Re-branding: When and why to do it
A re-brand consists of changing a company’s corporate image, name, or identity. A rebrand becomes more crucial when changes occur within the business; this could mean that what your offering no longer aligns with your current brand identity or that you have increased your offering, so your brand no longer represents what you do. However, it is not always due to a change in service offerings; brands often need invigorating to stay relevant and up-to-date. Even the best branding eventually needs updating; this doesn’t mean a complete overhaul, and sometimes subtle adjustments can suffice. A great example would be Apple’s evolution of its logo, leading to its astounding success as a sleek, elegant technological innovator within the world of manufacturing. Apple has demonstrated that a dip in sales and customer interest doesn’t necessarily require a rebrand, instead opting to innovate and keep stakeholders engaged through new product releases with cutting-edge technology.
A brand refresh can be necessary to stay relevant, but it’s also possible that a rebrand is driven by the need to target a new audience or demographic. Perhaps the customer base has evolved, or perhaps you are targeting a new social media platform where the user demographic is different. Your brand needs to evolve or change to not hinder your engagement with a new audience. Venturing into new markets, industries, countries or audiences may also be a time to consider a rebrand, as you have to take into account new competitions and how you align with your competitors. A rebrand may also occur if a strategic shift is required. This may be the scenario when your brand doesn’t effectively convey your company’s story, values, mission, or people. Your brand should succinctly communicate your pure essence and purpose. Your brand represents what people say about your business when you’re not in the room representing it. Your brand will reap the benefits if it is successful, including increased customers, sales, and talent attraction, as well as improved employee satisfaction. However, it’s essential to keep this in consideration, not because it’s ‘what every other brand is doing’, but because it’s grounded in a strong business justification.
Re-branding can link and affect a brand’s authority, an equally important aspect of a brand’s foundation is to display its values, commitments, and reputation that is consistently reinforced through a rebrand or sticking to original concepts. For example, Hermes became known for its late, unreliable deliveries, and customers lost trust in the brand. In 2022, it scrapped its identity and reimagined itself as Evri; this included a whole new image, which was worlds apart from its previous branding. The EVRI brand attempted to reconnect with its communities, but for this to be a success, it needed to ensure the issues facing Hermes had been addressed; otherwise, it would have found itself back to square one, and the rebrand would have been a pointless and expensive exercise. This happened with Lyle’s Golden Syrup; the company presumed it needed a rebrand but discovered through research that this may be counterproductive. After 140 years, it was determined that preserving their heritage was essential for the brand’s authenticity and integrity. Their heritage wasn’t just a part of their past but a crucial aspect that added depth and meaning to their brand, making it more valuable than any potential changes to ‘modernise’. To conclude, a well-executed brand requires thorough research and thinking. While the potential benefits are significant, they must be for the right reasons.
