Creating a memorable brand is one of the most important tasks any small company or big corporation can undertake. The corporate identity and the brand are dependent on each other. They can make or break the connection between the company and its customers. With that in mind, some companies choose to rebrand themselves from time to time. Rebranding is the process of creating a new identity and look for the company, website design, product, or service. The project may also encompass a change of logo design, marketing strategy, and even name. So, why do companies rebrand themselves? What are some of the common reasons? Read on to find out more!
When Your Brand Isn’t Attracting Qualified Professionals
The best and most experienced professionals only work for the best brands. That’s how the economy has been working from Day 1. If your brand is not attractive enough for the ideal talents you are searching for, rebranding may be a good idea. In this case, you should focus on your corporate identity, its visual image, and the way you communicate your values to the corporate world.
When There’s a Change in Leadership
Privately-held companies and small businesses are often led by a leader. That leader is usually the owner of the company. When the leader reaches his or her retirement age, he or she may decide to facilitate an official takeover. But that’s not always the case, i.e. death. When he or she passes away for various reasons, the company’s leadership role may be assumed by another qualified legatee. Some new leaders may opt for a makeover of the company to start afresh.
When Your Brand Has a Bad Rep
When a brand has a bad reputation, it may have a negative impact on its overall operations and the business itself. To avoid closing the company for good, rebranding is the next best alternative. One can dispel or ameliorate all the negative associations with the brand and steadily restore or rebuild the company’s reputation.
When You’re Repositioning Your Business
Let’s imagine that you run a company that manufactures Tupperware. Since your company’s inception, it has grown into a respected brand. However, your sales have been declining in recent years. Hence, you have made the decision to produce lawnmowers instead. Will you choose to rebrand your business? Of course, the answer would be a yes.
To keep up with this major change, it would be wise to change the logo, marketing strategy, website visual style, and tagline of the business. What was good for the kitchen may not be good for garden care for example. A brand should always reflect one’s values, identity, and the market he or she is trying to target.
When Your Brand Fails to Stand Out from the Crowd
This can happen to any business that’s just starting up. Even with a certain marketing strategy and business plan in place, your brand is still not noticeable. In addition, the overall great feedback you have been receiving and the good services you have been delivering only got you a limited pool of clients. In this case, you should aim to rebrand for the purpose of differentiation. Don’t worry. If you fail the first time, you can always try again. Want to keep older elements? Make sure to simplify and display them in a subtler way.