As consumers, we’ve all witnessed a company that has made a complete shift in their branding whether it’s to go after a different demographic or even just to remain current. Often, these branding changes go relatively unnoticed because they’re minuscule adjustments, but significant rebranding can propel companies to become a leader in their specific market. The following reasons are ones that are most common when a company considers rebranding, should your business be next?
To react to an evolving marketplace
Companies that exist in a marketplace that is quickly evolving could undoubtedly benefit from a rebrand to stay a step ahead of the competition. In these emerging markets, it’s imperative that companies continue to remain relevant and adapt to changes, which can happen as technology improves. If your business is in an evolving marketplace, you have the unique opportunity to help shape the industry and set a standard for your brand.
To appeal to a new demographic
Just because a particular set of consumers are loyal to your brand doesn’t mean you can’t appeal to another demographic. One of the most challenging groups to appeal to has been the millennials, but brands have managed to gain this generation with great success by allowing them to become a part of the company’s story. TOMS is a shoe company whose model is to give a pair of shoes to someone in need for every pair they sell, and they allowed their consumers to be a part of that mission which resonates with millennials.
To improve your image
Companies can sometimes receive a negative reputation for being associated with a particular group of people. This image crisis was the case with the luxury brand, Burberry. In England during the 1990s, Burberry became synonymous with gang wear and those who wore it out were sometimes even barred from establishments. In 2001, Burberry received a complete makeover by creative director, Christopher Bailey, who sought to change the brand of the company by focusing on the construction and design of their garments, advancing Burberry from gang wear to a status symbol of the wealthy.
If your company is in need of a branding overhaul, it’s essential to conduct thorough marketing research and make sure it’s necessary that you take your business in a different direction. Rebranding is much more than just changing your logo; it should represent a realignment that your company intends to make to get on the right track in the marketplace.