A few cosmetic changes to your corporate identity is not a rebrand. A strategic and successful rebrand requires you to go MUCH deeper and may necessitate new Buyer Persona research or a review of your Buyer's Journey.
So how do you know it’s time to get off the bench and take on a rebrand?
Here are five significant signs that should initiate a thoughtful rebrand and keep your company relevant.
1. Merger or Acquisition
The Yahoo-AOL merger will result in a significant entity with a new name and new identity.
2. Change in Direction
During Steve Ballmer's tenure at Microsoft, in 2012, the company identity was updated in anticipation of the launch of Windows 8.
3. Crowded Competitive Landscape
More players in your market? Great! That forces you to cut thru the "noise” and stand out. Perhaps your brand is an established player in your industry, but most likely it is time to consider an updated identity while referencing your legacy (which is a key competitive advantage).Cheers to PBR for their successful repositioning of one of my favorite consumer products: beer. Check it out.
PBR rebranded for China as “Blue Ribbon 1844” referencing the year Pabst was founded. It’s also different, brewed with German malts and aged in oak whiskey barrels. PBR also sells for $44 a bottle in China. Wow.
4. Losing Leadership Position
In the logistics industry, FedEx is working overtime to bury UPS. A rebrand was essential to regain UPS’ competitive dominance in the marketplace. When FedEx introduced overnight deliveries and computer tracking of packages, suddenly UPS was playing catch up. Then UPS rebranded in 2002 with an identity update and incorporated the tagline, “What can brown do for you?” connecting more with their end user and elevating sales.
Ten years later as business became more global, UPS updated its' brand again with the tagline “We (Heart) Logistics.” The response was very positive, and net revenues increased significantly.
Now UPS has a new challenger, Amazon. We don’t yet know how this will play out, but Amazon is saying Amazon Warehouses, trucks, airplanes and delivery drivers are intended to "supplement" existing shipping providers such as FedEx and UPS. My hunch is UPS will have another challenge to maintain its' leadership position. Stay tuned.
Updating your identity and tagline with relevant and forward-thinking messages tells customers that your continuously evolving.
5. The Disruptor Becomes Disrupted
PayPal updated its brand to reflect a new focus on “Mobile” services as it aspires to bring monetary “Power to the People.”