Does your brand feel tired and stale? Does it feel like who you are and what you do aren’t reflected in your company’s visual identity? Is your current brand up-to-date and aligned with the current state of your business?
For companies with rich histories, a rebrand is often the result of a long history and the need to modernize to reflect the current state of the business. In many of these instances, companies opt for a brand refresh – light logo refinements, updated brand imagery, revamped messaging – in lieu of an entirely new brand. However, if your brand is in need of more than a light refresh, keep these key considerations top-of-mind as you embark upon your rebrand.
Is there a compelling reason for a name change?
Company names often fall into two buckets – ones that clearly define what the company does and/or the industry it falls within and a name that requires a clarifying tagline to get down to the who, what, why and how. The latter often prompts businesses to consider rebranding in an effort to strengthen their overall brand. A word to the wise – a new name is not always the right solution.
When you change the name of a company, you literally have to reestablish your company’s name recognition in the marketplace. Further, rebranding can be an expensive undertaking, as all of your marketing assets will require an overhaul to reflect the new brand. If there is truly a compelling business reason for changing your name, embark upon a strategic discovery process to ensure you land on the name that best suits the business. If your name has a lot of equity and a tagline may be able to shore up the gap, carefully consider this approach as, at minimum, a first step.
Know where your brand’s equity lies
Is your company best recognized by its logo or by its name? If you’re able to answer “equally by both” you’re among the few and the very fortunate. As you consider a rebrand, knowing which of your current brand assets have the most equity is an important first step in the process. You want to be sure that any changes or refinements increase brand equity as opposed to diminishing what you have already accrued.
What does the competition’s positioning look like?
Rebranding is intended to strengthen a company’s positioning in the marketplace. To maximize the value of this opportunity, it is important to understand how your key competitors identify themselves, both in visual and in voice. To avoid brand confusion, you want to be sure your new brand positioning is authentic to your organization and unique from the competition. You don’t want to invest in a new name or new identity that increases the likelihood of your company being mistaken for the competition.
Does the new brand you seek to implement solve all of the brand problems you are looking to address?
From the moment you begin the rebranding process to the time you prepare to choose a final concept for implementation, consistently asking the question, “Does this new brand resolve our current challenges?” is key. The allure of an eye-catching design, witty tagline and compelling messaging can make it tempting to jump on board. And, while you want to be “all in” when it comes to adopting the new brand, you want to make sure that all of your pain points have been addressed and that this is the right long-term solution for your company’s brand.
A rebrand is an exciting opportunity to reinvigorate a company’s positioning and can help to achieve a greater competitive advantage in the marketplace. For many companies, it is an opportunity to minimize brand confusion, strengthen brand consistency and establish a brand presence that is aligned with the current state and future aspirations of an organization.