To rebrand or not to rebrand – that is the question. With apologies to Shakespeare, marketing agencies and brand strategists hear this question quite often from entrepreneurs, organizations, and corporate marketing executives.
To determine the best course of action, we must first understand that a brand is more than just colours and logos. A company’s brand is the core and essence of the business conveyed visually, verbally, and experientially. However, rebranding can involve changing one, but not necessarily all of these elements.
Here are 3 compelling reasons to rebrand a business or organization:
1. The target audience has changed (or expanded).
Your existing brand messaging, design, and packaging may have been perfect for small business owners, but less relevant to the large enterprises that now comprise your ideal clientele. Or, perhaps you have expanded your offerings to include different demographic groups.
2. The competitive landscape has changed.
When you launched, perhaps no one else was doing the same thing. Are your competitors now offering something fundamentally different? Has your industry become commoditized to the point where everyone looks, acts, and talks the same? If so, maybe it’s time to rebrand.
3. The times have changed (but your brand has not).
Does your brand that was created long ago now look dated and behind-the-times? If your brand was specifically designed to be cutting edge, modern, and fresh, you will definitely need to rebrand as trends and styles change, as what was once new has become outdated.
Rebranding in any form can be a bold and exciting proposition, but also one that can be fraught with risk. At Burke & Burke, we believe it’s critical that you engage the services of the appropriate marketing firm to help guide you through the process.
With plenty of success stories and award-winning work to show and tell, we look forward to discussing your next rebranding project.