You’re running a business with a notable brand in the market and it’s been going well. However, there will come a time when rebranding is essential whether it’s to keep up with the times or your business is simply growing. This is to develop a new business identity in the minds of target consumers, stakeholders and competitors.
So on what occasion does your company need a rebrand?
When You’re On Top Of The Game
Google recently unveiled its new logo, opting for the sans serif typeface that seemed to be the norm in a lot of companies’ rebranding exercise nowadays.
More than just for the sake of a contemporary look, the main reason behind the tech giant’s image update is to have better legibility across multiple platforms, especially on smaller devices such as smartphones and smartwatches. Having a simpler and uncluttered logo also means smaller byte sizes, resulting in higher data entry speeds.
It’s a case of rebranding done at the coming of age in reflecting the company’s current expanding product offerings and to stay relevant with the changing market.
When You Hit Rock Bottom
Take a cue from MAS, a brand that hit close to home, right at the heart of fellow Malaysians. The national carrier was hit by a series of tragedies involving two missing planes in 2014 and was already at the brink of bankruptcy long before the ill-fated incidents.
The troubled airline has since been under the wing of the new CEO Christoph Mueller, who assured the people that they are not MAS in disguise, but a start-up with a new vision. The renaming of the airline from Malaysian Airline System (MAS) to Malaysia Airlines Berhad (MAB) as well as to retain only 14,000 employees out of its 20,000 staff members were among the restructuring plans.
Rebranding is necessary to ensure the dispelling of a brand’s negative image especially when it has a serious influence on its operations. It is important that companies work on its actions and policies in its organization because exterior changes can only do so much for a new overall brand identity.
When You Want To Be Trendy
Staying up-to-date with market trend is what companies should aspire to do. Burberry, which has a rich history of 150 years, has all the more reason to be in touch with the millennial generation. Its rebranding campaign is dubbed one of the most successful ones in recent times.
Not long ago, the luxury brand was associated with football gangsters in the UK, but the negative image was soon shed off when a new creative director was appointed to overhaul the brand image.
Modern touches have been made to its iconic trench coats and young star like Emma Watson was hired to endorse the label for an updated appeal. Burberry had seen an increase in sales after the major brand transformation.
Then again, not all rebranding efforts end up being successful because no matter how much meticulous research you do on your target consumers or how much of a calculated risk you carry out, it’s going to be either a hit or a miss. Rebranding can be a risky business, which brings us to the next point.
When You Should Not Rebrand
Countless brands attempted to keep abreast of market trends but have unfortunately missed the mark. For instance, music streaming service Spotify has just inadvertently billed itself as a classic case of fixing what’s not broken.
A few months ago, Spotify changed its icon colour from earthy green to neon green. Their reasoning? The colour looks modern and fresh, just like the millennial. But their users weren’t so thrilled by the idea and it had sparked a huge outcry on Twitter, from expressing confusion to threatening of deleting the app.
Therefore, brands with strong recognition should be very careful in their rebranding plans and never underestimate the deep emotional bond that the consumers have with them.
Rebranding can be a tricky task because on one side, it can be a rewarding transformation for the company and on the other, it may also draw flak from consumers.
Although change is being dubbed the only constant, you should evaluate when a rebrand is necessary for your company and most significantly for the right reasons.
Are you ready to take the leap in rebranding your business?
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