It’s difficult for businesses to create and build a brand the first time around. Enough so that many business owners hesitate even to consider rebranding. Especially if you’ve been in business for a long time, however, sometimes, rebranding is necessary to ensure your business continues to compete in a rapidly evolving marketplace.
But how do you know when is the right time to rebrand? Aside from extreme situations or significant shifts in your business, usually, there is not a simple answer to this question. Deciding to embark on a journey of successful rebranding is a serious commitment and requires a proper rebranding strategy.
Here are five factors with rebranding examples to consider before planning for a rebranding announcement to make.
1. Competition and Positioning in The Market
Do you feel like your brand is outdated in comparison to competitive brands? Or has the market evolved, and your marketing strategy and campaigns aren’t cutting it for you either?
Every time there’s a shift in the marketplace, you need to plan a better marketing strategy while maintaining your unique selling point in order for your business to stand out in the crowd. But, if even the new marketing campaign is not helping your business get customers, you can think of a rebranding strategy.
The rebranding will help your business start afresh with a new and better identity. Also, it will bring you back into competition with other brands. This change might surprise people; but it could also make them curious, leading them to check out your products.
2. Misaligned Voice and Visuals
It is highly important to maintain consistency across your brand. This results in building loyalty, recognition, and ultimately trust. For many brands, their vision, mission, and positioning are compelling but the brand visuals and voice don’t convey the same appropriately.
Similarly, have you ever come across a brand where the visuals are top-notch but the messaging feels completely off or vice versa? If your brand lacks consistency, it can critically change the customer’s perception of your brand over time and you might also end up losing their trust.
Imagine Apple using a childish font. This type of inconsistency could damage the brand and how it’s perceived by the consumers. Hence, if you realize that your brand lacks consistency, you should consider rebranding. Because, if you want your brand to be successful, it cannot afford inconsistency.
3. Change in Customer Preferences
Customer preferences keep changing with time and there’s no end to it. People will resonate better with something they find similarities in with their life.
If you check out a few old brands, you will notice that old brands have the similar energy and newer brands share the same sense. Lately, major companies have reshaped their brands to look fresh and modern.
An appropriate rebranding example here can be McDonald’s. Today, minimalism is in trend and people are more drawn towards it. A couple years ago, McDonald's came up with simplified packaging, designed by branding agency Boxer to function as a "mobile billboard" for the fast-food giant.
You can now see a bold but simple typography in bright colours over the surfaces of paper and card containers. It is paired with the company's iconic golden arches logo which maintains the essence of the brand. It clearly shares the idea of minimalism with other competitive brands while the playful and modern typography makes it stand out.
4. Decided to Target a New Market
Every brand has a specific target market that it caters to. If you plan to change your target, or you have discovered that your product is actually appealing to a completely different consumer set, then it is the right time to rebrand website, logo, messaging and other visuals.
If you want to shift to a completely different target audience, then you should probably completely overhaul your brand. Consider relaunching aimed solely at this new demographic.
However, if you want to expand your target audience, then you need to be more careful. When rebranding in order to include new demographics, make sure you do not end up ignoring your existing customer base as you hunt for new customers.
5. Merging With Other Brand
Are you going to merge with other brands? If yes, then you definitely need to consider laying out a rebranding strategy. The objective should be introducing a new brand that combines two companies without cutting down their original persona.
Work on designing the personality of your new brand that fits the current market. Rebranding in this situation will help you convince your customers to expect more and better services.
Although there is no fixed answer for when you should consider rebranding, the above mentioned factors will help you decide whether it’s the right time for you to plan for it or not. If you decide to rebrand, it will be an opportunity for your company to deliver better services and connect with audiences through an improved, relatable and engaging identity.