When is it time to rebrand?
We all know the value of refreshing our websites, rebooting our logos, and revamping our marketing, but there are some circumstances that demand a rebrand.
It can be a terrifying proposition, but it can also save, salvage, or rehab a company.
To find out when a company should say “yes” to a rebrand, we tapped branding expert of 20 years and CMO of digital marketing agency Findsome & Winmore, Kelly Lafferman.
In her own words below, she explains the seven times a company should rebrand.
7 times a company should say “yes” to a rebrand
- Product and/or Service Change: No longer offering just one service to customers? Company rebranding can help your business break away from the perception that it’s a one-trick pony and reposition it as a one-stop shop for multiple consumer needs.
- Merger and/or Acquisition (or “Conscious Uncoupling”): If your organization is joining forces with another entity, acquiring another company, or experiencing a “break up,” it may be a good time to embody a new brand that reflects this change.
- A Crisis That’s Bigger Than the Brand: In most cases, there’s usually a light at the end of the tunnel (or crisis) when your company finds itself in a sticky situation; however, if the damage is too extensive, a rebrand can help shed a negative perception or event.
- Revitalization and/or Relevance: It can be difficult for business owners to admit that their brand is outdated. To stay relevant in a rapidly changing marketplace, be honest with yourself and your customers by refreshing a brand that is no longer relevant or could use a reboot.
- New Ownership or Structure: If you’ve just gained control of an organization, or if the core structure of your company has changed, consider rebranding to put some distance between where the company has been and where it’s headed.
- Expanding to New Markets: A brand that is associated with a particular region or market can hinder expansion opportunities. In some cases, especially with hyper-local companies, company rebranding can make an organization marketable in multiple locations.
- Legal or Trademark Concerns: Sometimes, rebranding is less about preference and more about necessity. Creating a new brand should be a no-brainer if it means keeping your company out of a legal battle.
Thanks to Lafferman, we have a better idea of when a rebrand is unavoidable. It isn’t done on a whim or because the CEO just feels like it, no, these are circumstances that simply demand a rebrand.