Everybody grows and changes over time! If it's our health, body, our mindset, our wealth, or anything. Even if with the naked mind or eye the change or growth can't be seen it still is growth. Everybody knows that it does take time!!!!
Photo by Balázs Kétyi on Unsplash
From 2019 up till 2021, I ran a graphic design agency until I decided to expand my service/products offering and also transform it into a Branding Agency.
A lot of things stopped working for my business along the way! My mission and vision changed my core values, my target audience, and the range of services I offered. That is when I decided to rebrand instead of letting the brand go.
Some other major reasons you might consider rebranding are:
- New locations
- Market repositioning
- A new philosophy
- Mergers & acquisitions
- Greater branding impact
- Scaling into bigger things
- Become digitally competitive
Photo by Jeff Sheldon on Unsplash
Rebranding is the process of changing the brand identity of an organization and it is NOT unusual! A lot of big brands have successfully rebranded in the past and not only can rebranding be good for business but also very risky. You need to know that it does take time and money! I mean ALL great things do.
Missing the mark will cost you your company’s reputation. But if you do this right rebranding will grow you a fanbase, allow you to better connect with your consumers & give you more freedom for marketing.
A lot of people are scared of rebranding because as I said earlier, it can be very risky too. There is a possibility you might lose consumers because they don't like the new brand. These are common fears! I've had them too.
I know that you fear something bad will happen like losing your hard-earned work for years. Knowing the risks can help determine if you're going to rebrand for the right reasons.
SIX common reasons business owners are afraid to REBRAND are:
- People will think that they changed
- Losing clients
- The expensive/ high-costs of rebranding
- Too many things to change
- Franchisee’s will complain about the cost
- The design is good enough for now
Don't be afraid of rebranding!
Don't fear your old clients! Almost everybody loves new things. The rebranding will help you gain more market attention, turn heads, spark conversations & curiosity. All this is great for increasing your brand equity but is also one of the things you could lose. In reality, big brands use rebranding as a way to increase their brand equity so if you do this right there's nothing to fear.
Some examples of brands that did a rebrand and were successful are:
- Taco Bell
- McDonald's
- Pandora
- Guinness
- Godaddy
Have you thought about rebranding?
What other reasons do you think people should rebrand?
Let me know in the comments!