and instead used inspiring quotes on its cans. Doing so will connect with younger audiences for whom positivity and identity are important values.
Rebranding is one of the most effective ways to ensure your brand remains current and grows. Ultimately in order to succeed, your brand needs to remain relevant to its consumers and its time and rebranding will help you do so.