There can be numerous reasons for a re-brand, and in essence, the re-branding strategy is heavily reliant on the reason behind the company’s decision to re-brand.
How do I know it is time for a re-brand?
You will feel it in your bones! I wish it were that easy, but there are certain indicators that you can observe to help you decide whether you want/need a re-brand or not.
Ask yourself the following questions
Has there been an incident, scandal, or anything that has tarnished your brand image?
If your business has been involved in anything that has tarnished the image of your brand, it is time to salvage with a re-brand. In this particular case, the re-brand will be direct, and immediate.
Are you acquiring another company or merging with another company?
If you are set up for a merger or acquisition, more often than not a re-brand is required to reflect your renewed brand personality and business ideology.
Has your current image and branding failed to keep up with changing market trends?
The market is ever-changing, however, if businesses keep re-branding every time there is a new trend, they will lose in terms of brand loyalty. You as a brand have value for being around, however, there is thin line between being untrendy and being a brand that no longer resonates with people.
If the latter is the case, then a rebrand is integral to maintain sales!
Does your target market consider you outdated?
In line with the market trends point, it is important to analyse data on what YOUR target market thinks of you. Are your brand values no longer in line with what they want and wish to be associated with, then you need yo opt for re-brand?
Re-branding is a tricky process and involves working on refreshing a lot of things i.e marketing tactics, logo, brand image, branding material, brand voice etc.
The starting point is usually a logo re-design which then helps re-design marketing material and gives the marketing team something to work with.