Whatever way you look at it, rebranding is vital in establishing a new market position — but it is also risky. A rebrand is not only expensive to create and launch, but stakeholders may also resist a rebrand because of how a change will impact them. A mediocre rebranding attempt can result in brand confusion and ultimately depreciate the brand. A rebrand requires careful planning and clear and specific messaging for stakeholders.
In its most real sense, your brand is not a logo or a catchy tagline—and they certainly aren’t what makes your brand valuable. Instead, a company’s brand is a promise of value made to its customers. It reflects the experience your customers can expect to have with your business. A good brand effectively communicates what your company does and how it does it while establishing trust and credibility. It can help build trust and elevate your business to something more than a product or service.
In the evolution of your company, there often comes a time when the brand you once identified with so effortlessly doesn’t quite fit any longer. When your brand no longer feels comfortable or aspirational, it may be time to consider an in-depth evaluation and rebrand.