Why do companies rebrand?
So how much can your company benefit from a rebranding, you might ask? Rebranding your corporate image is about much more than making your company look good. It’s a very specific part of your businesses engine that needs to be looked at! When it comes to companies, consumers certainly do judge books by their covers!
Reasons for rebranding:
Stay relevant in changing times
Consumer’s tastes are changing at and ever faster rate, and brands and their marketing agencies need to appreciate this. To stay relevant in your industry, it’s always a good idea to consider what image your brand reflects. Ask your clients, ask your family members – it’s amazing the feedback you can get when asking as simple question like – ‘What’s wrong with our brand?,’ ‘What’s would you change if you could change something about our brand?’
Differentiate from competition
A successful rebrand can allow your company to gain the competitive advantage – sidestepping the competition and increasing your market share through an updated image. A rebranding is not always about the design process itself, but can involve revisiting your brand’s message and goals. A complete rebranding can sometime cause an acceleration of your company’s performance and the creation of a leading voice in your industry. Think Volkswagen, BMW, Coca Cola, Pepsi and Shell to name a few.
Your branding is no longer consistent
As a brand or company, you’ve had your own style and voice for years. It’s timeless and it has been working for ages - or so you think. Doing some research on your competitors and even consumers is a great starting point to decide if your brand image is still relevant to your position in the industry. Does your logo still have the same impact as it did? Is your website outdated? In an age where a high number of internet browsers are using mobile devices, how are you staying with the times? Just as a company’s brand must reflect changes in size and market position, it must also reflect changes in technological innovation. Technology and business development walk hand in hand and it is your responsibility as a company leader to stay relevant in this regard.
Consistency is everything in the marketing world – without consistency, you become forgettable.
Again, your brand is the public face of your business. When it fails to reflect your company’s achievements, level of innovation and growth - your customers may assume that you have fallen behind. Competitors who consistently rebrand their products, services and image - even those competitors who do not have your strengths - could potentially outperform you in terms of reputation.
Whatever your reason for rebranding, your company’s image must remain consistent with what your business has to offer. It’s also the easiest and most efficient way to communicate the level of quality and service you provide – before you put your foot through your customers door.
Here are a few examples of successful company rebrandings: