Rebrand.
Now there’s a word likely to raise an eyebrow or two at the next board meeting (or cause the FD to regurgitate his/her lunch).
It’s not hard to see why the idea of a rebrand tends to go down like a slap from a wet fish. The thought of spending countless hours in workshops (not to mention countless sums on agencies) to ultimatlely update countless templates and materials…it’s enough to put off even the most gung-ho champion of the company rebrand.
But smart business take a different view.
They approach a rebrand as a strategic endeavour, not a creative one. They see it as an opportunity to realign the business, to reinvision employees, to reaffirm commitment to a particular audience, to plant a flag in the ground for the rest of the market to see.
Recent research by Hanover found over 75% of companies have worked on their brand since 2020, with 81% of leaders agreeing that a rebrand generates a positive return on investment.
These are leaders who get that their brand is more than the sum of its visual parts. They know that it's how the business is positioned vis-à-vis the alternatives, how it's perceived by their target audience, how it's experienced by their customers (customer service, physical environments, marketing materials…the whole nine yards).
That's what we mean by the overused term 'brand'.
Finally, smart leaders know there is a right time to relook at the brand – and a wrong time. Heck, we’ve even talked a few prospects out of a rebrand when we could see the timing (and rationale) really wasn’t right.
So, when is the right time? And what are the right reasons? Here are four points of change where a business should be taking a long, hard look at its brand…
1) The point of internal change
New leadership. New vision. New strategy. New service offering. This is the point where something significant has shifted internally, and it’s time for the brand to play catch-up in how it is positioned and presented to the outside world. [APPROX 50% OF OUR BRAND CLIENTS]
2) The point of external disruption
Mergers & acquisitions. Technological disruption. Investor swings. This is the point where external forces have created a new dynamic, and it quickly becomes clear the old brand simply isn’t fit for purpose anymore. [APPROX 10% OF OUR BRAND CLIENTS]
3) The point of disconnection
Old day vs new day. Past vs present. Who we were vs who we are. This is the moment of self-awareness – whether the result of rapid growth or slow-and-steady sailing – where it's clear the brand no longer reflects what you're about or why your customers even choose you. [APPROX 30% OF OUR BRAND CLIENTS]
4) The point of crisis
Falling behind the competition. Losing market share. Shrinking profits. This is where the rubber hits the road – where you realise sales hustle and marketing ‘stuff’ isn’t going to cut it. You need to make a big play to change the trajectory the business is on. [APPROX 10% OF OUR BRAND CLIENTS]
In each of these scenarios, there is a clear business case for revisiting the brand. There’s a need for strategy and messaging, not just creative. And there’s a credible answer to the question: “Why are we doing this, anyway?”
Finally, let’s take a look at the wrong times to rebrand – the reasons that (on their own, at least) probably don’t pass muster. Here’s a selection that we’ve heard down the years:
- “We’re getting bored of our logo and identity”
- “Our website is really out of date”
- “Our competitor uses a similar shade of blue”
- “We need to show investors that we’re serious”
- “Our new Head of Marketing wants to prove his chops”
- “We want every product/service to have its own sub-brand”
- “Our Chairman really loves funky illustrations”
If you find yourself hearing (or worse, even uttering) any of the above – chances are you shouldn't be leaping into a whole business rebrand just yet.
But if you find yourself at one of those points of change – and your're asking bigger questions of your brand – then it’s probably time we had a little chat...
