Signs That It is Time to Rebrand
Rebranding is a completely natural process. Without exception, every large company has gone through rebranding processes, ranging from small changes in a brand’s logo to changes that restructure everything from target consumers to business philosophy.
Not only is rebranding a natural change for businesses, it is also crucial to a business’s success. If a business lacks a distinct identity that readily connects with its target audience, it may struggle to take hold.
Moreover, running a business is about more than providing an exceptional product or service. You also must be able to establish trust between you and your customers. In fact, one survey found that a staggering 81% of consumers want to trust a business before making a purchase with them.
Fortunately, in this article, we will highlight some common signs that it may be time to consider rebranding. We will also provide some insight into how this can be done most effectively.
1. Brand Name Doesn’t Match Your Values or Vision
An obvious sign that a business is due for a rebranding campaign is when the brand name no longer matches the vision of the brand. What may have been a great name 20 years ago may no longer serve to present the image a business wishes to present.
Don’t be fooled, many of the world’s most successful companies once operated under names that the average consumer may not recognize today. For example, Starbucks used to be Starbucks Coffee, Tea and Spices, Apple used to be Apple Computers, and Walmart used to be Wal-Mart.
You have probably never heard of a company called Backrub, right? You may be surprised to find out that Backrub is the former name for one of the worlds largest companies, Google.
All of this is to say: If you feel a pang of shame or embarrassment when handing over your business card, it may be time to rebrand.
2. You Are Expanding Business Operations
Many businesses start out relatively small, serving clients within their local markets. Over time, lucrative businesses branch out with locations and business operations across different geographical areas. The most successful businesses may even enjoy an international reach. When businesses see this sort of exponential growth, it’s difficult to ensure that their branding keeps up. In most cases, rebranding is the only way to make sure of this.
CVS rebranded following a decision to offer more expanded healthcare services. Before, CVS only provided pharmacy services at its locations. This rebranding initiative renamed the company to CVS Health, to align with its new MinuteClinic offerings. These changes also helped when CVS Health partnered with Target to rebrand and operate their in-store pharmacies.
3. You Have Undergone Mergers or Acquisitions
Companies that begin with a few service offerings and then experience huge success often pursue mergers and acquisitions. This allows the company to expand their offerings to customers. As a result of these mergers and acquisitions, businesses can find that their branding has become unfocused. In these situations, rebranding reintroduces their business for all its offerings in a more cohesive manner.
Examples of this are evident among well known tech companies like Facebook, Twitter, and Google. All of these tech giants have acquired several smaller companies to expand their offerings, while also eliminating their competition. One of the most notable of these instances is Facebook’s acquisition of Instagram. Following this business deal, Instagram’s branding shifted to include “from Facebook.” Additionally, they rolled out new features in tandem. This led to the launch of stories, as well as interoperability to allow post-sharing on both platforms at the same time. When Google acquired Nest, a similar branding transition took place.
4. You Want to Stand Out From Competition
Businesses also pursue rebranding to differentiate themselves from their competition. In these cases, their service offerings are too similar to a competing business. Rebranding allows a business to highlight their strengths to set themselves apart. Sometimes these efforts are purely for the visual representation of the company. Other times, the culture, mission, vision, and other core values of the company are also overhauled.
Weight Watchers recently rebranded to “WW,” a simpler, mobile-friendly version of the weight loss counseling behemoth. They also formed a partnership with Blue Apron to deliver meal kits to clients. Prior to this, they offered a points system to track eating for weight loss, and support groups to help clients reach their goals. Rebranding positioned WW not only to compete with Noom’s mobile coaching, but also the food delivery options offered through popular programs like Nutrisystem and Jenny Craig.
5. You Want to Improve Your Social Media Presence
Social media allows businesses to have more lighthearted, genuine interactions with everyday people. With the introduction of social media came a dramatic shift in branding, marketing, and social presence for businesses worldwide. It didn’t take long for companies to hire younger, more tech-savvy marketing professionals to maintain their social media presence.
This drove up revenue for businesses that embraced these opportunities. It became clear that these social media identities gave an advantage to those who were early adopters. Sarcastic, fun, and lighthearted content often goes viral, increasing brand visibility. Some businesses missed the boat on this transition, leaving them to rebrand specifically for social media later on.
Businesses who rebrand their social media aim to create more relatable content and to get it in front of consumers more often. The perfect example of a social media rebranding strategy that worked is from Denny’s.
In 2013, this restaurant chain partnered with a marketing agency to produce funny, relatable content. This allowed Denny’s to connect with millennials and grow its social media presence. They began with Twitter and eventually achieved growth on all their social media accounts. It was wildly successful, increasing Twitter followers from fewer than 100,000 to over 500,000 by 2019.
Ready to Rebrand? We Want to Help!
Whether you’re looking to rebrand your company due to booming business and opportunities, or you’re trying to wipe your slate clean after a controversy, APS Marketing is here to help. We provide comprehensive marketing strategies to help clients successfully rebrand their businesses. If you’d like a consultation to discuss rebranding, visit our website and contact us today!