What is a rebrand? And when is the right time to rebrand?

Introduction

Many business owners and entrepreneurs think that a company’s “brand” is just its name and logo. Of course, it is untrue; a brand represents more than just the name and logo of the company’s brand. The interactions that buyers and consumers have with your business collectively make up your company’s brand identity. A strong brand indicates what and how your business operates and also helps you build credibility and trust with your clients and customers. Moreover, many businesses, including some of the most successful ones, rebrand because a brand changes over time. So this blog will guide you on the path to when being the right time to rebrand your brand. Some of the signs are changes in customer preference, an increase in competition, company mergers, etc.

What do you mean by brand?

A brand is a product, service, or concept that is publicly distinguished from other products, services, or concepts in order to promote interaction and marketing. The process of developing and promoting a brand’s name, attributes, and personality is known as branding. Strong brand identities, concepts, cultures, and personas are necessary for a successful brand. Developing an effective brand strategy that addresses all four of these elements boosts brand trust, loyalty, and awareness.

What do you mean by rebrand?

Rebranding involves overhauling or carefully scrutinizing existing brand assets, such as messaging, identity, and images. Your brand is more than just a logo, therefore a rebrand requires more than just changing the logo. A rebrand is a natural evolution of a brand’s ability to grow and reflects its desire to adapt and change to maintain success.

What is the right time to rebrand?

Successful brands do not survive in the market permanently if they do not evolve with the times. However, going through a rebranding process is a major step. Rebranding should not be undertaken lightly and should be motivated by a genuine need rather than a desire for change. It must be long-lasting and serve a genuine purpose. The answer is never straightforward when the business faces the question: “Is a rebrand necessary for their business?” This is a complex question to answer because rebranding is highly time-consuming, risky, and complicated. In addition, many successful businesses choose to rebrand over time as their brand evolves.

What are the signs to know the right time to rebrand your company? 

Some signs to know the right time to rebrand are listed below:-

1. When there is an increase in competition: It is normal for brands to have competitors. But a rebranded identity can help you stand out from the crowd and get attention from audiences when there is an increase in competition and they start to become more familiar than yours. So when you see that there is an increase in competition, then it is the right time to rebrand your brand.

2. When there is a change in customer preferences: There is no end to how far customer preferences are changing over time. People will connect more with something they can relate to in their day-to-day life. If you look at a few old brands, you’ll see that these old brands have the same spirit as new brands. Big companies or organizations have recently redesigned their brand identity to appear trendy and new. McDonald’s can serve as an appropriate rebranding example in this case. So when you see that there is a change in customer preference, then it is the right time to rebrand your brand.

3. When your company has grown beyond the brand: If your current image is preventing you from growing in the future, then it is the right time to rebrand your brand. Sometimes the answer is simple, such as when your symbol depicts a dog and you wish to expand to cats and birds. To reflect your broadened focus, you require a new brand. In other cases, you may require a more energetic brand to introduce your business in fresh or revised goods and services. The expansion might not succeed because of your outdated brand. A new identity can excite consumers about your company’s progress and make it seem relevant.

4. When a company merges or acquires with any other company: When a company changes its leadership structure, the company merges or acquires new companies, it needs a new brand to reflect the changes in services and culture. The goal is to unite two companies into one new brand without reducing their original employees. Work on developing the personality of your new brand to meet the needs of the present market. In this case, rebranding will help you to persuade your clients to expect more and better services.

Conclusion

Although there is no set answer for when is the right time to rebrand your brand, the reasons listed above, such as an increase in competition, change in customer preference, and company mergers or acquire will help you decide whether now is the time to plan it or not.  If you choose to rebrand, you will have the chance to improve the services your company offers and build connections with an audience through a more appealing, relatable, and interesting identity. A rebranding is a big decision and often needs the help of experts.

Suggested Read: Branding Techniques for a company