Is It Time for a Rebranding? Here Are 7 Reasons It Might Be

How to rebrand your business in 6 steps (Checklist)

Step #1: Audit your current brand

Step #2: Conduct market research

Step #3: Revisit your mission statement

Step #4: Revamp your visual identity

Step #5: Establish your brand voice and messaging

Step #6: Roll out your rebrand

1. Audit your current brand. Determine what’s working, what isn’t, and where you have opportunities to grow and improve.
2. Do some research on your current customers, new target audience, and competitors. The more you learn, the better your rebrand will be.
3. Revisit your mission statement, a.k.a. your “why”. If you need to, re-establish your mission – it drives every part of your business, including your branding.
4. Revamp your visual brand assets, like your logo, color scheme, and website.
5. Set your brand voice and value proposition. Keep your messaging consistent across your marketing.
6. Roll out your rebrand. Update all of your marketing materials with your new logo and messaging, then announce your rebrand to the world.

Rebranding your business involves rethinking your marketing strategy, visual identity, and messaging to create an updated version of your brand. A brand refresh can help you reach new audiences, change people’s perceptions of your brand, and revitalize your sales.

In this guide, we’ll walk through a six-step rebranding checklist. Whether your brand needs a partial refresh or a complete overhaul, you’ll learn how to rebrand your business without breaking the bank.

Step #1: Audit your current brand

Answering these questions will help you plan your rebranding efforts and avoid mistakes you made with your brand in the past. It will also provide you with opportunities and ideas for your rebrand.

Here’s why: The name “Uber” has strong brand recognition. People even use the business name as a verb (“I’m going to Uber to the airport”). A name change would have done Uber’s brand more harm than good.

For example, you might find that your brand messaging still fits your mission, but your logo design and website feel outdated. All you need is a visual brand refresh rather than completely changing every aspect of your brand.

Step #2: Conduct market research

Market research is critical for any big business or marketing decision. You might think you know what people think of your brand, or how it compares to competitors, but you can’t be sure until you do your research.

Surveys are one of our favorite customer research tools. They’re an easy and affordable way to collect valuable customer data and feedback. Plus, 90% of consumers have a more favorable view of businesses that ask them for feedback.

That’s where buyer personas come in. Content marketing consultant Amy Wright explains : “Buyer personas describe who your ideal customers are, what their days are like, the challenges they face, and how they make decisions.”

Finally, don’t forget to look at your competitors. Competitor research helps you figure out what your competitors do well and where there are opportunities for your brand to stand out. The more you learn about your competitors, the better equipped you’ll be.

As a creator or solopreneur, you are your brand. That’s especially true for business owners who run an education, coaching , or lifestyle business. Your personality, experience, and unique outlook differentiate you from the competition.

Step #3: Revisit your mission statement

In other words, it’s the “why” behind your business. What motivates you to get up each morning and do this work? Your mission should drive every part of your brand, from your logo to your brand voice.

Your “why” might be the same as when you first launched your brand, and that’s okay. Use this step as an opportunity to remind yourself of your mission and make sure that you stay true to it across your branding.

First, when you put your mission front and center, it’ll resonate with your target audience. 89% of customers are loyal to brands who share their values, and 56% of customers feel more loyal to brands that “get them”.

7 Signs It’s Time for a Rebranding

There are certainly reasons to consider rebranding, as we’ll cover below. However, while these may be applicable, no decision should be made without doing significant research, having serious discussions with leadership, and crafting a strong execution plan. (No one has time, money, and energy to waste on a sloppy execution—and, we promise, the Internet will not be kind to your final results if you do it haphazardly.)

1) You look like everybody else in your industry.

Industries change and evolve, and savvy brands do their best to keep up. However, sometimes brands start to think in hivemind and subconsciously adopt each other’s traits. There’s no differentiation, no originality, no standing out. (For example, Netflix and YouTube are both streaming-video services that use a red, white, and black palette. When Twitch launched with an in-your-face purple palette, it made a strong visual statement to differentiate.)

Another reason brands can start to look like alike is because they try to one-up each other through rebrands. Just because a competitor changed a logo doesn’t mean you have to. When a rebrand is reactionary, it rarely feels authentic, unique, and original.

Example: The Parkinson’s Foundation brand identity could have been mistaken for pretty much any nonprofit organization cause, from “saving the ocean” to “mentoring underprivileged kids.” But a 2018 rebrand by Ultravirgo helped bring focus, life, and a cohesive feel that reflects the organization’s unique mission.

