Occasionally, your brand may disappoint in terms of visibility, reputation, or genuine consumer impact. If your brand or your business has become somewhat stagnant, this may become a recurring problem. In some situations, a brand refresh may be in order. In others, it may be better to totally rebrand.
So when is it the right time to rebrand? And how should you pursue this if you choose to move forward?
The Basics of Rebranding
The idea of rebranding is consistent across applications, although businesses can approach rebranding in very different ways. For some businesses, this is an opportunity to completely change the image and identity of the business, starting from scratch with a new name, a new logo, a new set of colors, and potentially even a new audience. Other businesses take a more restrained approach, retooling the existing brand identity to be more modern or more appealing to their central target audience.
There is no single correct approach to rebranding, though it always has the potential to make a big impact.
Businesses consider rebranding when there is a dissonance or an issue with their current brand. That could be because of changing trends, shifting audience needs, or simply stagnation after decades of being in existence. The benefits of rebranding include bringing your brand into the modern age, better appealing to your current or future target audience, and creating a stronger foundation for your future marketing efforts.
However, there are also some potential drawbacks to rebranding. This can be an expensive and time-consuming ordeal, and it doesn’t always pay off the way you expect. You probably have a lot of visibility and brand equity in your previous brand as well, and you don’t want to lose that arbitrarily.
Accordingly, you’ll need to think carefully before you decide to move forward with a rebranding effort.
Starting the Process
Once you’ve decided that you’re going to rebrand the business, whether it’s a full-scale or small-scale rebrand, you’ll need to put together a plan of attack. The most straightforward way to do this is to leverage your existing CMO, creative director, and other marketing leaders, holding brainstorming sessions to generate the core concepts that will push your rebranding forward.
You can also work with a fractional CMO. A fractional CMO is a highly qualified marketing professional whom you can hire on a part-time or contractual basis. They likely have the same qualifications, credentials, and experiences you would expect from a traditional CMO, but they can bring external perspective into your organization. They can be indispensable for generating new ideas for your rebranding campaign, as well as providing direction and guidance for how to make sure your rebranding campaign is successful. This is especially true if you hire a fractional CMO with specific rebranding expertise.
Signs It Might Be Time for a Rebrand
So how can you tell if it’s the right time to rebrand your company?
· Stagnating momentum. It might be time to rebrand if you notice stagnating momentum. Perhaps you’re not adding as many customers as you used to, or perhaps you’ve failed to hit your growth targets for the past few years. This variable isn’t determinative, but it can be a powerful sign.
· Visibility and recognition issues. Are people beginning to struggle to recognize your brand? Or are you struggling with visibility issues overall? Rebranding can inject new life into your business marketing.
· Antiquated brand elements. Brands have been utilized by businesses for centuries. As you might imagine, standards and best practices for branding have evolved considerably with each passing generation. If your brand is currently decades old, it might lack the modern appeal of contemporary brands. If you fall far enough behind, rebranding might be a wise move.
· Changing audiences or audience needs. Some businesses choose to rebrand if they want to target a new audience, or if their audience changes in a significant way. This makes a lot of sense, as your brand identity should be at least partially dictated by the needs of your audience.
· A new product. It’s conceivable to rebrand as a measure to support the launch of a new product as well. This is especially true if your business is going in a new direction, with a suite of new products or services.
· New competitors. The entry of new competitors can also be extremely disruptive, prompting you to rebrand in response. It can help you retain your existing competitive edge, or give you a new one.
Rebranding a business is a huge decision, and one that can be somewhat risky and expensive in the wrong hands. Accordingly, you should take your time, study the data carefully, and work with a variety of professionals to ensure that your rebranding campaign is executed effectively.
