A rebrand can help a company increase brand recognition, strategically reposition themselves, or better connect with their audience. What’s involved in a rebrand can vary from situation to situation – it often involves a new brand strategy and full visual identity overhaul, with updates to a company’s logo, brand colours, website and marketing materials. In some cases, a new brand name may even be part of the rebrand.
Why Do Companies Rebrand?
Sometimes, a rebrand is just what a company needs to shake things up and give the business a boost. There can be several reasons for a rebrand, but here are some of them:
Overtime, a company’s brand identity can evolve to the point where their visual identity or brand characteristics are no longer the right fit. In these cases, a rebrand might be necessary so that the brand reflects the business.
For example, in 2014, Airbnb rebranded to reflect its evolution from a peer-to-peer home-sharing platform to a global travel company. The new logo features a “Bélo” symbol that represents “belonging.” Their brand is clean, modern and friendly.
Repositioning in The Market
Companies that want to target new customer segments or shift their product focus can benefit from a rebrand. This ensures that their brand is strategically positioned and aligned with their goals.
One example of this is Apple. In the late 1990s, Apple repositioned itself as a brand for creative professionals rather than a niche computer company. Today, Apple is one of the most successful brands in the world.
Companies that want to stay modern and relevant in the eyes of their customers will find themselves falling behind if their brand is dated or irrelevant. This is where a rebrand is a good solution.
An example of rebranding to stay current is the CoverGirl cosmetics. The company underwent a major rebranding effort in 2017. The goal was to update its image and appeal to a younger audience. Their image was seen as outdated and not relevant to the current beauty landscape, so the company decided to make a change.
Facing a negative image or poor reputation can lead companies to rebrand. Rebranding due to negative publicity can be a way for a company to rebuild its reputation and regain customer trust.
This is one of the most challenging reasons for rebranding as the rollout needs to be handled very carefully.
In 2017, Uber underwent a rebranding effort after facing numerous scandals related to workplace culture and harassment. The company changed its logo and launched a new marketing campaign focused on transparency and rebuilding customer trust.
However, the rebranding effort was met with skepticism by many stakeholders, who felt that the company’s problems went deeper than a simple rebranding could solve.
When done well, a rebrand to address negative publicity can increase revenue and delight customers. Take Domino’s for example.
In 2009, Domino’s Pizza launched a rebranding effort aimed at improving the quality of its pizza and addressing negative customer feedback. The company revamped its recipes, launched a new marketing campaign, and redesigned its logo and packaging. The rebranding effort was successful, and Domino’s experienced a significant increase in sales and customer satisfaction.
What’s Involved in a Rebranding?
The rebranding process can take anywhere from a few months to an entire year depending on the scope of the project. It’s important to have a strong plan in place and not to rush the process.
Once you’ve determined your brand needs a major refresh, it’s very easy to start to feel impatient. But trust us, it’s worth the wait to ensure everything is carried out strategically so that you get the most impact out of a rebrand.
The costs to rebrand can also greatly range depending on the scope and size of your company. Do you have several offices with signage that will need to be replaced, company uniforms, or vehicles? These are all important brand touchpoints to take into consideration before rebranding.
When you rebrand, you’ll need to ensure that every single marketing material, every potential brand touchpoint is consistent across your organization.It’s important to incorporate these costs into your budget. In other cases, you may not have a lot of physical materials to replace, in which case your costs will be much lower.
A strategic rebrand that increases your revenue and builds better relationships with your customers is usually worth the investment.
In terms of process, a rebrand will typically start with an analysis. In this audit of your company’s current brand, many aspects will be taken into account – from your customer retention, to your online presence and more.
The goal is to understand your current positioning in the marketplace in order to develop a stronger brand. From there, the next step is the strategy. This includes defining the brand’s new vision, mission, values, and positioning in the market.
Next, comes the brand identity. This can include designing a new logo, selecting new brand colours and fonts, and updating marketing materials such as signage, packaging, and website design.
It’s important to have a strong rollout strategy that involves a clear and comprehensive communication plan. This plan should detail how you will communicate the new branding to stakeholders, employees and of course, your customers. The way you roll out your new brand is just as important as the rebrand itself, so make sure not to skimp on this crucial piece.
Making the decision to rebrand is not always easy, especially for founders. It’s completely normal to have an attachment to your company’s name or image.
If you’re considering rebranding your company but having trouble parting with aspects of your brand, ask yourself – what will be best for my company in the long term?
Consider the impacts of rebranding, vs. the impacts of leaving things as they are. If the latter leaves you worse off in the long run, it might just be time to let go and make way for something new.