Rebranding a business is a major project which should start with an analysis of your company based on self driven market research. This will identify your current market position and the perception held by your relevant audiences.
Market perception is crucial to long-term success. If your data reveals a disconnect between your offer and market perception, the most efficient long-term solution could be to address your branding.
When should a company rebrand?
Core influencers determining when your company should rebrand include;
- To refocus, realign or modernise company image if your market research revealed your brand is perceived as outdated or behind the times.
- To repair reputation damage in the event your company underwent a catastrophic incident forever tarnishing the name or brand.
- To remove branding confusion if your data revealed a lack of understanding surrounding your sub brands, product(s) or service and possibly a general lack of understanding of your company’s position in the market.
- To address brand perception issues your company holds across your target market caused by inconsistent or ineffective brand identity and messaging. Rebranding may be the way to address these fundamental flaws and bring consistency. It’s this consistency over the long term that will have one of the greatest impacts on revenue in this age of shortermism according to branding legend Les Binet.
There are no hard and fast rules covering if or when a company should rebrand. If the brand is well recognised, performing strongly and accurately reflecting the company’s place in the market in a positive way, there’s likely no need for rebranding.
Change within a business is the major catalyst for rebranding projects, but ‘if it ain’t broke, don’t fix it’.
What to consider when rebranding?
Rebranding a company is a complex exercise and touches just about all areas of business operations – if the rebrand is to be done properly, an in-depth/strategic approach is needed.
The first consideration is to understand the reason why it’s needed and what is hoped to be achieved from the exercise. Thorough market and customer research is the best starting point, because it provides an awareness of how customers and the broader market sees the brand and then helps us to better understand what’s required to meet our rebranding objectives.
IMA recently undertook a global rebranding project for leading agricultural brand Case IH. The reason for the rebrand was that the company wanted to develop a new marketing ‘look and feel’ that more strongly aligned with its brand position: to enable optimal productivity by providing innovative solutions specifically designed for the professional producer.
Although the company had the products, solutions and human resourcing to deliver its objectives, a missing ingredient was a marketing look that aligned the brand’s leadership position as an innovator that was reimagining the agricultural industry.
The scope of work included creative strategy and concept creation, brand guidelines development, full literature update, launch campaign for internal and external stakeholders, digital and video. This breadth of work highlights many of the essential elements that are required in a rebranding project.