It is said that businesses should rebrand every 7 to 10 years to create a brand that people will remember and grow with. Many companies do not see the need for change; therefore, it is harder to make larger internal changes or grow their client base. There are many reasons why a company should grow its business identity.
Why Should You Rebrand:
Repositioning
This is the process of changing your company image to target a new or wider market. This can happen when you see your target demographic has changed and you need to update your brand to reflect their interests.
An example of this is Taco Bell. For a long time, the thought of going to Taco Bell would make you think of quick and cheap Mexican food. In 2016, Taco Bell decided to reposition its image to pull in a younger more exciting audience. Not only did they update their logo, but they also created urban Cantinas, some of which carried alcohol! This definitely changed the crowd that visited their chain.
Outdated Image
Rebranding due to an outdated image can come because for a few different reasons. The most logical reason to rebrand because of an outdated image is if your logo looks outdated and out of contact. Another reason to rebrand is that your image does not represent the products and services that you offer. Another reason that your image could be outdated is if your company is targeting a new audience and your brand does not appeal to those new groups.
An example of an outdated brand was the old Instagram logo. The old logo used to look like a retro camera which was not drawing a young modern crowd; therefore, in 2016 they updated their look with a sleek colorful design.
Bad Reputation
This reason to rebrand almost needs no explanation. This is the idea that your current image is driving potential clients away whether it is because of the services or products.
One of the most known rebrands due to its bad reputation was McDonald’s. In 2004, Super Size Me was released that documented how unhealthy the food really was. When this video aired it caused their sales to fall. This forced Mcdonald’s to rebrand and add greens and salad options to their menu.
Mergers, Acquisitions, and Demergers
Many companies that rebrand for these reasons have to do it almost immediately. The main reason is to make the change known and obvious. The second reason is to comply with the company’s legal requirements.
Contact Us to Rebrand Today
If your company has lost its focus, if you are juggling too many services/products, or if you aren’t reaching your target audience, it might be time for a rebrand. If you need to move your company in a different or new direction but you aren’t sure how maybe it is time to reach out to one of our representatives at Nextfly today! We would love to help move your journey forward!