Why Rebrand: 5 Reasons Businesses Reposition Their Brands
Brand is the emotional connection you make with your target audience. It is, therefore, the life and death of your business. To say it’s pretty critical to get right would be an understatement.
But what if you didn’t get it quite right? Or rather, what if it was right at one time, but now, your company has outgrown the brand that once used to fit? In other words, who you are on the inside, no longer matches what’s on the outside. When this happens, it leads to confusion internally and externally, and can squash your marketing efforts.
If this sounds familiar, you might want to consider rebranding.
What Does Rebranding Mean?
A rebrand isn’t what you think it is. A lot of people hear the word “rebrand” and think new logo or fresh color palette.
Sure, it’s those things. But it’s so much more, too.
A rebrand is a whole new identity. We’re talking fundamentals like messaging all the way down to market research analysis. Because if you don’t know where your current brand stands, how will you know how to reposition the new one?
What is Included in a Rebrand?
- Logo + visual elements
- Color palette
- Brand positioning statement
- Mission/Vision statement
- Core values
- Brand voice
- Brand story
- Brand name
What Rebranding Means for your Business
We know what rebranding means. Here’s what it doesn’t mean.
Rebranding doesn’t mean that you messed up somewhere or don’t know what you’re doing. Here, try this. Think of your brand like a game of Jenga.
When you first start out, Jenga is a fine, sturdy tower of blocks. But as you play the game, the tower incurs holes. Every change that happens over the years results in one less piece, creating imbalance.
The president leaves the company to his kid—take a piece.
A global pandemic happens and you now operate 100% virtually—take a piece.
Your company gobbles up its biggest competitor Pac-Man-stye—congratulations, take a piece.
And so on and on it goes until you’re left with this wobbly brand that no longer has a rock solid foundation.
So you hire a creative agency or a marketing agency, and what do we do with your holier-than-thou Jenga tower? We knock it over. Figuratively, of course. We don’t have the credentials to operate heavy equipment.
And then, once we can see all the pieces, we begin to build your brand back up, salvaging what makes sense and starting fresh with everything else. At Savage, we call this the Architect phase.
This sounds all well and good, you say, but how do I know it’s time for a rebrand?
Excellent question. We were just getting there.
Reasons for Rebranding a Company
As you might have guessed from our Jenga example, there are myriad reasons to rebrand. In fact, according to Anthill Magazine, on average, companies rebrand every 7-10 years.
5 Reasons to Rebrand
- Modernization. Hey, you’re due for an upgrade. No one wants to work with a brand that looks and feels stodgy. Staying fresh and on top of your game takes work—and strategy.
- Competition. Why blend in when you were made to stand out? A new brand helps your company keep your goals in sight and sharpens your competitive edge.
- Reputation. Maybe your origin story isn’t as stellar as you want it to be. Rebranding can help you disassociate from negative history or perceptions and look toward the future.
- Expansion. From service offerings to geographical territory, an expansion of any kind can warrant a rebrand. You need to communicate what you have to offer and reach the right people.
- Mergers and acquisitions. Two have become one. That’s the name of the game with mergers and acquisitions. A rebrand can help unify two companies into one cohesive culture.
Your Strategic Branding Partner
Rebranding is an opportunity to grow your business, attract top-tier talent, and conquer uncharted territory. A new look and aligned goals can reignite your team’s passion for the work you’re doing. But make no mistake. Rebranding is no easy feat. It demands courage, and a whole lot of creativity.
Two things we happen to have a lot of.
Savage is a creative agency located in Milwaukee, Wisconsin. We are a strategic partner for B2C, B2B, and select non-profit organizations that focuses on branding, campaign building, content creation, and more. Connect with us to learn more about our approach to branding and rebranding.