Are you craving for something new, do you feel like trying a new approach, changing your look every now and then, doing something differently or just do away with another? You are not alone in that boat, as humans we crave change and we are always in search of something new, the same can be said for businesses, although doing something new for your business might be exciting but the results might diminish the brand’s equity which is why most businesses would rather not fix it since it’s not broken. Every business hopes to have a brand equity that holds long in the minds of its clients and stakeholders but sometimes in a bid to maintain consistency in the brand, the brand identity becomes stale and the essence of the brand becomes lost in time and eventually, the audience starts looking for something new.
You want a different Look: A smart lady once told me, A brand is what you want people to think of you and how you tell them. Now sometimes it takes a couple of tries before you figure out how to express the essence of your brand. So when it seems your current approach is not sailing, you can do a rebrand to recreate what you want people to think about and how you tell them that.
You want to try new terrain: One of the most challenging areas of branding is cutting across different spectra of audience at the same time, some brands have been able to do this by going multiplatform and associating their brands with personalities that connects them to their audience, brands like Nike have been able to do this. However when you are trying to reach out to a new market, a new audience or a new product, it’s time you consider your brand, if it can properly convey your message to the target market, if your brand can accommodate the dynamics of the new product, if the brand communicates effectively to your new audience. If you are not certain about any of these, then you know the drill, you need a rebrand.
When you’re outdated: Don’t misplace outdated for old, because there is a fine line between the two. A brand can be old and still be up to date, although that is a rare privilege but an outdated brand looks out of place when compared with other brands, the elements that make up the brand identity have lost their place in the current trends and no longer tells a good tale of the brand’s progressiveness with the trends of the day. If your brand is looking out of fashion and trend, then you know it’s time for a rebrand
When you need to re-affirm your values: Every brand is held together by values that guide every representation of the brand, the values are therefore attached to the personality of the brand and as such should be taken to the forefront of the brand Image, the brand identity should reflect these values, some brands values are lost in campaigns or lost in time, and a rebrand is a brilliant way to bring those values to life.
When you have new owners: It’s common to see businesses change ownership, due to expansion, bankruptcy, mergers etc. and when this happens, it comes naturally that the brand is fitted to the new owners and their direction for the new company, an example of this is seen in the recent overhaul of Skye bank to Polaris Bank. since a brand is a reflection of the company when the owners change, the brand is expected to change, some companies maintain the name and brand identity due to the brand equity the brand has amassed over the years while other companies by compulsion have to change their name and the brand identity.
So if any of the above situations describe your brand, then you know it’s time for a facelift. But a note of warning, Although we all love the smell and the excitement that comes with new things, you must be very careful when rebranding, pay attention to feedback from your followers, consider your customers, and the effect the rebranding exercise will have on your brand’s equity. If you get it right, it just might be the best thing you could ever do for your business.