The Evolution of Success
Why Even Thriving Brands Need to Embrace Rebranding
Even the most successful businesses can become stagnant or lose their relevance over time. In today's fast-paced and ever-changing world past triumphs do not guarantee future success.
Success is now an ongoing journey that requires frequent adaptation, innovation, and evolution, which is why rebranding has become an increasingly essential strategy for staying ahead of the curve.
When I say rebranding, I’m not just talking about updating your logo. I’m talking about a comprehensive approach that encompasses your business's core messaging, the visual representation of your brand, and the way you communicate with your dream clients.
In this blog post, I'll explore 4 reasons why even thriving brands need to embrace rebranding to stay relevant, competitive, and successful.
1. To keep up with change
One of the main reasons why successful businesses rebrand is due to changes in their business model, offering, or audience. As you and your market evolve, you need to adjust your strategy to stay competitive. A rebranding signals to your clients and stakeholders that you are changing, evolving, and adapting to meet the demands of your market and the speed of technological advances.
Customer preferences and behavior are constantly evolving – what was popular a few years ago may not be relevant today. Rebranding allows your business to stay in touch with your clients and make changes to meet their needs.
For example, in 2010, Old Spice, a classic men's grooming brand (owned by Proctor and Gamble) had an identity crisis. Their image of a product that ‘smells like your grandpa’ wasn’t going to fly with the younger audience they wanted to appeal too. They changed their voice and messaging and modernized their visual design.
“Old Spice was reinvented and became one of the fastest growing brands in the category.” Nick Patterson, Associate Director of Shopper Marketing at Procter & Gamble
2. To Differentiate from Competitors
Competition is fierce in most industries, and your business needs to find ways to stand out. This isn’t new, however with the amount of content being produced and the overwhelm consumers feel, standing out in the noise is more important than ever.
Let’s look at Old Spice again – with a plethora of competitors in the space, such as Axe, Dove for Men, and Gillette, it can be difficult for consumers to choose. However, Old Spice has managed to stand out from the competition by differentiating itself with its unique brand messaging and advertising campaigns.
By targeting a specific audience with humor and creativity, Old Spice has built a loyal following and become a top choice for men's grooming products.
This highlights the importance for brands to find ways to differentiate themselves in order to stand out and remain competitive in their industry. Rebranding is key.
3. To Expand into New Markets
As your business grows and expands, you may need to rebrand to appeal to new markets. This could include changing your company name, logo, or messaging to better resonate with a new audience and align with your values and future goals.
In 2015, Dunkin' Donuts, a popular coffee and donut chain, announced it would be rebranding to Dunkin'. The company wanted to focus more on its beverage offerings and appeal to a wider audience beyond just donut lovers. The rebranding effort was a huge success and helped the company increase their market share and expand beyond donuts.
4. Positioning to Sell
If you’re thinking of selling your business, it is time to evaluate if a rebrand is needed to increase interest and value of a sale. A successful rebrand can make a company more attractive to buyers, signaling that they are modern, relevant, and forward-thinking.
In 2014, Staples redesigned its logo and developed a new tagline “Make More Happen” to signal its shift from a traditional office supply retailer to a tech-forward provider of business solutions such as managed IT services and software solutions for businesses. The move positioned the company to sell its online business to a private equity firm and focus on its brick-and-mortar retail stores. In doing so, Staples was able to streamline its operations, cut costs, and focus on its core strengths, ultimately positioning itself for long-term success in a rapidly changing retail market.
Even successful businesses need to rebrand from time to time. Rebranding allows you to stay relevant, differentiate from competitors, and appeal to new markets. However, it's important for businesses to approach rebranding with purpose in order to create a new brand aligns with the company's values and goals.
Rebranding is a valuable investment that pays off when approached with purpose. This creates a meaningful brand that aligns with the company's values and goals.
If you’re ready to chat about rebranding your successful business, I’d love to connect. You can book a call with me here.