Brand matters to the success of every B2B organization. A strong brand has the power to help you win in a competitive marketplace. It’s more than a logo or tagline. It’s a strategic business asset—a reason your customers look beyond price to choose you over your competitors. Strong brands can drive billions in market capitalization.
So how do you know when it’s time to breathe new life into your brand? Here are 4 situations when a rebranding strategy might be in your best interest.
1. Rebrand when you’ve outgrown your current brand
To keep pace in today’s economy, companies must continually re-invent themselves. Perhaps you’re targeting a new market with different buying needs, adding new services, or launching a new technology that could bring you a game-changing advantage. If your brand persona better reflects where you were, instead of where you’re going, rebranding yourself may be in order. Just as you need to adapt with the times, your brand must be flexible enough to adapt too.
One of our clients, a distributor for an Italian equipment manufacturer, was rightly leveraging the Italian company’s brand equity to sell in the US. However, when they decided to fuel growth by adding additional product lines, the Italian brand no longer made sense. We worked with them to rename and rebrand the company—crafting a story to reflect their reputation for premier service, quality and innovation. Their new, more modern image better positioned them to meet their growth goals. Learn more.
2. Rebrand when your current brand is diluted or confusing
Often, companies grow through the merger or acquisition of companies that bring synergistic value. But along with the synergy, they can end up with a messy conglomeration of brands and value propositions that send mixed messages to customers. Rebranding can help you focus your resources on building one common brand that combines the best of them all, while eliminating the confusing clutter.
We consulted with a client during its merger with two similar businesses to help them determine the best rebranding strategy for going forward. Talking with stakeholders and customers from each organization, we assessed the strengths and weaknesses of each brand, and ultimately recommended that all three should be consolidated into the one brand with the strongest national brand equity. It was a tough thing to report, since the individual leaders were each emotionally invested in the individual brands they put their blood, sweat and tears into building. Our third-party perspective and research helped them see past their emotion and recognize the value of moving forward under a common brand.
3. Rebrand when you make a serious misstep you can’t recover from
From flaming cell phones to E. coli outbreaks, mistakes can happen that do lasting damage to your brand. While some brands recover, others can’t restore the good reputation that once was. Don’t ask who (because we won’t tell you), but (a long time ago) we helped a client through the backlash of a major misstep by creating an entirely new brand so it could salvage at least some of its lost sales volume. It gets complicated. First, you must fix what’s broken to avoid another crisis. But when that’s not enough to restore customer confidence, rebranding your company may be the best way to cut ties with a tainted brand—and start fresh.
4. Rebrand when your current brand is just plain tired
You probably don’t have a Farrah Fawcett hairdo anymore, but honest to God, we’ve worked with clients who are still using a brandmark that was created when Farrah’s feathery do was the height of fashion. A good brand should have modern, sophisticated appeal. Fashion evolves. Your brand aesthetic should too. Trending colors, fonts and photography help you project a cutting-edge image. And customer-focused messaging that resonates with current audiences ensures you stay relevant.
That doesn’t mean you should throw out your brand and start over every few years. On the contrary, the best brands evolve subtly, preserving defining elements yet elevating the look and feel to remain continually fresh and alive. See how we helped a cheese co-op in rebranding its 106-year old company with a new brandmark and aesthetic that celebrates its farmer roots, and a value story that appeals to the business needs of foodservice chefs.
Why brand matters
How you tell your story makes a difference in the marketplace and in the hearts and minds of your audience. Thinking about rebranding your company? See our video to learn more about why brand matters to your business.