As a Fortune 500 company, the decision to rebrand is a big decision. The rebranding will involve changing advertising and marketing campaigns for many channels. It’ll mean that your visual presentation of your brand will need an overhaul (magazines, billboards, catalogs, business cards, web design, general graphic design, etc.). That’s why you need to ensure that you’re making the right decision, well thought out for a long term. So the question is: when do you need to rebrand?
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1. When Markets and Industries Change
One of the things that large enterprise had to realize was the changing consumer behavior of their customers. Consumers have been moving away from service only and seeking customized service approach. As a result, the companies and brands had to create a more engaging and personalized consumer changes. Many brands are already gaining an advantage over their brand by incorporating these tactics.
For example, McDonalds is starting to position their brand as a premium fast food company. They’re adjusting to these market changes and emerging competition visually as well. They’ve started dropping their “I’m Lovin’ It” slogan and are focusing on a more minimalist logo. They are also focusing on rotating customized deals to appeal to a customer base that’s looking for good meals, luxurious and modern environments and great value. We call that affordable luxury. Affordable luxury is a new concept, and especially tailored for the Millennial generation. For traditional consumer, luxury is about achieving quality, with a high taste, at a premium price, that secures reality of items. Affordable luxury is what consumer seeks, preserving high taste levels but compromising high quality with a value.
2. Your Brand Is No Longer Aligned with Your New Vision
A good sign that a rebrand is in order is if your brand image is not aligned with your vision. Companies have to change their targeting, positioning, and marketing strategies to stay relevant. A new vision for the company almost always requires new brand visuals. This includes everything from the logo, packaging design, website, to graphical elements.
A perfect of this is Old Spice. The company was perceived as a brand that your father used to use. Along with some humorous and creative commercials, the company did a complete overhaul on their brand. The logo was changed to represent modern masculinity with a touch of class. The brand also managed to hold on to its classic idea of masculinity with the new changes which allowed it to hold on to its credibility.
3. The Brand Isn’t Making an Impact with the Target Audience
If you’ve been lagging behind in your marketplace for quite some time, it’s very likely that it’s time for a rebrand. This is often recognized by competitors drawing the customers you’re looking for with their creative branding efforts. Many companies wonder why they’re losing customers despite the fact that their product or service is of higher quality.
In this scenario, it’s best to start studying what kind of message you’re sending out with your brand. You also want to see what your competitors are doing and figuring out why it’s working. There may have been a shift in consumer habits or an appealing selling point that you haven’t communicated in your branding efforts.
4. You’re Shifting Your Focus
If your company has found a new line of products more promising than your previous product line, you need a rebrand to reflect that. If you’ve identified an audience that is resulting in strong growth and revenue for your company, you need a rebrand. These are major shifts that you’re making in your business strategy. You need to reflect that in your brand’s visual identity.
Not doing so will make it difficult for your company to be recognized for this new product line. Not doing so will hinder you from connecting with your new audience. Today it may be millennials. In a couple of years, it may be generation Z. Whatever the case, the important thing you need to understand is that if you’re changing your strategy, you need your brand identity to support this change.
5. You Need to Move Away from a Negative Image
If your company has gone through a PR meltdown or have been portrayed negatively by the media, it can be difficult to shed your old image. In this case, it might be a good idea to do a rebrand. While the change in public opinion will not happen overnight, presenting your brand from an entirely different and new perspective will help you climb out of the trenches when executed over a period of time.
For example, Burberry was recognized as a brand associated with gangwear. The brand put in a strong rebranding effort by modernizing their products, positioning as a luxury brand, and getting celebrities to represent their products. This has helped Burberry become one of the most successful luxury brands in the world.
These are just a few cases that justify a rebrand for a fortune 500 company. It’s a tough decision to make, but if the company is suffering under the image of its current brand, it’s obvious that something needs to change.