Whilst chatting to a friend of mine recently she mentioned that she had decided to rebrand her restaurant business. When I asked her the reasons behind her decision, she told me that one of her colleagues had simply suggested it was time to refresh the brand. But why now? This business has been going from strength to strength since launch and now has a loyal and growing consumer base.
Having worked in brand marketing for many years, I was concerned that on the back of this comment, without strategically considering why she wanted to rebrand, she was about to embark on unnecessary change that would cost her time and money, for no immediate gain. Surely, that time and money could be better spent growing her consumer base and increasing the frequency of visits to her restaurant?
This got me thinking…
How many businesses rebrand for the right reasons?
Like my friend, I’m sure many businesses and organisations have rebranded or relaunched because someone has suggested it’s time to do so, but is there a truly a strategic need?
Rebranding or brand relaunch (I’m not talking slight tweaks to brand design to remain in date), should be based on strategic rationale not instigated by an employee (often the new marketer) that wants to reposition, rebrand… then resign – an ‘in-joke’ amongst my fellow marketers!
Whilst we all want to keep up with the times and latest trends, unless your strategy or the market has fundamentally changed, my advice is… don’t touch it!
“Why do you want to rebrand?”
“What do you expect to achieve by rebranding?”
When is a good time to rebrand?
There are of course times when it does make good business sense to rebrand to allow you to reposition your brand with a relaunch and drive your business forward. To help you to decide whether the time is right for your business, here are my Top 4 Reasons to Rebrand Your Business:
- There’s a change in market conditions
Your market position has changed as a result of external factors. If market conditions have significantly changed (such as an increase in competition, government legislation, changes or wanting to target a new segment of the market) then repositioning and re-inventing your brand will help you remain current and competitive.
- To overcome negative brand association
Consumer perception or brand associations are negative maybe because of a failed product relaunch, poor comms, different profile of existing users, etc. Relaunching the brand will therefore provide a clear line in the sand moment for consumers making it clear that this brand has changed and helping to create new brand associations. However, please only do this once the internal issues that caused the bad reputation or negative brand association have been resolved. Without resolving the issues first, you won’t change people’s perception and ultimately lose credibility.
- To attract new audiences or to drive reappraisal with your existing or lapsed audience
Your consumer base is ageing or in decline, you are losing to competition, or your consumers are leaving the category and you therefore need to re-engage or target a new segment in the market. Rebranding can help your business attract a new target audience or help you retain or gain lapsed users, to ensure brand relevancy in light of their current and future needs.
- To enter into a new market
Your existing market is static and or in decline and therefore you need to enter a new market or category to grow (adjacent category or new geographic market). A rebrand may be necessary to strengthen your brand before entering a new market and or to reflect the positioning for your brand in the new market with a different competitive set and consumer need state.
Whatever your reasons for wanting to rebrand, remember each require a strategic rationale for change and…
“A brand is more than just a logo”
A brand is a promise of what you are going to enable consumers to do, think or feel. We all know a brand needs to be memorable (for all the right reasons). It’s more than a logo and a set of guidelines (albeit both are important) and when built correctly will become an asset to unlock market and business growth.
“Change but not for change’s sake”
If you do need help to define your brand positioning to leverage an identified market or consumer need then please don’t hesitate to get in touch.
For more information, contact Abigail Dixon at Labyrinth Marketing on 07855 840844 or email firstname.lastname@example.org
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