Mark Upgrade: The Top 3 Reasons Why It’s Time to Rebrand Your Company
+ Examples Of Rebranding Done Right
Just like you, your business is born to grow and… to change! Whatever the reason, you should know when it’s time to rebrand your business, and then TAKE ACTION. Rebranding can enable you to stand out from your competition, breathe new life into your marketing efforts and help you to reach new (and bigger!) target markets. After all, it can allow you to charge more for your products or services, so consider this a good investment in your own business.
New Brand, New Look, New Name
This looks familiar?
Thatʼs right, been some time. Apple Computer Inc. was producing computers, Apple now does phones, tablets, watches and we can only imagine what next. One of the oldest domains registered — back in 1986 and the ninth commercial domain to be registered in the history of the internet — is hp.com, registered by Hewlett-Packard Company (and we donʼt blame them! Imagine having to write and spell that to get to their site!).
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.” Antoine de Saint-Exupery
So strive to be simple, especially when it comes to something people will have to remember and write often. A good brand name gives your business distinction and it sets you apart from all other similar competitors.
Did you know that Philip Morris, the planet’s largest cigarette manufacturer, found that its corporate name was too synonymous with the taint of tobacco-related death and disease, according to a study by researchers at the University of California San Francisco. In late 2001, the company announced that it would be changing its name to The Altria Group. The company was keen to distance itself from its tobacco origins, which were perceived to be weighing down its share price.
Your brand sounds… boring?
Ouch! It's important to keep your brand modern, versatile and timeless. What seemed like the perfect idea 10 years ago now no longer represents what your brand is now. It happens. Sometimes a company outgrows the name, sometimes the name outgrows the brand but the point is that the world is moving faster than ever and your customers will expect you to be up-to-date with the modern age. If your current brand already resembles most of your competitors… Yep, your brand will be considered boring.
The clients/customers you are attracting are not the people you want to be working with.
There’s nothing more frustrating than putting all your time and energy to marketing your business and attracting the wrong audience.
A rebrand allows you to redefine yourself with the goal of reaching these “new” and untapped audiences (did someone said Millennials?). This doesn’t mean you should blindly follow the trend any time something new becomes popular, there will always be trends, but whatever the audience you want to attract, authenticity is always a good recipe. The results will surprise you.
Old Spice is a great example of a brand that reinvented itself despite its rich history in order to appeal to younger audiences. The brand has been around since 1937 and was seen as a brand for older generations, so the company decided to go with a massive rebranding strategy (2010.) they came out with a new advertisement featuring athlete Isaiah Mustafa in a strange, funny, “random” video implying the deodorant to be something sexy, surprising, fun, and youthful. BOOM — The Old Spice received multiple advertising awards + they got a whole new look at the product they already owned … just a little rejuvenated!
You already achieved old goals — what prevents you from setting up new ones?
It’s hard to showcase how your company has grown when your brand doesn’t reflect it. If you’ve expanded to offer new products, you want to include more services or set new goals for yourself, rebranding is an amazing way to show that your business is evolving. After all, showing that your brand is hungry for new goals is not something that should remain hidden. Make it count — make it big!
When it comes to big brands that seem to get marketing spot on, Coca-Cola is one of the best. Even large companies like Coca-Cola have rebranded multiple times in order to keep their brand modern and reach new generations of customers. Today, the name “Coca-Cola” is the second most recognized word in the world.