A Brand is the overall identity of a Company, product, or service. It’s the culmination of everything the target audience experiences, including: the name, logo, packaging, messaging, and positioning. When the time is right a Brand will undergo a rebrand, which can be a complete overhaul the verbal and visual identity, or simply a refresh of the logo.
The difficult part is, there is no clearly defined point in time that all brands hit demanding it is time to change. The decision is dependent on the signals the Company is recognizing that determine the appropriateness:
People change, they grow-up, they move, they go in and out of different life stages; and their needs change with them. A Brand that was relevant to a target audience when they were teenagers might have had huge Brand loyalty, but as that group has grown up they have moved away from that Brand they loved back then.
A rebrand allows brands to either stay relevant with existing target market or adapt to entice the people who are becoming the target market. When rebranding to capture a new audience it is important to gain the perspective of the target audience to better understand what they are looking for in the brands they love.
Fending Off The Competition
With the marketplace becoming increasingly crowded, there is nearly always going to be several products and services that directly compete against each other, the Brand is the competitive difference separating one from another. In this ever-changing environment, a rebrand is necessary to maintain market relevance.
In order to successfully rebrand and become more competitive in the market, Company’s should first complete a Brand Audit. By critically comparing and analyzing the existing Brand against the largest competitors, you will notice opportunity areas that a rebrand should focus on, which could include areas in which they could leverage a potential advantage: bolder logo and color scheme, more pointed messaging, or cleaner look and feel.
After A Merger Or Acquisition
There is forecasted to be 45,000 merger and acquisition transactions worldwide in 2017. Each one of these transactions provide Company’s the opportunity to shift business strategy and expanded their offerings. When there is a major shift in strategy, Company’s should assess its effect on their Brand.
When two Company’s combine product and service offerings the first component of a rebrand should be aligning the Brand Architecture and the aforementioned audit. By rebranding and creating one cohesive corporate identity and focusing the overall vision and messaging, brands will more easily be identified as being components of the new, larger Brand.
These are several, not all, of the signals that should prompt companies to start having the rebranding conversation. Whatever the reason for a rebrand is, companies must approach these massive undertakings with a clearly defined strategy and concrete goals for what you want to get out of the rebrand. By taking a detailed look at their Brand and defining their competitive space as well as their competitors, they will better be able to conduct market research and gain insight from the target audience. By understanding where the Brand is now, and what the Brand will be in the future, companies can drive decisions based on facts to ensure a successful rebrand.