You may have created an exceptional brand for your business, but time will come when you’ll need to make substantial changes. Growing disinterest in the target market, the emergence of new competitive forces or development of dubious reputation are some of the factors that may compel your to rebrand your company.
When you find yourself in such a situation, there’ll be only two major options for you to pick from: stick to the old brand and sink into oblivion or rebrand your business and give it a new lease of life. Obviously, rebranding is the most suitable choice.
When Should You Rebrand?
When should you rebrand? This is an important question that all owners and business managers ought to ask themselves. The following are signs that indicate urgent need for rebranding:
- When you need to shed off an old image.
- When your business name is the only asset you have.
- When you need to benefit from an absolutely new demographic.
- When the market evolves extremely fast.
- When you achieve and even outgrow the original mission.
Options for Refreshing Your Brand and Realigning Your Message
The corporate scene is replete with great examples of businesses that have encountered challenges and risen above them by rebranding. This article gives rebranding options by looking at what the companies did.
- Old Spice
Before the year 2010, Old Spice was considered a brand suitable for the old because it was quite stagnant and uninteresting.
Then, in an exceptional rebranding stunt, the company came up with an absolutely new advert that featured Isaiah Mustafa, a renowned athlete, in a unique, witty and random video portraying the deodorant as a product that is not only sexy, but also fascinating, youthful and exciting.
Several years ago, Burberry was regarded as gang wear. The bad reputation made the company suffer. In 2001, Christopher Bailey, a new director, took the reigns and introduced products such as trench coats and swimsuits that were not affiliated with the company’s old brand. Today, Burberry is a world-renowned luxury brand and is considered a symbol of not only wealth, but also high class.
- High-Fructose Corn Syrup
Several years ago, businesses and corn farmers that heavily depended on the product for preservation and sweetening became unhappy when sales of commodities consisting of the ingredient became exceedingly low. For that reason, they chose to rename it altogether. Today, it’s only available as corn sugar. The rebranding strategy, by significant margins, turned around fortunes of the businesses and corn farmers that depended on high-fructose corn sugar.
There’s no magic formula that entrepreneurs can use to know how and when to go about the whole process. Remember, large companies that boast of adequate staff and limitless resources can also get it wrong when it comes to rebranding. Therefore, the big question is: What should you do when you strongly believe that it’s time for transition?
The following is a checklist that will enable you to rebrand smoothly, efficiently and economically.
- Make important business stakeholders aware of the endeavor.
- Decide what the new business name will be.
- Implement the new business name.