There’s got to be a strategic reason to rebrand your company. Brands are the key to a company’s long-term success, so to alter the brand identity costs time and money, and can have a major impact on your business.
What is a brand? A brand is a promise. It gives your company or product an identity, and projects an image of expectation and reassurance to your customer.
Rebranding involves giving a product or company a new image, with the aim of making it more successful and making it more attractive to a new market. This can be a huge undertaking and can involve a complete redesign of the corporate identity. Or it could be more of a ‘refresh’ to inject some extra spark into the image. Rebranding usually involves re-examining the entire culture of an organisation, and readdressing the company’s brand values.
Why rebrand? A business might choose to rebrand after a merger of two companies, this might be a great opportunity for them to have a combined identity for the future. Or if a brand is failing, a new identity might give it a new lease of life and a fresh start. But a business needs to take care when rebranding, because if a customer is used to a particular identity, a sudden change may rock their confidence.
The likes of Cadbury and Coca Cola have kept the same logo for decades. So you need to question how relevant your brand is to your business.