That creates an identity crisis that you can easily solve. So, regularly ask yourself whether your customer profile has changed, and when it has, rebrand to target a new customer profile. This is a common problem, and we always advise clients to make sure their business name is not too narrow or literal. That way, you avoid limiting yourself to future growth opportunities.
Uber faced widespread backlash from their target audience about their toxic company culture and how they treated their drivers. It started conceding market share to Lyft, its main competitor. If your business struggles to overcome a negative reputation, a rebrand can help consumers see you in a fresh new light and regrow brand loyalty. In this case, brand recognition might not be decreasing, but the rebrand would turn negative brand recognition into neutral or positive brand recognition.
Rebranding involves much more than just changing the name of a company. Rebranding requires you to take a fresh look at your overall business strategy. Sometimes, a business is presented with an opportunity to expand or target a new market or expand its product offerings and increase its market share. Pabst saw a chance to re-market itself to the Chinese craft beer market — a market unaware of its budget reputation in the US.
By doing their homework, Pabst expanded into a new market demographic and significantly grew its market share. There are a few other major reasons you might consider a rebrand in your marketing strategy. These include:. Consider and assess what makes your company special.
Why does your company exist, and what values are essential? The words, tone, and voice you use for your brand must match your messaging. You want a rebrand that lives holistically with what already exists. For example, if you have an existing product package design or package graphics , be sure you update those to reflect your new brand.
BrandExtract, a branding firm with over a century of experience, explains the importance of maintaining consistent branding:. A consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better quality customers with higher retention rates and raising the perceived value of your products or services…. In contrast, erratic, inconsistent behavior quickly leads to confusion and mistrust.
Research what your competition does. Determine how you stand apart from your competitors and what your true value proposition is. Your new brand image must be fresh and relevant but not so of-the-moment that it ends up looking dated too quickly.
Rebranding and brand recognition are part art and part science. Consider, among other things, testing your rebranding assets with your customer base and your target audience through focus groups. Even smart companies run into rebranding failures. Read about 5 major rebranding failures and what you can learn from them. Read More 4. Collaborate with your team Your brand may be one of your most important company assets, but just as valuable are the people that help grow your business every day.
Include voices from across your company: some of the best ideas and most valuable feedback are found in departments you might not expect. They will be the faces and voices that represent your brand to your customers.
A name change requires a lot of thought and work. Not just on your part, but for your customers, too. So, this time around, follow these tips to name or rename your business to help ensure that your new name serves your business well in the long run.
Your business name should be an extension and representation of your brand essence. It should embody the public identity you want your business to present.
So, start by thinking about your brand. Take your time and give some serious thought to what your brand is now. You knew your old brand, so you may be tempted to blow through this process. As in all aspects of your business, make your name easy for your customers. Otherwise, brand recognition will suffer. Ideally, your new name should be specific and memorable while also being adaptable to all future business growth.
Your new business name must help your brand stand out from those competitors. So, get to know who they are. Also, consider revising your brand slogan or business tagline when you rename your business.
Need help crafting the perfect business tagline? Here's a look at the most influential and popular taglines from the past 50 years, plus 10 tips to help you craft a great tagline for your business or organization. Read More 6. Rebuild your brand identity When you rebrand, you might be tempted to retain some old brand elements like your logo, brand color palette, etc.
Sometimes, this is appropriate. Along with the internal mission shift, Dropbox refreshed its logo to reflect its new products. In a statement regarding the new logo, the Dropbox design team said , "Our old logo was a blue box that implied, 'Dropbox is a great place to store stuff. And we've evolved it from a literal box, to a collection of surfaces to show that Dropbox is an open platform, and a place for creation.
Pet Food Experts has a full timeline on their website that reflects all company changes since , when the company first opened.
Among the most notable are the company's name change from "Rumford Pet Center" to "Pet Food Experts" in an "effort to establish itself separately from the Rumford Aquarium" , and the logo redesign in The year-old company has grown significantly over the years, and is now a major distributor of pet products from coast-to-coast. To reflect their change and growth over the years, the company has taken numerous successful steps to consistently refresh their brand to reflect their products and values as they change over time.
Beginning in January , Dunkin' Donuts, first introduced in , adopted a new logo that dropped the "Donuts" on their name -- now, signs, logos, and marketing materials simply read, "Dunkin'". Despite the change in name, Dunkin' continues to use the same pink and organic colors and iconic font to ensure long-time customers continue to recognize the brand.
As you've likely gathered from this post, a rebrand is a fantastic opportunity to refresh your public perception and get consumers' attention. Which is exactly why IHOP used a rebrand as a marketing ploy to get people to pay attention to their new product -- burgers.
It began using IHOb on social media, its website, and in-store promotions. Eventually, IHOP admitted its rebranding was a joke to get people to pay attention to their new line of ground Angus ground beef burgers. Their "joke rebrand" was a smart play -- it incentivized people to either vehemently fight for the importance of IHOP's most important product pancakes , while also calling attention to their other offerings.
