WHEN SHOULD YOU REBRAND?
Whenever a big name company rolls out a rebrand it’s kind of like Christmas for us. We love to break it down, pick it apart and debate internally about their process and if we think it was a good idea or not. We had the chance to do that recently when Dunkin’ dropped the “donuts” from their name and rolled out their “store of the future.”
Ultimately, we were all in agreement that it was a nice move for a company who is making efforts to change their business model and appeal to a new type of crowd. This also brought us to consider the big question: when is the right time for a rebrand?
There are plenty of reasons to take the risk, but there are far more reasons not to. Let’s explore.
When should you not try to rebrand your business?
1.When you are tired of seeing your own stuff all the time. Whether it’s your logo or your colors, or the messaging, you’re just tired of looking at it. Why is that not a good reason to shake things up?
Because your marketing is not for YOU. It’s for your clients! Brand consistency is what helps define your business.The last thing you want to do is confuse both your current client base, as well as any future clients your brand message may already be resonating.
2.When nothing about your business has changed. If your business and messaging are staying consistent then it doesn’t really add up to spend valuable marketing dollars changing your name or redesigning logos. To make a rebrand sensible, and ultimately successful (the idea is more business, right?), you need to have a reason to do so.
If you are considering a rebrand, the very first question you should be asking yourself is “why am I doing this?” If there isn’t a solid goal, then chances are it’s a waste of money that might even cost you business in the end.
3.When you just feel like it’s time. There isn’t a time frame for when a company should change their colors, logo, name, or anything else. Nor should your reasoning be “because it’s been a while.”
As we mentioned above, rebranding is a costly exercise. If you aren’t doing it for any particular reason, then the chances are pretty good that you shouldn’t be doing it at all
Okay, fine. Then when IS the right time for a rebrand? Great question.
1.If you’ve had significant growth. Why does that matter? If your company is growing significantly, that also signifies you might be reaching new demographics of customers.
This is the perfect opportunity to consider refreshing your messaging to be more relevant to these newly tapped markets. Dunkin’, realizing they are tapping the booming coffee market, opted to refocus their messaging and products more toward the coffee drinkers than donut eaters. Smart move.
2.If you need to differentiate yourself from your competitors. In a world of copycats and recycled ideas, sometimes businesses get confused with one another. For brand awareness, you can probably imagine that overlap? Confusion? is not a good thing.
If you are getting mixed up with one of your competitors, then that is a pretty good time to consider a rebrand.
3.Reflecting a change in your product or service. If something is changing about who your business is or the products or services you provide, then that is prime time for a rebrand.
Such was the case with Dunkin’. Now seeking to serve more baked goods and higher end coffee drinks in a new type of atmosphere, they opted to take this opportunity to break away from the “donut shop” association and position themselves as a different type of business. And that was probably a good decision on their part
Remember, before you take the leap and start messing with your business’s name, logo, or messaging, first consider why you are doing it. As we mentioned, rebranding is a costly effort not just in dollars spent but in the risks associated with it as well. Make sure you are doing it for all the right reasons.