We recently talked about the re-branding of Co-op, identifying what we thought were the reasons for this and giving our initial evaluation. In doing so, this got me to thinking and searching for some other examples of recent rebrands from large multinational companies and we came across this great article, which to save you some time we’ve summarised for you below;
It’s probably worth starting by clarifying what a rebrand is, we find that this quote from Laurent Muzellec and Mary Lambkin’s Corporate Rebranding: the art of destroying, transferring and recreating brand equity does it perfectly;
“The creation of a new name, term, symbol, design, or combination thereof for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, and competitors.”
5 GOOD REASONS FOR REBRANDING;
1. Your External Operating Environment has Changed
Losing business because your brand no longer appeals to your target audience? Then it’s time to make a change! You can recognise this situation by doing some relatively straight forward and inexpensive market research to find out how your target market perceives your brand.
2. The Joining of Forces
If you’re merging 2 or more companies together, you will need a cohesive brand which communicates a joined up message, both to internal and external stakeholders.
3. You’re Becoming Old
To be successful, branding needs to be dynamic and keep up with the times, often this doesn’t mean a complete brand overhaul, just a few small tweaks here and there. Nike is a great example of this;
4. Your Brand is Limited
Often working with smaller companies, what was once applicable a suitable brand can become outdated. This can be for many reasons, but often it’s because they have decided to diversify into new products/services or target new markets which were not initially part of their strategy.
5. Your Brand Doesn’t Properly Represent You Anymore
Your brand should tell people on the outside looking in what you are all about, if it doesn’t achieve this then you need to have a re-think.
AND HERE ARE 5 THINGS TO WATCH OUT FOR
1. New Blood
Often when new personnel come into power they will be thirsty to get some quick wins and to make a difference. This is all well and good, but rebranding should not be one of these “quick wins”, certainly not without giving it a great deal of thought and doing plenty of research.
2. Because you feel like it
Rebranding when done properly takes time, and money, so it’s not the best of ideas to change your branding every 3 months to fit how you’re currently feeling or what’s currently in fashion – remember your brand should be all about your customers and not yourself.
3. Inside Issues
Sometimes companies will look to solve their internal problems by changing how they look externally. Newsflash – this won’t work, in fact it might even make things worse! “It is like putting gift wrap on a time bomb.”
4. Your customers are attached
If you’ve got a regular, loyal customer base who recognise and like your brand then why would you change it? At the end of the day, that’s what branding is all about and it’s not an easy thing to acheive.
5. Your short on funds
If you’re going to re-brand and you’re going to do it right then it is going to take you a considerable amount of time and effort, which doesn’t come cheap. It’s therefore important at the start of the process to understand what your objectives are, how you are going to achieve these and what you expect the costs to be – don’t forget you will need to include everything in their from stationary to signage.
Anyway, enough of the writing and on to some examples of what might be considered good and bad attempts at rebrand.
It’s probably worth noting here, a rebrand is so much mote than a logo change, in this case logos are used for demonstration purposes only.
And to summarise
A rebrand is a very time consuming process. Before setting off on this adventure, be sure to start by understanding what it is you want to get out of it, how you are going to achieve this and what the costs will be.
Using an external agency is often the “best practice” for a rebrand, they will be able to offer you unbiased expertise that will not be tainted by any preconceptions of what is right and wrong which almost undoubtedly exist amongst internal persons. That said, if you’re going to get your rebrand right, getting all of your team on board with the process and working closely with the agency will be absolutely essential.
If you’d like to have an informal chat with us about your company’s branding, please do not hesitate to contact us.