We have witnessed a number of Australian companies, as well as those worldwide, changing their brands. If you have ever wondered why businesses choose to step away from their old selves, here is why.
A Change in Leadership
A change in leadership can happen through acquisition, merger, or simply by the next generation of owners taking over. Each new leader comes with a unique vision and they choose to present their vision through brand identity, thus-rebranding. Also, existing businesses merging with others may choose to let one of the brands take over or coin a brand which will include the qualities of both brands.
Evolution and Expansion of the Global Market
When a business is first established, its owners create a brand and a strategy to satisfy their current needs. They do not have an idea of how far their business will grow, and with time there may be rebranding required to meet the level the company has reached. Also, with the growth, it may be time for global expansion. What works locally might not work globally so changing the brand image is needed for the company to stay competitive and succeed.
Staying Competitive
For a long-standing business, it is extremely important to follow the trends in order to stay competitive. This includes the changes in the market and the audience. What used to work for baby boomers, does not work for the millennials, they come from different times and their views of the world and values are different. When it comes to the market, on the other hand, there may be a need to take a step toward expanding the product range, or even changing a niche entirely. The niche dictates the audience, so this change will require a change in the approach to the new audience.
Changing Focus
Let’s say we are looking at a business who provides one service or one product such as an app or a software, and their business revolves around it. With time, they may launch a new product, which becomes the focus of their work. In efforts to promote the next generation product, a business may choose to rebrand, so they are more easily identified with the new product.
Repairing Reputation
Businesses rely on their reputation to attract and retain customers. If recent events or discoveries have threatened or even damaged a business’s reputation, rebranding is the key. Leaving the old brand behind, shows public condemnation of the old ways, may help a business redeem itself. Also, a lot of customers may approach it without knowing the connection between the old and the new brand.
Dated Brand
Even the most famous brands have changed over a period of time. There is a constant need to look appealing to the current customer. Look into your brand, particularly visuals and change them if they seem to be stuck in the previous decade, or even the one before it. The same applies to any visual or strategic solutions which may have been limited by the technology at the time. Change it and use new technologies. The need for the brand update is most visible on a website and promo materials.
How to Go about Rebranding?
There are several most important things you need to cover when rebranding. Start by doing the market and the audience research. Have a clear image of what your brand should be like. Once you know that, achieve consistency in all fields. There is a company providing custom made stickers in Sydney, which has seen many businesses attempt to make a change for the better. They have pointed out that the printed material is extremely important for raising the awareness of the new brand, and it should match the rest of the visuals, particularly the website.
Rebranding is a complex process, which makes it difficult and lengthy. It represents a major change in the business. If you do not have the means of following through from the beginning to the end, do it in stages. The most important thing about rebranding, if you are a reputable business, is to keep the audience aware of it. In addition, monitor the audience’s reaction closely and adjust when there is a need for it. After all, your success depends on them.
Leila Dorari is an entrepreneur, freelance writer and business-improvement enthusiast from Sydney. Currently, she is consulting companies on various effects different marketing solutions can have on their business. In her spare time you can usually find her window shopping.
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