Many businesses go through re-branding phases to help them achieve their business goals, both in the short and long run. While re-branding can be quite costly and time-consuming, they can be very successful when done well, and for the right reasons. Below are 4 reasons why some businesses go choose to re-brand:
1) Change in target audience
Re-branding can help you appeal to a new targeted audience, or expand the audience reach to include more audience demographics and interest groups.
2) Keeping up with the times
Some designs, products, and technologies go out of style or no longer serve a real need in the market. Re-branding also occurs if new technologies are introduced in the market or if customers become more knowledgeable, creating a need to upgrade or improve certain elements of a business.
3) Prediction of future setbacks
Sometimes brands go through re-branding to avoid future setbacks, threats, or competition. Changes may include avoiding certain tones and imagery that may offend audiences, or to align with or complement future technologies, or to not be overshadowed by competitors' activities that are resulting in them leading in the market.
4) Being a trailblazer
Re-branding can be a great way to utilize having an already existing following and familiarity with your business, while creating a new concept or business idea that you can introduce to your following and be an innovator or monopolizer in the market.
When setting a plan for re-branding, make sure it is feasible, well-thought-out, and is going to serve your business goals in the long run. Without the correct driving force and implementation, re-branding might only result in lost time and resources.