No matter how much you love your business’ current brand image, there comes a time in the life of every company when a rebrand is necessary. Perhaps your business will even go through several rebrands throughout its lifetime. Over the course of 132 years, Coca-Cola has changed its logo (multiple times), rebranded Diet-Coke to millennials, and even tried to change the recipe in the 80’s (let’s not talk about that…).
Sometimes the sign that it’s time to rebrand is right in front of you: if you’re embarrassed to hand out your current business card or tell people your business’ name, you really have no other option.
In other situations, it’s just time. On average a company goes through a rebrand every 7 years. A rebrand will put your company in front of fresh eyes, inspire employees and propel the business forward.
Still unsure if it’s time for your company to change its image? Read through the following five signs that it’s time to rebrand.
We’re starting the list off with the most serious reason to rebrand. A bad reputation can lead to a business’ downfall and requires a lot of work to repair. We don’t recommend disappearing out of sight for a year like Taylor Swift did, but a new logo, mission statement, management, and possibly even a new name may be in order.
Remember Goodfellow’s Dry Goods? No? That’s because it’s now called Target. Your favorite store to purchase everything from paper towels to an Xbox rebranded to distinguish itself from the likes of Walmart.
New CEO or Management
Rarely does a company introduce a new CEO and not see a major shift in company culture and how they operate. When Steve Jobs returned to Apple in 1997, the company not only took on a new CEO but also a new logo and hold on the tech world.
Is your company ready to ditch its old products and services and focus on something new? Or maybe times have changed and your current products and services are outdated. Netflix started out as a DVD rental service and is now an online streaming giant. Changing technology combined with people’s desire for instant gratification forced Netflix to reposition itself.
When two companies come together to create a new organization, so should their mission statements, logos and overall image. When Exxon and Mobil merged in 1999 the two companies became ExxonMobil and presented to the world a new logo.
Your Brand’s Name Does Not Align with Its Vision
Rebranding doesn’t always require a new name. In fact, many companies who have tried to change their name have received a lot of backlash. However, when your name no longer aligns with your vision, it’s time for a change. If your company includes New York in its name but is moving to the West Coast, a name change is needed ASAP. Weight Watchers recently changed their name to WW to shift gears from dieting and weight loss to exercise, healthy eating, and positive lifestyle changes.