Everyone loves a good makeover. Whether it's a new haircut, bulking up, slimming down, or a complete home renovation. We can't resist a good glow-up story, and the same goes for when companies decide to rebrand. Brands are like the best friends you can always count on, but even the strongest relationships need a little love. Rebranding shows that a company is staying fresh and relevant in an ever-changing world. It's an act of confidence and commitment — a chance for companies to give their brands new life by tweaking what they stand for and how people see them. Now, tweaking your brand is one way to go about it, but sometimes, brands need a complete overhaul. This is where companies like Airbnb, Cadillac, and Burger King come in. These are just a few of the many brands that have taken the plunge and rebranded themselves in hopes of attracting new audiences and staying ahead of the competition. So what are the different types of rebranding, and how do you know whether to rebrand or not? In this article, we'll answer those key questions, go over the pros and cons of rebranding, and provide examples of big-name companies that lived to tell the tale.
What Does “Rebranding” Mean?
Rebranding can be defined as the process of creating a new image or identity for a company, product, or service. This can involve changing the brand name, logo, tagline, and other elements of the brand. Brand updates can be done for a variety of reasons, such as to reflect a change in the company's direction, to better appeal to a different target market, or to distance the brand from negative associations. When done well, rebranding can breathe new life into a flagging brand and help it to better compete in today's marketplace. When done poorly, rebranding can confuse customers and damage the reputation of the brand. Therefore, it is important to consult with branding experts when considering a rebranding strategy. At Wizard of Ads™, we can help you to rebrand your business in a way that both engages and persuades your target audience. Not only that, we’ll help you avoid the pitfalls that can occur during a rebranding effort. Book a call with us today to learn more!
Types of Rebranding
Rebranding your business can be done in a few different ways. Take a look at these three types of rebranding to determine which one could be the best fit for you:
Brand Merger or Acquisition
A brand merger or acquisition is a rebranding process that involves the combination of two or more existing brands into a single, unified brand. This can be a complex process that requires careful planning and consideration to ensure that all stakeholders are on board with the new brand and that it successfully communicates the key messages and values of both brands. Some factors to consider when rebranding through a merger or acquisition include choosing an appropriate name for the new brand, developing clear messaging around the new brand's positioning and identity, and ensuring consistency in marketing and communication efforts across all channels. Ultimately, rebranding through a merger or acquisition is an important strategic decision that can have significant benefits for businesses looking to grow their market share and reach new audiences.
The next way you can rebrand your business is through a brand refresh. A brand refresh is a rebranding strategy that involves refreshing the look, feel, and messaging of your company's existing brand. This can involve updating your logo, reworking your website or marketing materials, or simply changing up the language you use to talk about your business. A successful brand refresh needs to be cohesive and consistent with the rest of your branding efforts. To ensure this, it's important to work with a professional designer who has experience in rebranding. They will be able to help you come up with a new look and message that feels fresh and resonates with your target customers. Whether you're looking to give your logo a new look or change your color scheme, a brand refresh can be a great way to reinforce your position as an industry leader and connect with new customers.
The last type of rebranding method is a full rebrand. This is when a company completely changes its name, logo, and identity. It can look like a completely different company and is often used as a way to change the public’s perception of the business. A full rebrand can be a big undertaking and is usually only done by larger companies with the resources to do so. Full rebrands are also more likely to be successful if the company has a strong base of loyal customers. While rebranding is always a gamble, it can be an effective way for companies to reinvigorate their brand and appeal to a new audience.
Rebranding Pros and Cons
Now that you've got a solidified idea of what rebranding is and the different ways in which you can rebrand your business, let's go over the pros and cons of rebranding.
- Helps in distinguishing a company from its competitors.
- Revitalizes a company, product, or service.
- Creates new opportunities.
- Attracts new target demographics.
- Helps with SEO efforts.
- Attracts new top-tier clients.
- Helps retain top talent.
- Improves brand recognition and customer loyalty.
- Helps reduce internal expenses.
