How Often Should You Re-brand?
How often should you re-brand? Creating a brand image and a persona takes time and effort but should it only be created once or enhanced every while? Re-branding is always a good idea!
By definition re-branding is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders (Wikipedia). In short, re-branding is a change meant to enhance a brand and boost sales. Marketing experts suggest re-branding once every 7-10 years, although there isn’t a standard rule of thumb.
Re-branding can occur for one main reason but there are many reasons to explore.
-Use re-branding to reach a new audience and a new target market. Your brand may already be well known on the market and used by many, but it’s always good to broaden your scope and reach those who haven’t tried it. Your re-branding should include new demographics.
-Re-branding will help you reposition your brand to reach full potential in the market. Core values and beliefs of a brand/company may evolve over time so it is necessary to adapt to this change and make it known to the public. It could be in changing the company’s vision and mission. It could also simply be a change in a brand’s philosophy.
-Re-brand to evolve with the market. The more the competitors on the market, the more choices customers have. You want to stay on top of your game and make sure that what you are offering is still relevant. Consumers preferences are also likely to change over time, keep up with them.
-Re-branding keeps your brand fresh in the market. This usually involves enhancing your logo, changing your package, labels, typeface, colors, etc…
-Re-branding offers your new opportunities to showcase your brand and the strengths you possess. It may open doors to international markets and new investors.
When was the last re-brand? If you feel a shift in your sales, exposure, reputation and competition, then it’s definitely time for you to re-brand.