BEFORE

2) You’re going after a new audience.

Sometimes your company is looking to attract a new group of people, but your branding is not primed to help you connect with them. (Unsurprisingly, many brands have struggled to attract millennials, whose media consumption habits and values differ from other generations.)

Your brand should always speak to the people you’re trying to reach, so in this case, a rebrand may be the right choice. However, you don’t want to do anything that would alienate your existing customer base (again, think of the Gap reaction). Ideally, your rebrand would be something that enhances your brand identity in a way that appeals to both existing and new customers.

3) Your brand has expanded.

With any success comes the urge to expand—regardless of industry. However, many brands have identities that don’t reflect their current brand strategy or offerings. They may be constrained by cumbersome logos that don’t adapt well for the web or by names that are too product-specific.

Example: Over the last 87 years, Ad Age has evolved from a one-sheet to a multi-platform media brand. Its 2017 rebrand by OCD gave the brand a bolder, more colorful identity, suitable for web, print, and any other media.

4) Your brand is painfully outdated.

This is probably the number one reason brands want to rebrand. If t he look and feel of your brand is stale and y ou’re embarrassed to go on your website, a rebrand might be in the cards.

This is a common problem for industries that evolve quickly. (FYI, Google has had seven logos over the last 20 years.) The instinct to rebrand is understandable; however, there is a difference between an old logo and an outdated logo. If you have a well-established brand, it’s best to do solid audience research before tossing the old one out. Again, the infamous Gap logo disaster saw a backlash because the brand tried to “modernize,” when consumers felt far more connected to the iconic logo.

Example: Sometimes modernization is simply a subtle tweak. In 2016 Pentagram designed a new logo for Mastercard, creating a modern feel while retaining the iconic overlapping circles. It was a simple way to bring their ‘90s-inspired design into the future.

5) It doesn’t reflect your values.

As you surely know, people (especially millennials) want to align themselves with brands whose values they share. If you’ve crafted a strong brand strategy and articulated your Brand Heart (your purpose, vision, mission, and values), you should know what your core principles are.

I’m Thinking About Rebranding. Where Do I Start?

Hopefully, if you spend at least as much time on your business as you spend in your business, you have a good sense of where your company stands with its customers, and you solicit feedback about your brand regularly.

Begin With an Annual Brand Assessment.

The Brand Leader offers a comprehensive Brand Assessment to help companies stay in-touch with their brand, their customers, and their industry. We recommend that our clients complete the brand assessment annually to check the health of their business, just like you would get an annual check-up for physical health.

Identify What’s No Longer Working.

If, after conducting the Brand Assessment, you think your brand no longer matches your company, the next step is to determine what isn’t working. Not all rebrands are created equal. You may find that you need to:

• Refresh. It could be that your messaging is solid but your look is outdated or amateurish. Maybe all you need is a quick facelift: better colors, a new typography treatment, a stronger logo, etc.
• Reposition. You may also find that your look is working for you, but your messaging isn’t targeting the right customers—or properly understanding why they became your customers in the first place. In situations like these, it makes sense to invest in repositioning your brand in order to better reach your best customers.
• Rebrand. You may also find that nothing is quite working for your brand anymore, and you need to consider a complete overhaul of your brand: name, image, messaging, corporate culture, etc. Don’t worry. We’ve been there before and know how to help you through the rebranding process.

Map Out Where You Want to Go.

As we mentioned before, a good brand is a stake in the ground. When you update the look, feel, and messaging of your brand, you are telling customers what they can expect from you going forward. So you have to be sure that what you’re telling customers really represents who you are now and where you want to go.

Solicit Additional Feedback.

As you rebrand, be sure to solicit additional feedback at every step—and not only from your marketing agency. Talk to the key stakeholders in your company (you know, the people who will have to live with your new look and new name every day) as well as your best customers. Ask them if the rebrand gets to the core of what you do and who you are. If not, keep working.

Sources:

https://www.podia.com/articles/rebranding-your-business
https://www.columnfivemedia.com/how-to-know-if-you-should-rebrand/
https://thebrandleader.com/how-often-should-my-company-rebrand/
Is It Time for a Rebranding? Here Are 7 Reasons It Might Be

7 Signs It’s Time for a Rebranding

There are certainly reasons to consider rebranding, as we’ll cover below. However, while these may be applicable, no decision should be made without doing significant research, having serious discussions with leadership, and crafting a strong execution plan. (No one has time, money, and energy to waste on a sloppy execution—and, we promise, the Internet will not be kind to your final results if you do it haphazardly.)

