Company rebranding is a process you’ve often seen happen to big and small companies alike. Rebranding involves changing the company name, corporate image, logo, marketing strategy, and so on.
The goal of rebranding is to create a new brand identity and differentiate the company from any negative sentiments they might have been associated with.
There’s more to the process of rebranding, though. Today, we’ll find out why companies rebrand, how to conduct the process of rebranding, and we’ll take a look at examples of organizations that have successfully rebranded.
What Is Rebranding?
Rebranding is the process of rethinking the marketing strategy of a company. This includes changing the company name, logo, website design, marketing materials, etc.
The purpose is to change the way people think about the brand and to develop a new brand identity in the eyes of its stakeholders, existing customers, and potential new users.
Rebranding doesn’t necessarily need to be a total redesign of your company vision, it can be done partially – by changing your logo or your slogan. In general, there are three types of rebranding:
- Brand refresh. This type of rebranding keeps your brand up-to-date. For example, your logo has become outdated, or you want to change certain aspects of your color palette.
- Partial rebrand. You only want to change some parts of your brand identity. This could be due to a company merger or because new management has entered the company. For example, you need to combine two logos: the one of your current company plus the one of a company you’ve just acquired.
- Full rebrand. Everything must go. Your entire brand takes on a new strategic direction. The reason behind this could be your company launching new products, delving into new markets, introducing new company owners, and so on. The ultimate goal of a full rebranding is to establish a new, better connection with your audience.
Why Do Companies Rebrand?
For starters, the cost of rebranding usually costs between 5 and 10% of your annual marketing budget, and in some cases of digital transformation, this could mean spending more than $60,000 based on the business size!
Still, the average corporation performs some kind of brand identity change once every 7-10 years. Why do companies go through all the hassle to revamp their brand?
Main Reasons Why Companies Rebrand
- Bad reputation. Your business can become completely ruined by negative and bad reputation. By rebranding, you get a chance to reinvent the way your brand is perceived.
- Brand similarities. There’s a chance you might realize your brand identity is too similar to another brand. In that case, not only is it bad for customers who could confuse both brands, and render your company unoriginal, but it could also end up in a lawsuit.
- Company acquisition. You have a diverse brand portfolio, and you’ve recently acquired a new company. Your current branding might lead to confusion, so you need to think of a way to improve your brand and highlight your new products.
- Breaking into new markets. When you enter a new market, you need to consider the cultural specificity of your new audience and how it correlates to your current marketing strategy. Your logo or slogan, which has worked just fine for your current audience, might be offensive or incomprehensible to your new one. Furthermore, you can analyze the actual market dynamics, and think of ways to improve your brand.
- Identity development. A lot of companies haven’t quite completely developed their identity, or they have one that is inconsistent and unfinished. Hence, why a company may decide to completely reposition itself by starting to apply consistent branding, including the use of the same logo, fonts, color palettes and design types.
- New management. New CEOs always come with fresh ideas and desire to change. One of the best ways to turn a business from failure to success is to rebrand. It’s as simple as that, you basically let people know: “We are no longer that old, stuffy company, we are now new, improved and ready to rock.”
How to Rebrand Your Company: 3 Strategies
You’ve decided it’s time for you to rebrand your company. Great, but now what? How do you approach the process and make sure you’ve done everything possible to make it successful?
Worry not, together we will review the three most successful strategies to rebrand your company.
- Change your name
- Change your logo
- Listen to your customers
1. Change Your Name
Did you know that in Europe, Twix was called “Raider” for many years? When the company decided to use “Twix” worldwide, they released a new slogan: “Raider is now Twix, nothing else changes.”
At first, the name changes was greeted with negativity, however, in the long run, it turned out to be a successful change.
2. Change Your Logo
Changing your company logo is a light version of rebranding. After all, you do keep your company name and all that is associated with it. Still, updating the logo of a company is a step that’s almost inevitable.
You may have the greatest logo, but in time it’s bound to become outdated. Maybe you’ve added a new product to your portfolio and the logo needs updating, in order to reflect that new product.
Of course, people might just hate your logo for no clear reason, in which case it would be highly recommended to create a new one.
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3. Listen to Your Customers
Sometimes the necessity for change comes from the desires of your customers. If that’s the case, it’s always a good idea to listen to your customers’ feedback. More often than not, business growth goes hand by hand with customer satisfaction.
Sounds natural that you would listen to your customers, and at least consider changing according to their wishes, right?
Good Examples of Companies That Rebranded
Now, let’s take a closer look at some good examples of rebranding to help you gain a deeper understanding of how to approach the process.
In 2018, after 18 years, Google AdWords became Google Ads. On top of that, Google merged DoubleClick Bid Manager and Google Analytics 360 to create the Google Marketing Platform.
To establish the change, Google presented new logos for both their new services:
In this example of a successful rebranding campaign, Google refreshed both the logos, and the name of the products. The best thing is that they listened to popular user demand, and ultimately created products that everyone is glad to have.
Dunkin’ Donuts decided they want to put more emphasis on their beverages, coffee, and speedy services, thus they changed their name to only “Dunkin’”, and therefore they also changed their logo.
A survey showed that 34% of customers noticed the name change, 32% were lured by the new logo, and just 10% noticed the new colors.
The popular email marketing platform upgraded into a full-service marketing platform, and so Mailchimp decided to rebrand. The first thing they did was to change their logo:
The company also rebranded their marketing platform, focusing entirely on the user. Their new design is 100% user-centric, instead of relying on old and proven marketing rules like multiple headers, etc.
Instagram’s rebranding was a shock at first. The company decided their logo does not present Instagram as a whole anymore, which is why they introduced their new logo.
The changes were significant – from an old Polaroid camera to a new cell phone camera. Of course, this was a major part due to the audience of Instagram, consisting mainly of young people and modern users.
Basically, the company had to choose over an old, out-of-touch feeling with their old logo, and a new, modernized version of said logo. The opted for the latter, and even if the change was greeted with mixed feelings at first, over time it proved to be the right choice.
Spotify have established themselves as a very recognizable brand, especially amongst younger generations like Millennials. Nowadays, practically, everyone knows about and uses the music streaming service.
Still, the company introduced a new, refreshed version of their logo, using a neon green color that goes very well with their party-starting feeling.
The tweak to the logo is fairly simple, yet effective. It’s enough to add freshness to the brand and allows them to keep on competing with their big rivals, iTunes and Pandora.
Company rebranding is a process that can reinvigorate and reinvent your business, providing it is appropriately executed. Truth be told, you may also need a bit of luck regarding the proper timing of the change.
However, luck comes to those who deserve it, so prepare yourself before you start revamping your brand: analyze markets, research your competitors, and audience, and establish what you want your brand to be associated with.
At the end of the day, a successful rebranding can skyrocket your business and help you reach…well, the sky is the limit.
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