What are some of the reasons that a rebranding project might be necessary?
When should you rebrand your business?
What are the obvious signs that it's time to refresh your brand image?
The answer, is not a simple one.
A company's brand is its most valuable asset, however it is an intangible construct that needs very careful tendering and management to keep it delivering on its promise of value.
When I refer to 'brand' I'm not simply referring to 'a logo', which is just a symbol of what the brand represents.
A brand is the overall experience of a product or service; it's the mental perception we have of it and the emotional appeal that it gives us. A brand is the 'emergence' of all of the parts of a business that contribute to its creation; a promise of delivery that cements trust at scale.
Choosing to embark on a rebranding exercise should not be a decision that is taken lightly; the process is expensive and incredibly disruptive to the status quo.
So what are some of the reasons that a rebranding project might be necessary?
- The old brand no longer serves the new strategic future vision that the business is aiming to secure.
- The brand is looking to radically transform its business model, or innovate its product portfolio, and needs an updated platform from which to entrench that change.
- The brand is keen to attract a new consumer.
These are all significant breaks from the past in any business; the opposites and risks in the future should be fully-explored using strategic foresight, before a final decision is made and committed to.
Brands are built on experience and trust, that take a long time to cultivate, their value comes from their proven track record in the past.
Rebranding is a discontinuation of the past - a break from 'what was' into 'what could be'.
The bonds of trust should obviously be carried over into the new brand, but everything else needs to be recalibrated to deliver on the new promise.
Just changing the logo is clearly not enough. Otherwise you end up getting the same old meal just served on a different plate.