Most companies recognize the value their brand brings to their business. Branding helps businesses differentiate themselves from their competition and creates a cohesive identity consumers can get behind.
It’s important to remember, though, that branding can’t stay the same forever, no matter how well established your brand is. Even widely recognized brands, such as Coca-Cola and General Motors, have changed up their logo and brand image. As difficult as it may be to accept, it’s necessary to rebrand your business with some regularity, or risk your brand becoming stagnant.
This week’s blog is all about rebranding and why it’s something that’s not just a choice – but a must for your business.
What is rebranding?
Put simply, rebranding is a marketing strategy that involves updating a name, logo, color scheme, or any other aspect of a brand to develop a new identity. This identity shift can be as simple as redesigning a single logo, or as complex as renaming the entire brand.
Let’s think about a real-world example. From the time it was created until just recently, one of the most popular coffee and donut chains in the US has been Dunkin’ Donuts. In 2018, however, the decision was made to rebrand to a shorter version of their name: Dunkin’. This rebrand was completed in an effort to modernize their name and shift the focus from their donuts to their drinks, which has become their most popular offering.
Why would a business want to rebrand?
But why would any business truly want to rebrand themselves? If they’re still seeing success with their “tried and true” brand, why should any changes be made? Will customers even recognize the new brand?
These are all completely valid questions, but the reality is that rebranding is often a complete necessity. Think about a brand as if it were fruit; it takes a while to develop and ripen, and after a certain point, it will become overripe and begin to rot. Over time, old logos and unchanged brands begin to negatively affect businesses by stunting growth and preventing new developments.
Additionally, if a business is trying to target new segments of the market, it may pay to develop the brand around that retargeting effort. For instance, General Motors recently updated its logo to be sleeker and more modern to drive its goal to sell more electric vehicles.
How often should these changes be made?
Depending on the specific situation that a business is in, it’s typically advisable to rebrand somewhere between 4-7 years. Though, smaller changes should be made more frequently than that.
By giving a bit of time in between rebranding efforts, you can typically preserve your brand recognition amongst your customers. Changing things more frequently than that could have its own negative impacts, and waiting decades to make changes will almost certainly leave your business looking dated.
Whether your brand is new and needs to refocus, or is established and could simply use an update, rebranding might just hold the solutions you need! The rebranding process can present its own set of challenges, but your business is certain to emerge stronger on the other side.
The experts here at BPM have helped dozens of companies with their rebranding! From complicated, comprehensive plans to simple logo redesigns, our team can get your marketing efforts back on track. Get in touch with us today for a free consultation, and take back control over your brand!
