Your Guide for Successful Rebranding in 2022
Have you found yourself struggling to meet your business goals? If you’re unable to meet your marketing and sales goals or if your brand has suffered setbacks, rebranding may be just what you need. While it can be scary to think about changing your look or even the name of your company, sometimes it’s the best move to make. If your brand needs a makeover, this is the guide you need.
What is Rebranding?
Rebranding is exactly what it sounds like – a brand with established characteristics and style changing some or all of its image. Rebranding can be simple or complex, depending on the needs and if a brand has updated its style before. The aim is to give the brand a facelift and help it compete in an ever-changing marketplace.
Why Do Companies Rebrand?
Sometimes, a brand simply becomes outdated. Often, we create logos and adopt color schemes based on popular trends. We create branding that matches current or forward-looking design trends. Unfortunately, all of these things change, and our brands can begin to look – dated. Some brands that have undergone rebranding to update for the times include Apple (3 times), Starbucks (4 times), and Pepsi (a whopping 11 times).
Other reasons companies rebrand themselves include,
Change in company philosophy
Mergers and acquisitions
Customer behavior (Facebook’s recent change to Meta is a good example as they anticipate a broader move to altered and virtual reality)
Brand identity – when consumers have trouble distinguishing you from other brands
Full vs Partial Rebranding
When you decide to rebrand, the first thing you want to decide is how far to go. Do you just need to refresh things a little, or are you trying to come back from the brink of a major failure or setback? Are you rebranding after an acquisition or merger? Are you trying to distance yourself from a troubling past or bad press? Answering these questions will determine if you need a partial rebrand (good for just freshening up the image) or a full rebrand (following a merger or in response to negative outcomes).
Mergers and Acquisitions
In the wake of the 2008 financial crisis, Bank of America purchased investment company, Merrill Lynch. At that time, both companies were household names. Thanks to aggressive advertising campaigns, Merrill Lynch had become well known as a brokerage and investment firm. Meanwhile, numerous bank mergers had made Bank of America, well, practically the bank of America. In the beginning, Bank of America combined its branding with Merrill Lynch. As consumers adjust to the acquisition, it slowly began to rebrand. Now, investment banking – once a major part of Merrill Lynch – is branded under Bank of America while wealth management maintains the prestigious name of Merrill.
Cigarette companies have been a part of the American business landscape for years. They were, for a whole generation of Americans, practically a lifestyle. Then in the 1950s, lawsuits began as the harmful side-effects of smoking took their toll. The lawsuits continued, with cigarette companies facing a PR nightmare that lasted decades.
In 2001 Phillip Morris, who had their fingers in more than just tobacco, decided to rebrand to Altria Group. The move helped to signal that yes, they were more than a cigarette company. It also helped them rise above the stigma of being a “cigarette company.”
Not every rebranding needs to be as drastic as a full name and logo change. Old Spice was introduced in 1937 and became a household staple in the decades that followed. Unfortunately, by the 21st century, it had garnered the reputation of being “your dad’s aftershave,” which was not conducive to gaining traction with younger generations.
Around 2010, the company launched its “Smell Like a Man, Man” campaign which brought more than just new commercials. It also brought a new look to the labeling and packaging. The launch was a success, as the company was able to revitalize its image and sales.
How to Make Your 2022 Rebranding Successful
You’ve seen how other companies handled their rebranding. Now let’s look at the tips that will help you make your rebranding a success.
Have a clear and direct purpose
Have a new, distinct vision
Make your rebranding known, especially to your current vendors and customers
Be consistent with the rebranding – ensure your teams follow it, including any transitional rebrand steps such as combined names
Be creative with rebranding and find ways to stand out
Old Spice’s “Smell Like a Man, Man” campaign highlights these five steps very well. They had a clear purpose (to revitalize their brand), a clear vision (to make their brand sexy and appealing). They invested in commercial spots that made sure everyone knew about their rebranding and were consistent with the products and imaging. Their ads were also creative and appealing, making them memorable. Thinking about rebranding your company? Schedule a meeting to chat!