Have you heard of Interbrand? They track the monetary value of brands and have been doing so for decades. If you were to head over there now, you probably wouldn’t be too surprised who occupies the top spots – and have done for decades.
What you may not realise, is that for many of the companies in question, the brands you see today were by no means their first incarnation. Reinventing themselves time and time again, the most successful global brands are masters of the rebrand – evolving and growing in tandem with the changing market and customer needs.
Most businesses go through a rebrand at some point, whether it’s a refresh of their image or a complete change of name. But not everyone understands the opportunities which trigger a rebrand – or the benefits to be had.
Over our 17 years of elastic creativity, we have helped many clients to realise the value of a rebrand, for many different reasons. We understand the scale of such a choice and its far-reaching implications. So, if you’re on the fence, considering if a rebrand is right for you, keep reading.
Reasons to Rebrand
Your products or services have evolved to suit a changing marketplace
If you’ve been in business for any length of time, you know that it’s important to keep your brand relevant. Trends change, consumer needs evolve, and you have to be willing to adapt in order to stay ahead of the competition. Rebranding can be a great way to do that. Decisions at this moment will shape the next 5 to 10 years – and are capable of bringing the much-needed energy and excitement that will galvanise the stakeholders to propel the brand forward into a new era.
You have merged with or acquired another business – and you need to bring the whole team together
When 2 or more brands are brought together there can be tensions internally, and confusion externally. The process of creating a new brand together is a very positive way to unite the people within the business – and give existing customers and the wider target market a clear message of your joint ambition and enhanced offering.
A new name at such a juncture is a wonderful way to signal togetherness.
Your market has become highly competitive and you need to stand out
In a world where marketplaces are becoming increasingly competitive, it’s more important than ever that your brand stands out from the rest. Your current branding may be stale or no longer effective in engaging your target audience. Your competitors may be new market entrants or may have invested in their brand more recently – giving prospects more instant appeal and a gut feeling of greater relevance. These gut feelings drive decision making – especially online where the competition is a click away – so your brand must make a great first impression to attract your prospects’ attention and convince them to research your offering further.
You need to shake off negative perceptions
When a business rebrands, it’s an opportunity to start afresh. Sometimes a brand can become pigeon-holed in the minds of their target audience – or get caught up in negative PR which hangs around for many years online. It may even be the case that your brand simply doesn’t translate well to an international audience and creates a barrier to your dreams of expansion. There can be occasions when factors both within and out with your control can present a fresh challenge that is simply too impactful to overcome.
Through rebranding, the negative emotions created by situations like these, can be shaken off and replaced with the excitement and attention a fresh new launch attracts.
You are taking a fresh look at attracting fresh talent
The world is a global village, full of opportunities and talented professionals seeking more fruitful and diverse roles than ever before. As a result, many brands are struggling to attract and retain talent. And it’s no surprise, with so much to choose from, young people can afford to be picky. Striving for fulfilling careers in industries they love; people place a huge importance on having a positive impact. And this means they pay close attention to your brand values and personality, almost as much as the compensation on offer.
Rebranding is a chance for established companies with perhaps outdated practices to reset. Consider whether your outward-facing persona is a true reflection of behind the scenes. Showcase your company culture, prioritising workforce wellbeing and consider how your brand can impact wider society for the better. Remember, it’s your people that make it all happen. Ultimately, they are as crucial to your brand as the products you sell. Often, a change of management will trigger a rebrand. New energy and perspectives coming into the business will influence future direction and greater investment in brand.
You are seeking investment or planning an exit strategy
Your brand is your most valuable commercial asset. It carries great influence. Your brand is the way your audience perceives your business – and that includes potential investors or acquirers. You may be moving out of start up mode into a planned period of high growth now that you have identified your core product and market. Or you may be seeking a new round of investment for international growth. You may have your sights set on an IPO or acquisition.
Investing in a clear brand framework, well ahead of your target deadlines, will allow you to very effectively and succinctly communicate the brand’s influence and impact in the market, and the value of the products and services. It may be that your existing brand has lots of elements which are fit for purpose and the task comes down to repositioning – or a new brand name and full overhaul could make all the difference in achieving your objectives – and pay for itself many times over.
Don’t underestimate the power of a great digital marketing strategy for putting your brand in the spotlight and in front of the right people ahead of a pitch or exit. Click here to learn about our extensive digital marketing skill set.
The Wrap Up
So, there you have it—some of the main reasons why you may choose to rebrand your business. The answer isn’t always clear-cut, but there are tell-tale signs that could signal that it’s time for a valuable makeover. And by planning ahead and engaging your wider team in the process, you can make the transformation enjoyable and highly effective for both the business and its customers.
Here at elastic we’re focused on creating, building and managing fantastic, commercially successful brands and online brand experiences. If you think a rebrand might be right for your business we have all the skills and expertise you’ll need – and a clear step by step process to make it happen.
We hope to hear from you soon.
Thanks for reading.
The Elastic Team