To rebrand or not to rebrand? That is one tough question. With so much at stake, it is normal for a company to sometimes completerly discard it. However, if done right, rebranding can be a very successful strategy with the benefits outweighing the potential costs.
Let’s take our own real-life example. With the Concept Stadium born in 2010, we felt it was the perfect time to rebrand in 2018 … 8 years after its conception. Our main focus during our rebranding phase was the crafting of our strategy – a clear process, a creative vision, an online user-experience, and a refresh of the customer touch points and ongoing brand communications. We wanted to change the look and feel and the tone of voice, but not our boutique and can-do approach towards our client and partners.
We’ll have a look at some of the benefits offered by a rebranding exercise, some of which we encountered ourselves.
1. Remain current.
Our previous branding was not reflecting the business as it is now. People’s perceptions of a business evolve over time, and what was once desirable or fashionable might feel outdated. By creating a new brand, we were able to pump new blood into the system and re-fresh ourselves!
2. Connect with a bigger pool of audience.
If a particular product, or in our case our service offering, appealed to a segment of the marketing at a particular point in time, it might now appeal to a completely different customer segment. With our re-categorisation of one’s offering and tapping into new markets, the company outgrew its old branding, so we did not want to miss out on the connection with these new audiences and markets.
3. Creative challenges
We wanted our branding to be relevant across all media, online and offline. We wanted to be consistent and have a brand that is easy to adapt! So, we came up with a brand-new identity that reflects our vision and ethos with a simple mark, a typeface and a bright coloured palette, yet keeping our name ‘The Concept Stadium’ close to heart. We did not want to forget where we started from; as a start-up; and these developments symbolise the desire to modernise while adhering to the principles that made us stand out in the first place.
In the end, you only have to keep one thing in mind: A brand which does not change is destined to fail. It is important to keep asking if the brand is relevant or if it has something new to offer. Occasionally, even an insignificant alteration can make a big difference. It could be as simple as creating a new strapline or refreshing the corporate identity. Alternatively it could entail a larger undertaking, including changing the name and/or the logo all-together.
The key is to plan and consider all the pros and cons of the rebranding exercise. If you are considering rebranding, we can help you in every step of the way – from the strategy to design to activation.
Get in touch on [email protected] if you need help answering the question!