Your branding is an expression of your company’s identity. It’s what people think of when they hear your company’s name. Your brand isn’t just a logo, tagline, or visual appearance; it’s all those things and more. Every business has a brand, even if they don’t realize it. The trick is to make sure that the branding reflects the company you are and are striving to be. A rebrand can be a scary proposition for any business. Still, it doesn’t have to be as complex and expensive as most people think – even the most established enterprises rebrand. There are many benefits to re-branding your company, whether you are launching a new product or trying to attract new customers by repositioning your business. Here are 10 reasons why you should rebrand your business:
Mergers and acquisitions
If your company acquires another company or is acquired by a competitor, it may be necessary to rebrand to maintain consistency across products and services. The same is true if your company merges with another company. The challenge of rebranding in this situation is that it may be necessary to shrink-wrap both brands into one identity.
If your company is acquired and you have no input into the rebranding process, you may find that your brand is lost in the shuffle. This is when having a brand standards manual can save the day. A brand standards manual is a document that outlines your brand standards, including logos, colors, fonts, taglines, and more. It’s an excellent tool to have on hand in case of an acquisition or merger.
An excellent example of this will be waiting to see what happens to the Twitter logo following its acquisition by Elon Musk. While Twitter has had the same colors and logo since its creation, will its new owner decide it needs to freshen up and overhaul its entire image to represent its new direction?
For a brand refresh
If your company has been around for a while and your brand shows signs of wear and tear, a rebrand may be necessary to refresh your image. If your brand is out of touch, people may think it is old-fashioned, even if your product or service is still relevant today. An outdated brand may be preventing customers from buying your product or service. It may also be turning away potential partners and investors. A rebrand can help you attract new customers and partners by presenting a fresh, new image for your company. Many companies have successfully refreshed their brands by updating their visual appearance.
You want to reposition your business.
Suppose your company has been in business for a while, and you’ve outgrown the original purpose of your business. In that case, a rebrand may be necessary to reposition your business into something new, more relevant, and exciting. A rebrand can help establish a new identity for your company and give it a fresh start. For example, let’s say you started your business selling cat toys online. You’ve been successful so far, but you’ve recently expanded your product line to include dog toys, cat food, dog food, and even toys for small animals like hamsters, mice, and gerbils. A rebrand can help you reposition your business as an exciting, all-in-one pet shop with a single, consistent brand.
Change your reputation
A rebrand can be an effective way to reposition your company and change the way the public views you. If your company has a bad reputation, a rebrand may be the best way to modify your reputation. A recent example of this is a U.K. delivery company with a reputation for being late and not delivering parcels, rebranding from Hermes to Evri. While the company has changed its name and logo, the branding process can only do so much, and time will tell if the rebranding worked to overhaul its image.
However, it’s essential to understand that a rebrand isn’t a quick fix. A rebrand doesn’t happen overnight. It may take several years for your new brand to become well-known and accepted. But with hard work, a rebrand can help you change your company’s reputation for the better.
Internationalism
If you are interested in expanding overseas, you will likely have to rebrand. A rebrand can help you to expand into other countries. A company with a consistent brand easily translated into other languages is more likely to expand into other countries. Logos and taglines that might be perfectly acceptable in the U.S. could be offensive in other countries. These types of cultural differences have stymied many businesses. You don’t want to waste time and money trying to expand into a new country only to turn your brand back at the border because it’s inappropriate. A rebrand will help you avoid this problem.
New CEO
When a company hires a new CEO, it’s usually a good idea for the company to rebrand itself. The new CEO is already trying to make changes, but everything from the colors used in marketing to the company’s name is a part of the branding. If the CEO tries to make changes, it might seem like the company is unstable. A rebrand allows the new CEO to make all of the changes they want while maintaining the consistent branding the company has used in the past. It also enables the new CEO to put their own mark on the company.
A great example of this is when Steve Jobs joined Apple and changed the logo from the rainbow version to the metallic one still in use today.
Conclusion
There are many great reasons to rebrand your business, including mergers and acquisitions, a brand refresh, repositioning your business, and changing your reputation. A new CEO may also need to rebrand the company to make the brand consistent with their leadership. A rebrand is a big project, but it doesn’t have to be complicated or expensive. A rebrand can help you to expand into other countries, change your reputation and increase your company’s overall brand recognition.