1) You look like everybody else in your industry.

Industries change and evolve, and savvy brands do their best to keep up. However, sometimes brands start to think in hivemind and subconsciously adopt each other’s traits. There’s no differentiation, no originality, no standing out. (For example, Netflix and YouTube are both streaming-video services that use a red, white, and black palette. When Twitch launched with an in-your-face purple palette, it made a strong visual statement to differentiate.)

Another reason brands can start to look like alike is because they try to one-up each other through rebrands. Just because a competitor changed a logo doesn’t mean you have to. When a rebrand is reactionary, it rarely feels authentic, unique, and original.

Example: The Parkinson’s Foundation brand identity could have been mistaken for pretty much any nonprofit organization cause, from “saving the ocean” to “mentoring underprivileged kids.” But a 2018 rebrand by Ultravirgo helped bring focus, life, and a cohesive feel that reflects the organization’s unique mission.

BEFORE

2) You’re going after a new audience.

Sometimes your company is looking to attract a new group of people, but your branding is not primed to help you connect with them. (Unsurprisingly, many brands have struggled to attract millennials, whose media consumption habits and values differ from other generations.)

Your brand should always speak to the people you’re trying to reach, so in this case, a rebrand may be the right choice. However, you don’t want to do anything that would alienate your existing customer base (again, think of the Gap reaction). Ideally, your rebrand would be something that enhances your brand identity in a way that appeals to both existing and new customers.

3) Your brand has expanded.

With any success comes the urge to expand—regardless of industry. However, many brands have identities that don’t reflect their current brand strategy or offerings. They may be constrained by cumbersome logos that don’t adapt well for the web or by names that are too product-specific.

Example: Over the last 87 years, Ad Age has evolved from a one-sheet to a multi-platform media brand. Its 2017 rebrand by OCD gave the brand a bolder, more colorful identity, suitable for web, print, and any other media.

4) Your brand is painfully outdated.

This is probably the number one reason brands want to rebrand. If t he look and feel of your brand is stale and y ou’re embarrassed to go on your website, a rebrand might be in the cards.

This is a common problem for industries that evolve quickly. (FYI, Google has had seven logos over the last 20 years.) The instinct to rebrand is understandable; however, there is a difference between an old logo and an outdated logo. If you have a well-established brand, it’s best to do solid audience research before tossing the old one out. Again, the infamous Gap logo disaster saw a backlash because the brand tried to “modernize,” when consumers felt far more connected to the iconic logo.

Example: Sometimes modernization is simply a subtle tweak. In 2016 Pentagram designed a new logo for Mastercard, creating a modern feel while retaining the iconic overlapping circles. It was a simple way to bring their ‘90s-inspired design into the future.

5) It doesn’t reflect your values.

As you surely know, people (especially millennials) want to align themselves with brands whose values they share. If you’ve crafted a strong brand strategy and articulated your Brand Heart (your purpose, vision, mission, and values), you should know what your core principles are.

5 Reasons to Consider Rebranding Your Company

Rebranding is a powerful move, and the decision to undergo a brand overhaul can be risky if it’s not done well. A great rebrand, such as the new look Harley-Davidson unveiled in 2013 can bring a company back from the brink of bankruptcy. A poor rebrand, on the other hand, can have equally disastrous results, such as the package redesign that lost Tropicana 20% in sales or the costly Gap overhaul that the company abandoned less than a month later due to customer outcry.

