There comes a time in every businesses’ life that rebranding needs to be considered. As the philosopher Heraclitus of Ephesus said: “the only thing constant is change”. As time passes, the factors that determined your previous marketing strategy can alter, disappear, or become irrelevant.
At Soak Creative, we have years of experience in altering marketing strategies. Over this time, our brand agency in Brisbane has seen dozens of companies in need of an identity overhaul.
So, whether you are branding a start up, a Brisbane-based company or an international conglomerate, here are 4 reasons why your company might be in need of business rebranding.
1. Your Company is Going in a Different Direction
One main reason for business rebranding is to accommodate a major change in the company itself. When a business goes a different direction, it’s important that the marketing matches this shift. This is because your business strategy and marketing should always be in harmony: differing elements can lead to a chaotic and ineffective company presence.
Our branding agency in Brisbane has seen and dealt with many of these changes, such as an altered mission statement or a newly provided service. The business could be undergoing an acquisition, a merger, or a de-merger.
Another major change is if your company is going international. Under this new direction, you’re going to need more than a local approach. A branding Brisbane strategy probably won’t work for an international demographic!
2. Your Customers’ Needs Have Changed
Another reason to change your marketing strategy is if the needs of your customers have also changed. As a branding agency in Brisbane, we witness this happening quite often.
Maybe there has been a shift in your core customer, or maybe the market itself has moved due to technological innovation. Regardless of the reason, you will need to alter the marketing to fit the customer.
In 2014, the lingerie company Aerie decided to change the way they marketed to their core group. Their target demographics are millennials and Generation Z. This largely feminist group had been outspoken on digital retouching and unrealistic beauty standards. So, in 2014, Aerie rebranded themselves with natural beauty in mind, and promised they would not retouch any of their models.
This was a prime example of knowing your changing demographics and altering the strategy to accommodate the customer. This is a universal rule that can be applied to an American lingerie company or a brand agency in Brisbane!
3. You Want to Fix a Bad Reputation
A common cause for business rebranding is to create a better reputation. This is mostly for companies who have found themselves in marketing trouble. Apologies can be drafted and donations can be made; yet, at the end of the day, sometimes a business just needs to recreate itself.
A prime example of reputation control through rebranding is McDonald’s. Their company took a huge hit in 2004, with the release of the documentary Super Size Me. Clients lost all trust in the business, not wanted to associate with unhealthful and ‘fake’ foods.
Alistair Macrow, the senior vice president of marketing at McDonald’s, recalls the reformation that occurred after the movie. He remembers a team member saying “we can’t market our way out of this; it’s about fundamental change.” It was this philosophy that begat the healthier marketing strategy. This included cleaner recipes, fresher ingredients, and an emphasis on natural ambience.
As a branding agency in Brisbane, we know that sometimes a clean slate is best. If your company’s identity has been compromised, then the best thing you can do is start fresh!
4. Your Brand is Too Similar to Other Companies
If you find your clientele mistaking you for another company, then it is definitely time for a rebranding. This confusion can occur through similar names, designs, and logos.
Our brand agency in Brisbane has seen this occur on multiple levels. A good example of this can be seen between PayPal and Pandora. The music streaming service had a nearly identical icon to the online banking service. This created vast confusion within the customer base, especially when the icons were located near each other.
This confusion became so immense that PayPal actually delivered a court order to Pandora. They stated, “since Pandora would not agree to resolve this matter amicably, we had no choice but to file this lawsuit to protect both our brand and the PayPal experience for our over 200 million users.”
So, instead of being involved in an arduous legal case, it might be better to undergo business rebranding. This may seem tedious, but it’s worth it. Trust us, you’ll save yourself a lot of grief in the future!