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When you started your business, you put together your brand identity. Now, for one of several possible reasons, you find yourself preparing to rebrand. Rebranding your business can be a tricky proposition, so we’ve put together some information about rebranding, when you should consider rebranding, and four strategies for doing it right.
What is rebranding?
Branding is a name, term, design, symbol, or feature that identifies your company as distinct from others. It presents a memorable impression that increases your company’s value. Your brand identity includes logos, typography, colors, packaging, and messaging. Rebranding is changing, updating, or improving one or more of these elements. Rebranding falls into three categories.
- A brand refresh changes minor details—modernizing your logo or subtly changing the color palette you use.
- A partial rebrand changes some elements of your brand identity, like changing your logo but using the themes and colors from your old logo.
- A full rebrand changes absolutely everything about your existing brand identity. You start from scratch as if it was a completely new company.
When you are considering your company’s marketing strategy and rebranding, you should try to develop a strategic and fresh brand that is relevant and familiar to your customers. There are advantages and risks within rebranding, so the strategy requires careful consideration.
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When to consider rebranding
Rebranding can give new life to a brand that’s not well aligned with its company values, vision, and market. But you may also risk losing some of your existing customers. Does your situation warrant rebranding? Here are a few scenarios in which a company may consider rebranding:
New products or services
Are you breaking into an entirely new market with completely different product offerings? Maybe you’re changing your pricing structure to offer a version of your luxury products at an affordable cost. Companies may also go through a rebranding if they’re adding new ingredients or materials—such as organic or recycled—into their product mix. Rebranding is a good way to introduce yourself to a new customer base and garner attention for your new features or product offerings.
Example:
China’s Origo Coffee decided to take advantage of the growing popularity of coffee by introducing local specialty coffees. Its old branding did not reflect the modern, sophisticated, yet authentically Chinese experience in their shops.
A new logo, an illustration of a bird feeding on coffee beans, a deep color palette, and all new messaging are part of their new brand identity.
New locations
Your business is growing and you’re considering expanding into new locations as a chain or into the international market where they aren’t familiar with your current brand. You’ll likely be making major changes to your marketing strategy, and a rebrand may prove to be an advantage.
Example:
Jumbo is an online lottery ticket retailer in Australia. Its plan to expand globally required a rebrand that could help the company reach its goals. The new brand slogan is, “Imagine More,” and is symbolized by their elephant mascot—he embodies the idea of big excitement, dreams, and jackpots.
Market repositioning
When you reposition your company to target a new market, your branding needs updating. Whether you’re making the change based on product, price, or promotion, your brand needs to reflect your new market position.
Example:
SurveyMonkey recently rebranded its parent company as we embraced our business strategy to move upmarket with Momentive. Our iconic survey platform isn’t going anywhere, but SurveyMonkey as a brand has outgrown its name. Our brand has become much more than surveys. That’s why the SurveyMonkey product remains, but our brand is expanding.