As we head into 2010, a lot of companies will be asking themselves if it’s time for a new image for the new decade. Rebranding is a major decision, and it requires careful consideration. How can you tell if it’s a good idea to give your brand a makeover? Here are some common situations that typically warrant a rebranding.
- 1. Your brand is outdated – There’s a fine line between an established brand that exudes reliability and trust and one that just seems old and out of touch. The trick is determining which side of the line your brand is on. Speaking with trusted employees and getting an external point of view from customers and branding experts are good ways to figure out where your old brand stands.
2. Your brand no longer fits who you are – In 2007, Court TV rebranded itself as TruTV. Why? The Court TV moniker no longer described the programming the station offered. Court TV’s shows went far beyond the courtroom, and the new lineup included reality shows and other non-court related shows. If you’re also in a position where your brand no longer fits who you are, it might be time to consider rebranding.
3. Your brand is mired in controversy – Sometimes, shedding the current brand is essential as it’s been tainted by controversy. Earlier this year, AIG looked to shed its tarnished image by changing its name to Chartris. Only time will tell if this rebrand will be successful, but it was undoubtedly a necessity. Has controversy brought your brand down to its knees? It might be tainted beyond repair, requiring a complete rebrand.
4. Your brand is preventing growth – In some situations, a brand name prevents you from adding new services or products. For example, let’s suppose your company’s name is “ABC Website Design Services.” Now, you started as a web design company, but over time, you wanted to add print design, billboard design, copywriting, and more. In this case, a rebranding might be necessary as the name is very limiting, restricting your growth.
5. You’ve merged with another company – Rebranding isn’t always the result of a negative situation. Sometimes, it’s a positive development that forces a rebrand. When you merge with another company, a rebranding is typically required to reflect the changes and the growth.
Is your company thinking about rebranding in 2010? Or have you been a part of a successful rebrand recently? Share your insight and rebranding tips in the replies.
This article is written by Mickie Kennedy, founder of eReleases (http://www.ereleases.com), the online leader in affordable press release distribution. To subscribe to PR Fuel, visit: http://www.ereleases.com/prfuel/subscribe/.