Is a rebranding complicated? 10 reasons to rebrand anyway
Do you feel like your brand no longer quite matches who you really are? Is it time for a rebranding? Or do you just need to make an adjustment in your services? Rebranding is sometimes an essential step to keep growing. Find out how to get to the bottom of this in this article. Read about the 10 reasons why you are ready to rebrand as a brand.
Every company has competitors. Whether they are direct or indirect competitors. They influence your operations and the decisions you make. The competitor has strengths and so does your brand. These should be evident in your branding. If there are insufficient differences between you and the competitor, then rebranding is your answer. That way you work on your distinctiveness and retain your customers.
2. Confusing or inconsistent branding
A company starts with a proposition, but it changes over time. Just as the market changes and consumer demand changes. Update the branding to reflect the company's new values, standards and proposition. Otherwise, your branding will be inconsistent and confusing to consumers. If you start to veer off course, make sure your brand moves with you.
Are you planning to expand abroad? Cool! But if you are entering new markets as a brand, then your brand name may evoke unfortunate or negative associations in some countries. Therefore, it is advisable to always research the local market and test whether your current brand name fits.
For example, you probably noticed while on vacation that Ola has a different name everywhere, but always remains recognizable. Does your current brand name not fit? Then rebranding is needed! Is there a geographic location in your name? Then rebrand without emphasizing the location. Like McDonald's does, for example.
4. Declining engagement from your customers
Break-ups are always tricky. With increasing competition, it does happen that once loyal customers switch to another. Do you see the number of repeat purchases declining or notice that it is increasingly difficult to retain customers? Then it's high time for a good dose of self-reflection and to prevent your brand from falling into a downward spiral. Rebranding may be scary, but being forgotten is the last thing you want as a brand!
5. New CEO
New CEOs often want to breathe new life into an organization. A rebranding is then inevitable. The new management is moving in a new direction and want to reflect this in the branding. But, a new direction is one thing. Whether it is the right direction is another. Thorough market research is necessary to make sure you are addressing the right target audience.
6. Mergers, acquisitions or splits
If your brand merges with other companies or is acquired, rebranding is often a regular feature. It gives you the opportunity to buy or take away associations. You also have a little more flexibility in how you want to position yourself. As a new company, you can completely overhaul your brand or keep part of your old identity.
If there is a split then you have to form your own new identity to make it clear that you are no longer part of the organization. Herein lies an immediate danger because your brand awareness may suffer. You also need to work on internal branding and form your corporate culture.
7. New product or service launch
As a brand, you are constantly trying to meet changing market and consumer demands. Are you launching a new product or service? Then make sure your brand is ready for it. It creates a problem to launch a modern product that, in the eyes of the consumer, does not fit your brand at all. A strategic rebranding campaign will help you give your new product or service the attention it deserves.
8. A negative reputation
It's very unpleasant when your brand, for whatever reason, starts to get a bad reputation. Time to sound the alarm! The consequences can be disastrous. Rebranding is your last resort. You can mitigate and hopefully eliminate the negative associations this way. Make sure the changes are not only visible on the outside (your logo), but that they seep through your entire organization. Your values, standards and working methods must also be changed.
9. Appeal to a new or broader target group
If you are not appealing to your intended target audience, it is time for a rebranding. For example, if your brand is becoming dusty or even old-fashioned and only appeals to the elderly. Your brand is doomed if you fail to attract a younger target audience. Rebranding helps you win over a new - younger - target group.
10. One product or service line draws everything to itself
As a brand, you offer multiple products or services. Notice that one product or service is starting to take over? Then rebranding may be your answer. Unlike the Pareto principle in which 80% of your revenue comes from 20% of your offering, the proportions are now even more skewed.
The brand should never equal the category. This causes consumers to see you as a one-trick-pony and brand extensions bring nothing to the market. Rebranding is necessary to put more emphasis on your other products or services.
Improvise, adapt, overcome!
If what you're doing now isn't working, it's time to bring a new plan to the table. Rebranding is exciting, but it can also be a lot of fun! Always doing the same thing is the same as standing still. And then it's only a matter of time before your brand starts gasping for air in breathlessness. Especially as competition increases and customers switch preferred suppliers more quickly. Thinking about rebranding? If so, don't hesitate to contact us, so you have a plan to get back on firm ground!
Wondering how we handled rebranding for one of our clients? Read the case of Vanad Engage!