Whether your initial branding efforts involved sketching a logo on a napkin or meticulously planning through the entire branding process, somewhere along the way, things stopped working.
Successfully rebranding my business or any small business is a complex task that requires careful consideration to avoid common pitfalls. However, developing a brand identity that resonates better with your audience can significantly enhance your business, making the effort worthwhile.
What is Rebranding?
Rebranding involves revising your company’s marketing strategy by adopting a new name, logo, or design to create a fresh, distinct identity in the minds of customers and other stakeholders.
The Right (and Wrong) Reasons to Rebrand
Rebranding is a major undertaking and comes with significant risks. Even large companies can stumble, for instance, after Uber redesigned its logo, 44% of people were unsure what the new logo represented.
Understanding these risks can help you decide if rebranding is truly necessary or if you are doing it for the wrong reasons.
If you’re considering a rebrand because your sales are sluggish or brand awareness seems low, it might be better to explore new marketing strategies or work with a digital marketing agency to conduct market research and identify the root causes. These issues may not require a full rebrand.
However, a rebrand may be the right choice if your brand no longer aligns with your company’s vision, mission, values, or market.Â
The following are a few valid reasons to rebrand:
- New Locations: Expanding into international markets may require a refresh of your brand to appeal to diverse audiences that may not resonate with your current branding.
- Market Repositioning: If your business is shifting its target customer profile through changes in product, pricing, placement, or promotion, your brand will need to adapt to reflect this new focus.
- New Philosophy: As your business evolves, its mission, vision, and values (MVV) should guide all decisions, including branding. If these change, your brand must evolve too.
- Mergers and Acquisitions: When two companies merge, their brands merge as well. A unified brand identity is crucial to avoid confusion and build trust following a merger or acquisition.
Reasons Not to Rebrand
There are also several situations where rebranding is not the answer, they are as follows:
- Boredom: It’s easy to get tired of seeing the same logo and slogan every day. However, just because you’re bored doesn’t mean your customers are. They likely associate your brand’s colour, logo, or messaging with your business positively. Don’t change it just because you’re restless.
- Covering Up a Crisis: Trying to mask internal issues or negative publicity with a rebrand is a mistake. Most consumers and employees will see through the rebrand and recognise it as a superficial fix.
- Impact and Ego: New leadership may feel that a rebrand is a way to make a mark quickly. However, unless they are driving significant changes within the company, a rebrand for the sake of ego won’t benefit the business.
- Seeking Attention: If your sales are slow or your brand awareness efforts are underperforming, a rebrand isn’t the solution. Without a clear digital performance marketing strategy, a rebrand might generate temporary buzz but won’t provide long-term benefits. Worse, it could weaken any brand recognition you’ve already built.
Moving Forward with Rebranding
If, after careful evaluation, you’ve determined that rebranding my business is the right move, it’s time to develop a comprehensive strategy. Engaging with performance marketing services can ensure that your rebrand enhances your business’s identity while maintaining its strengths.