In this professional's opinion, there is no greater weakness in a company's perception than not trusting in its own brand. That is a subjective comment I just made. But so is, "Our brand is (insert common complaint here) and we need to update it." It reminds me of Adam and Eve hiding from God in the garden. When confronted, Adam claimed to be ashamed that he was naked. God replied, "Who told you that you were naked?" That is a profound question.
A profound question is different that a subjective statement because one is enlightened and the other is emotional. There is nothing wrong with emotional statements until we present them as fact. That's when trouble begins especially in the corporate setting. What we see with our eyes tend to be low-hanging fruit for subjective statements. "Our brand stinks and has to be updated." This very well might be a true statement but without research, who told you your brand needs a change? When presented as a question or a hypothesis, a new discussion emerges: the need for the statement to be tested. When 'need' is introduced, the statement becomes less provocative.
There are real reasons to change and update a brand. Here are my subjective top 5 list ...
Number 5: Really Bad P.R. - If a brand faces a public relations crisis or has a tarnished reputation, rebranding can be a way to distance itself from past issues and start fresh. Rebranding can be accompanied by a commitment to change and rebuild trust. This goes beyond a refreshed logo. It might require a new name. Think early 2000's Anderson Consulting becoming Accenture.
Number 4: Mergers and Acquisitions - When two companies merge or one acquires another, a rebranding may be necessary to unify the identity and values of both organizations. This helps in presenting a consistent image to customers, employees, and stakeholders. But Al Reis makes the argument that if the two brands can exist independently and not compete with one another, than two strong brands are better than one made up one. Think FedEx acquiring Kinkos becoming FedEx Kinkos and finally FedEx Office.
Number 3: Outdated Image - Over time, a brand can become outdated. A company might choose to rebrand to stay "relevant" and appealing to a new generation of consumers. This can involve updating the logo, color scheme, and messaging to better align with current market trends and consumer preferences. Think Starbucks and Walmart. Was it necessary to change? No. Could you identify the current logo from its predecessor? Probably not.
Number 2: Repositioning - A company might want to change its brand to reflect a new strategic direction or target a different market segment. For example, if a high-end luxury brand wants to expand its customer base to include more budget-conscious consumers, it may rebrand to appear more accessible and affordable. Think Lexus, Toyota and Scion.
Number 1: My favorite ... Research - Quantifiable and qualifiable research is the beginning. Market research, trends, history, etc further back the cause. Rebranding is a complex process that is costly and time-consuming. With an investment in research, clear strategy and consideration for the potential impact on customers and stakeholders is the clearest approach. This is fact based and non-emotional.
A healthy dose of self-awareness is good for any brand but if you are going to change your brand, do it for the right reasons. Don't do it because you lost your confidence in who you are and what you stand for. Ask your customers, employees and investors what they think first. They will tell you. If the research backs it up then go for it.
Otherwise, your company will look as if it has an identity disorder (not knowing who you are and overcompensating to cover up your perceived weakness.) I'll close with a personal plug. If you are having thoughts about your brand and doubt has entered the picture, get some help. I happen to know a guy.
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