Is It Time To Rebrand? 12 Signs That You Need To Know
Branding is one of the most important parts of any business. It represents your identity and everything else that is all about your company. You need to establish this first before venturing out to find new products or customers. Unless you already have a strong market audience, there is no reason to stay away from developing your brand. It is not just about the name, but the entire look and feel of your company to other people and businesses.
All of us want to have a good branding process right at the get-go once we establish the company. However, there are times when it does not work that way, and you need to reevaluate your brand as a whole. The logo, for example, is one of the most common parts to be replaced over time, as you can see here. Others have their name changed along with the parent company, and this is so much more common than you think.
Changing With The Times
Many businesses found success after they have done rebranding to most of their products and services. One of the best examples of this process is LEGO, which you may know as a company that produces a build-your-own style of toy products. It was on its way down during the early 2000s, but it is now still one of the more successful toy companies. In the middle of all the closings, LEGO survived because of their successful rebranding by establishing themselves not just for kids but also for adults.
However, others were not as successful with their attempts. One good example would be Kraft’s new logo that was launched in 2009. They changed their logo from the one that was bordered with a red and simpler font with a new look. It had something that looked like fireworks for some people, which confused many consumers. It was said to be a move to gain new customers abroad, but we know what happened to that venture when they reverted their logo.
No matter what happens, though, it is important to look at your situation from your perspective. You can always do a rebranding of everything that you have right now, but at what cost? There are many aspects that you need to note before even considering it. As you can see, even more significant and established brands like Kraft can go through these situations. You just need to learn from them so that you can avoid these from happening to your business.
The Aspects For Change
1. Poor Brand Name
Let’s face it; we always start with the name of the company while we are still trying to build it. There are so many guides on this online that it can get confusing for some people. For example, some guides would say that using Latin is one of the greatest ways of naming your brand. However, it does not work this way in the business, and it might backfire on you. If you think that the name is not good, then you should start the process of changing it immediately.
2. Does Not Fit The Vision
As companies, we all have a mission vision that we need to follow. It is the general guidelines that would help us see our goals and clarify the reason for the company’s existence. One of the main features that show this mission vision is the branding, and both of them should go together. If it does not fit anymore, like changing the statements, then you must change something in the logo as well. It will reflect your company best, and you will find it would for more than the previous version.
3. Embarrassing Or Cringe Name
You may have worked under a business before that has an interesting name. We can say that some of the brands that are common today might have been laughed at or felt skeptical by people before. One good example would be Google, which is still a far better name than its previous one, BackRub. Nevertheless, if you are ashamed of even presenting the name of your brand to others, then it is time to change it.
4. Similar Branding
It is also relatively easy these days to encounter one company that may have similar brands to yours. The issues in color, font styles, and size have always been there, but it is not usually a problem. It is the case until you are working on the same field and you also have similar colors and font styles. You can try and negotiate it, especially if you are the first one that used it, but there are times that it would be easier to change yours.
5. Complicated Branding
There are also cases wherein the business has grown so much that it has been complicated to fit the brand with the company. If you are already losing focus, then it is the right time to think about the face of your brand and analyze it properly. You need to have a fitting narrative and see that everything else fits as well.
6. Change Of Strategy
You might also need to change your strategy from time to time due to the changing climate. In business, nothing must get left behind if you want to alter your moves. Every single part of the institution needs to work together for the branding to work. If it doesn’t, then you are left with a group that is not cohesive even in its visions.
7. Effects Of An Old Brand
This is usually the problem of companies who have been in the game for a long time. The set traditions and principles may have propelled it to its heights, but it might also be the exact reason for its slump in the modern world. Some customers would always look at the name of the company and decide if they want to transact with it or not because of the name. Old fashioned concepts can work, but sometimes it is better to let them retire.
8. Doing A Merger Or Acquiring A New Company
It is also a common tactic for the growth or survival of a business to acquire or merge with another company. This is a practical strategy that would bolster both of their efforts and potential income due to the combination of the two. Once it is done, though, the branding must also follow since it will have to reflect the state of both companies. You can get creative and make a new name, or just combine it like what happened with the gaming company Activision-Blizzard.
9. Going International
On the other hand, this is not a standard strategic move since most companies would want to retain their original name. It is a part of their history and culture, so it makes sense to stick to it if you are going international. Unfortunately, you need to move with the laws of different land, and sometimes your name might help you make or break you. For this reason, you also need to consider doing rebranding if you want to go international for the benefit of the new consumers. It will also help you start anew and help you see a new perspective in a new environment.
10. Saving Face
We cannot avoid that there are cases where a business would suffer due to complicated matters and issues. It is crucial to face these issues head-on to make sure that you will resolve them efficiently. However, there are also instances wherein it would be easier to just change the name and move on from the incident. It would take time, especially if there are other lives involved, but it would be the better choice, in the long run, to attract more consumers like in these scenarios: https://www.usatoday.com/story/money/2020/01/12/companies-forced-to-change-their-names/40963349/.
It is also not common for companies to change their name after repricing, but it can happen. Rebranding can change the perception of the people and help you alter your image as a business as well. For example, you have a luxurious-sounding brand name, and you have observed that it is difficult to gain more consumers. Likewise, some brands look cheap but have a higher quality. It might sound negative, but most consumers would always look at the packaging first before buying anything, so alter the things that would probably deter them.
12. Vying For A New Market
Through generations, many people have seen businesses change and wonder why they have to alter some parts of their companies and brands. As it turns out, it is usually due to the arrival of the new generation that directs these trends. If you are a company that has been existing for centuries, you need to bring yourself to the present and market to a younger audience. Your base of customers will change, so you should start your metamorphosis to win the new ones.
Rebranding is not easy, especially if you have already established yourself in the industry. However, there are times when you need to concede and find ways to help you survive in the new times. As long as you retain your core beliefs, branding is just a part of improvement.