To Brand or ReBrand, That is the Question...

Companies are always looking for ways to increase sales and enhance market awareness. Sometimes this involves rebranding, which can make sense – companies that are willing to adapt tend to remain relevant within the market. But sometimes, rebranding can fail to meet expectations or may even do damage.

BP: Controversy Over the Logo

Many companies do not wish to rebrand but do so to combat modern day issues or crisis they face. The rise of issues such as green energy, expansion into other markets and recycling has had an effect on numerous brands. In 2000, in light of numerous PR disasters and a rise in the awareness of green energy, BP rebranded their logo of more than 70 years to the “Helios” logo.  The logo, representing the Greek word for the sun, was to symbolize and represent the company’s green growth strategy. 

However, there is nothing clean or green about drilling oil, and it appeared that BP was trying to provide connotations of something they weren’t. Shortly after the rebrand, the company caused global outrage with the Deepwater Horizon oil spill – the largest marine oil spill in the history of the industry. Green Peace challenged BPs logo and insisted that they change it to one that did not imply renewable or clean energy. They were unsuccessful in their campaign with the environmentally friendly logo.

Some Branding Tips: What is Needed to Successfully Rebrand

When rebranding, it is important to know what you are and what your company does and represents. Like the BP example, there is no point in trying to paint a picture of something that you aren’t. Changing brand personality can be rash and confusing, and although it can grab headlines, it can prove to be detrimental. If you must change something, know why you are doing it and justify it to your audience. Finally, change is not appreciated by a lot of people, but if you believe your company must rebrand and the rebranding is appropriate for you, have the courage and commitment to see it through.

Knowing when and if to Rebrand

Whether you are developing a brand or a rebrand, the process is very similar.  In order to be successful, all stakeholders need to be on board.  It’s important to remember that consumers drive market.  Their input is, most times, more important than the business owners’ desires.

                                           

1. Be Ready for the Change.

Change is very important to the future success of your business. As markets and attitudes change (very quickly), your customers’ needs and expectations also change. So it's vital to keep your communications relevant and appealing.

2. Understand your Brand.

Re-branding your business involves understanding your current strengths and weaknesses and identifying what and why you think things need to change. What are the problems and opportunities of your current brand? 

3. Know What your Brand Communicates.

How is your brand experienced by potential consumers through your current communications and how do you feel these should be developed or improved? It can be useful to ask customers and other stake holders their views and opinions. 

4. Know your Customers.

Who are your customers and what do they need? Do you want to attract new consumers, as well as retain existing ones? In what ways do you think your brand needs to adapt to address these goals? Understanding exactly who your consumers are and what they want is key in determining what you need to communicate to them.

5. Brand Distinction.

With ever-increasing competition and a proliferation of communication technologies, it's difficult to stand out from competitors. Does your brand have unique characteristics that sets it apart?

6. Know your Competitors.

It's important to understand how your competitors behave and present themselves, so that you can deliberately create the differences that will set you apart and give a competitive edge.

The decision to rebrand your company can have a profound effect on your existing customer base. Newer startups that make their pivot early on likely don't have much of a "legacy" to hold on to, but for an established company with a strong following, changing a key element of your brand may come as a shock to your core audience.

Therefore, it's critical to consider the way your past and current customers will react to such a shift when changing something as big as your product offerings, logo or name. Failure to do so could lead to a drop in your brand's recognition, reputation and trust among the people who know and love your company.

If you or your business needs help branding or rebranding, contact us!