At what point might it make sense to rebrand? Not a question to be taken lightly, but it has been asked – or considered – by just about every CEO and every marketer at one point or another.
Here are the five reasons it’s may be the time to rebrand:
Reality gap: The reality of the underlying brand – your culture – no longer is represented by what people see. Your name, logo, and collateral are out of sync.
Desired future gap: There is a gap between what you represent – the reality of your culture – and what you want your brand to represent. In other words, your culture needs updating… and eventually, so will the visual representation of it.
Competitive repositioning: A rebrand can deliver a strong competitive nudge by repositioning the organization differently relative to competitors.
Organizational change: mergers and acquisitions or divestitures may mean a rebranding is necessary, or an important market signal.
Fatigue: The old logo and visual identity appear tired, and need a refresh to appear less dated.
At the end of the day, the decision to rebrand is a question of whether the benefits of the new brand will be greater than the value of the old brand equity that is being jettisoned. Sometimes the answer is yes, but often, it is not.
About the author: This post has been written by 108’s Senior Advisor and former CEO Randall Craig.