Now that you know everything a rebrand entails, it's time to consider if and how you want to rebrand your own business. Whether you end up going with a logo redesign, a website redesign, some refreshed messaging or a complete brand overhaul, these steps can help you to consider your best strategy for building a brand that gets it right this time.
Originally published Oct 2, PM, updated February 04 Logo - Full Color. Contact Sales. Overview of all products. Marketing Hub Marketing automation software. Service Hub Customer service software. CMS Hub Content management system software. Operations Hub Operations software. App Marketplace Connect your favorite apps to HubSpot. Why HubSpot? Marketing Sales Service Website.
Subscribe to Our Blog Stay up to date with the latest marketing, sales, and service tips and news. Thank You! You have been subscribed. Start free or get a demo. Marketing 17 min read. Click here to get our all-encompassing Brand Building Guide. However you got here, you're not happy. But first, let's make sure you have the right reasons to rebrand. But if you're considering a rebrand because your company's vision, mission, values, and market are no longer reflected in your brand, then a rebrand might be the right decision.
There are a few other major reasons you might consider a rebrand, including: New locations -- you might need to refresh your brand if you're expanding to international markets who won't identify with your current logo, messaging, etc. Market repositioning -- brands are designed to connect companies with their customers, so if you reposition your business to target a completely new customer profile -- whether through product, place, price, or promotion -- your brand will need to follow suit.
Mergers and acquisitions -- when two companies come together, two brands come together, as well. Finding a new brand that reflects the new entity will prevent confusion and build trust.
Additionally, here are a few reasons not to rebrand: Boredom -- too often, people consider a rebrand because they're sick of seeing the same logo and slogan every day. Covering Up a Crisis -- whether you're working against persistent internal issues or fending off bad press, a rebrand isn't the answer. Most consumers and employees are smart enough to see right through your rebrand and recognize it for what it is -- a cover-up.
Impact and ego -- for new managers, a rebrand might seem like the fastest way to make your mark. But most new managers aren't implementing the kind of institutional change that justifies a rebrand. More often than not, new leadership that insists on a rebrand is doing it more for themselves than the company. Looking for attention -- maybe sales have been floundering, or perhaps brand awareness efforts aren't picking up, but either way, jumping into a rebrand is the wrong move.
At worst, you'll lose whatever brand recognition you had and set back your sales and marketing efforts. Rebranding strategy To successfully implement a rebranding strategy, you'll want to start by identifying whether your brand needs a partial or total rebrand. How to rebrand a company Reestablish your brand's audience and market.
The Lesson: Customers want a better lifestyle and will respond to companies that they believe will help them achieve their goal. Since the first commercial launched a year ago, the year-old brand's ad campaign generated tens of millions of online views and a new catch-phrase: "I'm on a horse.
Old Spice followed up with related videos in which Mustafa directly responded to digital queries from bloggers and celebrities including Perez Hilton, Ellen DeGeneres, and Alyssa Milano. Mustafa returned in the first of three new commercials promoting Old Spice's latest collection of sprays, body washes and deodorants as a "scent vacation" in exotic locales including a grass skirt. In , Apple was veering dangerously close to bankruptcy.
What changed? By producing reliable and elegantly designed products such as the iMac, iPods, and iPads, Apple became a juggernaut in technology. Nearly every product released has been an instant hit, and every move Steve Jobs makes drives a media frenzy.
Another thing that Apple does well, Shillum noted, is the way it articulates its brand from its products down to the store level experience. The Lesson: Build creative products that are well-made and enhanced by beautiful packaging. Also, create a positive experience for customers as Apple has done with its stores. It was FedEx, after all, who introduced overnight deliveries and the ability to track packages with computers. The solution: Remind customers of the ways UPS can meet their needs.
UPS replaced its slogan "Moving at the speed of business" with "What can brown do for you? The new approach started to show results. UPS raked in a profit margin that was roughly double FedEx's margin in , prompting Bloomberg Businesssweek to declare , "on many fronts, UPS is winning the battles. UPS claims its latest slogan, "We [Heart] Logistics" is the shipping giant's first global slogan, designed to highlight its position as a company that serves customers worldwide.
The Lesson: Use forward-looking slogans that tell customers your company is continuously adapting and providing new ways to meet their demands. For you. World globe An icon of the world globe, indicating different international options.
Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation. Good Subscriber Account active since Shortcuts. Account icon An icon in the shape of a person's head and shoulders. Are you an innovative leader or a low cost provider? This positioning will drive many of your subsequent decisions. It needs to balance who you are as a firm and who you want to become.
You must be able to support your positioning or your brand will be hollow. Your messaging architecture articulates your messages to each of your main audiences. These messages must be consistent with your overall brand and supportable. This is not marketing copy. It is the skeleton upon which marketing copy is built.
This is the part of the rebranding strategy where you develop the visual elements that will communicate your brand. Think firm name, logo, tagline, colors, business card design, stationary, and the like. These elements are often described in a brand style guidelines document, which provides a set of parameters to ensure your brand is implemented consistently across all of your marketing materials. Many folks confuse these elements with your brand.
Your brand identity is a sort of visual shorthand for your brand. Your website is your single most important communication and business development tool. It is the place where you can tell a compelling story to each of your audiences.
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