Brands are sacrosanct and are to be jealously guarded at all costs.
For some companies and brands that is true. Particularly if you are entrusted with the care of a venerable consumer brand like Betty Crocker or Pepsi. Just ask the veterans of “New Coke” to show you their scars.
But there are reasons rebranding makes sense. And young companies in fast moving markets like technology and services encounter those situations more often than most.
Here are some situations that may mean you should consider rebranding:
- Have you recently launched a new product or service that serves a substantially different market and audience than your core business?
- Is your market crowded with other companies using similar brand names to generate awareness and relevance?
- Has some outside event beyond your control saddled your brand name (or something very similar) with a negative connotation?
Any of those things and others can create a situation where you need to carefully evaluate your current brand and consider rebranding entirely or in part. This article from Inc. Magazine looks at four of these situations in detail and the principals involved talk about how they addressed this challenge and why.