- May result in customer confusion.
- Retaining customers is not guaranteed.
- Getting back to the previous brand is always difficult.
- A full rebrand is expensive.
The Biggest Impact of Rebranding Any Business
As we've gone over, there are several ways rebranding can impact your business - positive or negative. However, the biggest impact branding has is the ability it gives you to reach new customers. With a new brand, comes a new identity. Your target market may have shifted and your old branding might not be as effective in reaching them. Rebranding can help you better connect with the people you want to sell to: the people you've already reached in your target market, and the people who weren't reachable before. Think about it this way - would you rather buy from a company that is outdated and doesn't seem to understand its audience or one that is modern and relevant? Just as this affects companies in a positive light, it also works the other way. If your rebranding is unsuccessful, you may even lose your current customer base, even if you gain a new audience. This can be disastrous for any business and should be handled very carefully.
Examples of a Rebrand
When it comes to rebranding, there are many different ways to go about it. Some companies choose to do a complete overhaul, while others simply update their logo or color scheme. Here are a few examples of successful rebranding:
The popular file-sharing service, Dropbox unveiled a complete rebrand in 2017, with its visual identity being the biggest change of all. Their company logo became cleaner, and simpler while other visual elements became more vivid. The new colorful pallet has injected energy and life into the brand's overall presence. Not only did the brand revamp its whole look, but it also upgraded into a full-service suite with APIs, tools, and integrations. So, why this rebranding idea? Dropbox elaborates by saying, "Our old logo was a blue box that implied, 'Dropbox is a great place to store stuff.' The new one is cleaner and simpler. And we’ve evolved it from a literal box to a collection of surfaces to show that Dropbox is an open platform and a place for creation."
Don't drop the doughnuts! Or maybe, go for it. It sure worked for Dunkin donuts, who in 2019, dropped "donuts" from their famed household brand name, "Dunkin Donuts."Dunkin was on a mission to become a lifestyle brand, appeal to a more modern audience, and rebrand themselves for the future. This involved hopping on the plant-based food craze, collaborating with other brands, partnerships with influencers, and offering more premium, non-coffee drinks. Drayton Martin, Dunkin's vice president of brand stewardship, shared that "Dropping 'Donuts' from the name — obviously was like a shot in the air and letting everyone know that Dunkin' is different, and we just keep proving that over and over and over again."
The kitchenware brand, Tupperware, chose to embrace its "1970s mom" look in 2018 by rebranding with '70s-inspired vibrant colored, people-focused imagery with a cleaner aesthetic made for the modern age. They also wanted to emphasize their brand message - that they aren't just about containers, but about empowering women who sell their products around the globe. This was the catalyst behind their new brand slogan, "Confidence Becomes You."Tupperware CEO, Rick Goings says about the rebrand, “Our new look and feel, tone of voice, and brand signature, ‘Confidence Becomes You’, celebrate our purpose, who we are – and always have been – inside Tupperware and, importantly, allows us to connect with people in a simple and consistent way.”
To Rebrand or Not to Rebrand?
When an established company goes through a rebranding process, it can be exciting as well as stressful. While the goal is to create and promote a new image for the brand, an existing loyal customer base could feel betrayed or even abandoned. For that reason, if you're considering rebranding your business, you must first carefully weigh the pros and cons when undergoing this type of drastic change. Ask yourself, is rebranding really necessary? Determine how much time and money you're willing to invest in this process. Will your customers understand why you want to rebrand your business? Can they see the need for it, or will they be confused when they notice the changes? By considering these factors, you'll be able to make an informed decision about whether or not rebranding is right for your business. And if you get stuck, or would rather leave the heavy work to someone else, Wizard of Ads™ can help. Our team of branding and advertising wizards can help you identify your unique selling proposition, develop an advertising campaign that speaks to your target audience, and create a brand identity that will make you stand out from the competition. All while making sure your current and potential customers understand what's new about your brand. So if you're considering rebranding your business, or just need some help getting started, book a call with us today!