The great power of branding can clearly be seen in the big names like Disney, Coca Cola, John Deere just to name a few. These big name businesses have taken many years to establish themselves in their respective industries. As they have grown, they have seen their brand grow and change as well.
Take McDonald’s for example. When the business first started, they were focus on being a ‘barbecue’ restaurant and look how it has evolved over the last 80 years. Because the Richard and Maurice McDonald, opened the franchise focused on BBQ, they realized they would be able to provide faster service to customers if they offered more items other than BBQ. They saw a change in the market and a change in product stream – two reasons you will see below as reasons to re-brand. One thing to note is that once McDonald’s hit 1960, it was the introduction of the golden arches which has grown to present day and one of it’s most recognizable features.
Photo Credit: 1000 Logos – brands of the world
If your branding is outdated, confusing, weak or is suffering an image problems then re-branding becomes the only option as it is a reinvestment in your business for the hopes of better profits long term. However, this is something to have a hard look at when you are entertaining the idea of changing your brand because it can be time consuming and expensive when you consider how many things your brand might be on.
Ok, so you’ve seen the evolution of a brand, you know it might help your brand but you are still wondering what re-brand is?
Re-branding is simply a marketing strategy in which a new name, symbol, term, design or all is created for the already established brand with an aim of developing a new distinguished identity in the minds of the investors, consumers, all the stakeholders and the competitors.
In many instances it involves fundamental changes to brand’s legal name, logo, image, name, advertising themes, and marketing strategy. The changes aim to position the brand or the company probably to distance themselves from the negative reviews or conditions or to move the brand upmarket.
Not sure if your business needs to re-brand? Find out with these 10 indicators:
When the brand name becomes irrelevant to your vision.
It normally happens that what used to appear like a great name some 10 years back now does not really represent what your brand is all about. With time we do experience cultural changes and this could result to change in the meaning of a brand. Anything just like fashion outgrows and so should consider re-branding when the brand is no longer relevant.
Failure to distinguish from the competitors.
Basically, branding is just about competitive differentiation. Capitalizing and re-positioning on a unique value will exceptionally make you to be more visible to your customers or anyone who is looking for unique solutions.
When your brand has become complicated.
Is your messaging confusing or has your business lost its unifying brand narrative? If your brand has started making your customers to glaze over then it’s high time you take a step back and refocus. Remember that increased complexity would result into increased cohesiveness and so the best way out is to re-brand.
When your business strategy or model has taken another turn.
It can happen that the strategic objectives that the business was founded are no longer it goals five years later. Whether it is as a result of changes in technology or unforeseen market opportunities or change in business model, your business should always take care of those it serves and aligned to the way it operates.
Your brand is outgrown.
One of the problems of business changes is scaling. You should consider re-branding if you need for unexpected gains or if you’ve outgrown the current brand, leave the brand behind.
When you are undergoing acquisition or merger
Acquisitions and mergers should always be tread as an opportunity for re-branding to avoid the confusion that normally occur due to lack of re-brand alignment.
If you’ve expanded or moved geographical
When you move your business from one place to another you should consider re-branding or changing the position of the brand since may not align with your new market.
When your brand has negative image.
Negative reviews just like false news normally spread like wildfire. This is normally propelled with the social media. Save your brand from negative review by re-branding it.
When connecting to new audience.
Re-branding will allow you to redefine yourself and reach new untapped audience or clients. After all everyone would want to associate themselves with starchy brands of their generations.
When trying to raise your prices.
Sometimes it may be hard to raise the prices yet the material costs have gone high. In that case you can re-brand. By re-branding, you’re changing your customers’ perception.