Since so much is at stake, it’s important to know why you plan to overhaul your brand before you begin. Here are 5 common reasons that companies often cite for initiating a rebranding campaign :

1. “We have an Image Problem.” Image problems are not the main reason that companies decide to rebrand—but let’s go ahead and get the negative reason that most people associate with a rebrand out of the way first. Image problems can include everything from an outdated look and feel that needs a refresh to a full-scale reputation management campaign and name change. Either way, a rebrand can save a company from losing relevance in the marketplace and be a good course correction, for both the company operations and the customer. It’s important to note, however, that the new brand must be authentic; that is, the investment will be short-lived it it’s simply “throwing lipstick on the old pig” as the old metaphor goes. All the great branding in the world can’t overcome real operational, product, and service problems. In fact, rebrand without fixing major problems at your own peril; putting a fresh new set of promises out that you know, fundamentally, you can’t deliver on has been the nail in the coffin for many companies unwilling to face their real issues, instead hoping a rebrand will cover up the underlying challenges.
2. “Our Company Has Evolved and We Have a New Story to Tell.” Again, every company evolves, and they evolve in unique ways. Maybe you’ve expanded, adding new markets, and your brand needs to reflect the fact that you operate in multiple regions or countries now. Maybe you started out in a general field and you’ve become more specialized, so you need a brand that reflects your niche market. Maybe you used to do A, and now you do A & B, so you need to align your messaging to match your product or service offerings. Or, maybe you want to expand into a new market, in which case a rebrand, or the creation of a sub-brand with a connection to the flagship brand (or not, in some cases, for specific reasons), can serve as a stake in the ground. A map to help you get where you want to be. However your company has evolved, recognize it will continue to evolve long after you rebrand. It’s important to remember that a great brand is both authentic and aspirational—helping customers know what to expect, and then meeting (and occasionally exceeding) those expectations. It’s wonderful to be able to surprise & delight your customers once in awhile.
3. “Our Market is Shifting.” Perhaps your company hasn’t evolved, but it needs to. Many industries, particularly in tech, are shifting constantly, and the rate at which people are receiving messages and communication from the brands they love is increasing exponentially. Consumer behavior is always changing, and companies that don’t adjust can lag behind and find it difficult to catch up. You don’t have to look too far to find companies that remained the same while the market shifted underneath them—and they missed the wave and suffered devastating consequences. Blockbuster, MySpace, Napster, Kodak, and GM, to name a few. A great rebrand can not only change how your customers see you, but also how you see yourself and what you do. Companies that are able to see the shift coming and adjust their brand preemptively are the ones that thrive.
4. “We’re Not Attracting the Right Customers (Or the Right Talent.)” If you find that the customers you’re attracting are not the customers you want, or that you’re lagging behind when it comes to attracting and retaining the best talent, it could be time for a rebrand. Today more than ever, both customers and employees want to identify with a brand on multiple levels—and share values, social concerns, and outlook. A great brand will let both audiences know, immediately, who and what they’re dealing with. The word customer, in fact, is a very misunderstood word; typically its use is limiting. Consider, as you weigh the pros and cons of rebranding and evaluate where you might have branding issues, who your customers are. By definition, a customer is someone who receives some sort of value, either through a single exchange, or a series of exchanges over time. That exchange is typically them giving away money, time or talent to you, in exchange for value—a product, a service, a paycheck, a promise for a better tomorrow. Therefore, you’ll be much more heavily armed and able to answer the “should we rebrand” question if you shift to “where do we have brand challenges, which relationship segments have we not adequately positioned our story to maximize ROI?” Consider your markets as every prospect, every current external customer, every vendor relationship, every employee, every partner in your partner channel, the media, and others. Remember, a brand is a series of promises. Thinking through each of these segments and more will help you determine where there’s been a trail of broken promises. You can also better see where there’s a disconnect in what you’re promising in the first place, where you’ve underinvested, under or over-promised, where you’ve maximized ROI, and where you’ve been leaving some ROI on the table.
5. “We’re About to Have a Significant Change in Leadership.” Mergers and acquisitions, or simply a change in management, often include a change in operations or business philosophy that necessitates rebranding. In these cases, the brand overhaul will typically include changes to employee training and business practices in addition to a new name and new look.

Your Idea of the Business has Changed

Maybe you learned things about the industry you never would have imagined. Maybe you’ve come up with new product ideas that don’t exactly fit with your original business plan and branding strategy.

Success in business means being flexible and adaptable. It is about knowing when things are working and when they are not. If you know that your business is not working in its current form, it is time to shake things up. Rebranding can help you to completely transform your business and take it in another direction.

These situations provide an opportunity where rebranding your business could be the next step to growth and long term success, and taking advantage of this opportunity could prove highly beneficial in the long term.

Sources:

https://www.columnfivemedia.com/how-to-know-if-you-should-rebrand/
https://thebrandleader.com/how-often-should-my-company-rebrand/
https://justcreative.com/10-signs-its-time-to-rebrand-your-business/

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