101: When and when not to rebrand
Rebranding can be painful, as company leaders who have undertaken the challenge of renaming a business and redesigning messaging and logos understand. Name recognition drops off, and reaching existing customers while finding new ones is a tricky balance. So why is rebranding becoming more popular? According to Hanover Research, 75% of companies have undergone the task since 2020, perhaps driven by a desire for a fresh start following COVID-19 and the shifting social justice climate. The collective attention span of the American public, and the growing desire for novelty and finding the edge, may make rebranding more appealing.
Given these drivers, it’s more important than ever to check your motivations for undergoing this arduous and expensive project. Here are two reasons why you should rebrand, and one good reason not to.
Your company is growing up. Branding an early stage company is a little bit like driving blindfolded. Once you’ve left the startup phase, consider how your services and values as a company are reflected in your branding, writes Ross Kimbarovsky for Crowdspring. “Many businesses cut corners in building their initial brand identity and must rebrand to evolve and grow.”
You’re turning over a new leaf. Companies can suffer from image problems that may be beyond their control, or there’s a major shift in value or strategic direction. Any time you want to signal a new day for your business, a rebranding is certainly a fair approach, and it may be crucial. “Maybe you recently underwent a major crisis, had a glaring error, or (were) the subject of bad news in the local newspaper – you may want to help people forget about your past,” says Constant Contact blogger Suzanne Wentley.
You don’t intend to change. It may be the marketing department’s forte to think about a fresh face for the company, but it can’t be a marketing initiative alone, says Nick Liddel of Brandingmag.com. Rebranding must be a felt need across departments, with all the key players sharing the belief it is necessary for the vitality of the organization, not just a hollow desire to make the company appear edgy.
WBJ Web Partners
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