Business branding communicates a clear, consistent identity to consumers, employees, stakeholders and others. However, a company may decide its current brand identity no longer fits, prompting the decision to rebrand.
Rebranding is a strategy for creating a new identity. It may include overhauling a company name, logo, symbols, associated images and product packaging to reposition the organization in the marketplace and in the public eye.
When to rebrand?
Launching a new product or service: When launching new goods or services, your brand is in a particularly sensitive state. If the face you present to the outside world is shifting, your brand needs to shift, too. Expanding your offerings can be great for your brand, but without a clear strategy, new facets of your brand can serve to muddy the water and confuse consumers. Brand focus is key to memorability, recognition, and loyalty, so it’s imperative that your brand encompasses your new offerings in a way that is true and authentic to your brand position.
Change in leadership: A change over in leadership, such as a new CEO, prompts a key time for branding. It’s an effective way to break with the past and cement a new culture of leadership and company values.
Mergers and acquisitions: If you are diversifying your brand portfolio, it’s critical to have a clear strategy for expanding your brand or re-branding your subsidiaries. A good brand strategy will expand your reach, while a messy one can seriously damage your recognition.
Reputation crisis: Rebranding can be an important strategy to distance your company from negative associations. Obviously, rebranding doesn’t totally clean the slate, You will still have to do the work needed to fix whatever problem has caused your customers or your employees to see you in a negative light. But, when combined thoughtfully with other strategies, it can help shift perceptions.
