The Power of Rebranding

In a world where trends are changing and consumer needs are becoming more demanding, rebranding is vital. Companies that don't consider rebranding can risk becoming obsolete. 

What is Rebranding? 

Rebranding is the process of changing a product's or company's corporate image to create a new look and feel. The company may also rebrand to market or build a new brand, get new partners, or target new audiences. When a company rebrands, it changes: 

  • its logo

  • vision and mission

  • name

  • slogan

  • values and how they do things at the office

Why Rebrand?

When a company stays in the market for a long time, it may lose its recognition or relevancy. Rebranding is essential for any business that wants growth. The main goal of rebranding is to revitalize a brand by making it look modern and relevant to the consumer's needs. This influences the consumer's perception of a product, company, or service. 

Big companies have rebranded several times. For example, Starbucks is one of the biggest names in the coffee industry. You may think a company with such cult-like loyalty may not need rebranding. Yet, Starbucks has rebranded at least four times.

Risks vs Rewards

Rebranding can be costly and takes time, resources, and research. If rebranding goes wrong, you not only damage your business but also risk losing your potential and current consumers. I was involved in the "good" rebrand of Tropicana (below left) which thankfully is still alive and well today. Whereas the attempted redesign of it (below right) only lasted three months because the appropriate strategic measures were not taken to bring their consumers along for the ride. 

Rebrand now

Rebranding is powerful as it revives a business and positions it to attract new customers or enter a new market. When a 30-year-old company does it, it increases its chances of staying relevant while pursuing growth in the market. If you think about it, a good rebranding strategy comes with more rewards than risks. In the meantime, while still figuring out your rebranding strategy, contact us for some pointers.