Rebranding is an important part of the business cycle whether it is a result of growth, a bad reputation or new management. Regardless of the reason it is important that the rebranding is significant for consumers.
Rebranding comes about as a result of needing to keep up with changing times and cultures in order to stay relevant and meet the needs and desires of a broader customer base. Below are the top 10 reasons to rebrand your business.
Brand names, slogans or values may not be understood in other cultures and therefore a name change may be necessary. The majority of businesses, 96%, are confident about conducting business abroad and must consider the cultural and language apsects.
Businesses will often reposition themselves to appeal to a new or broader audience or even to adapt to the changing tastes of their current audience.
- New management
New CEO’s often impart a breath of fresh air on a business and therefore a rebrand may be necessary to steer the company away from failures. For example, when Steve Jobs returned to Apple in 1997 he changed the Apple logo to a sleek metallic one as opposed to the original rainbow colour.
- Outdated Image
Changing times, audiences and offerings will often force a company to change its image. A new logo and colour scheme may be necessary to remain in lines with the businesses core values or modern outlook.
- Bad reputation
Any business that has earned a bad reputation is in need of a rebrand to boosts its image and start afresh. This may mean offering new products or simply targeting a new audience in order to leave its bad reputation in the past.
- Mergers and Acquisitions
When a company undergoes a merger or acquisition from an existing company they need a rebrand so that the change is visible to consumers. Of course there are legal requirements but the change is a signal to consumers that they have a new vision.
- Changing markets
Markets evolve over time and that means that your business needs to as well. A company that fails to adapt to the changing market can face extinction. Stimulating growth through an improved brand and highlighting the evolution that your company is going through are key tactics to remain relevant.
- Corporate identity development
Many brands have an incomplete and scrappy corporate identity. Companies need to be consistent with the font, colours and photography that they use to portray their brand. All of this needs to align with the company image and values.
- Too similar
If your branding is too similar to another company’s then it can have two impacts; a lawsuit from the other company and it can make your brand look unoriginal and cheap.
- Development and acquisition of brands
When a business acquires or develops new brands they need to deal with this in a way that includes them in the businesses image. Keeping things consistent across brands is important for any company so a rebrand may be necessary when new products come into the picture.