Over 70% of brand managers consider that building an audience is more important than converting sales. This is because when a brand reaches its target audience, is presented consistently throughout various media, and earns its clients’ loyalty, the hardest work is done. Sometimes, however, branding strategies that worked two decades ago may need a little shake-up. This doesn’t (and shouldn’t) mean letting go of your core values, but rather, it is more about appealing to a wider audience and aligning more with values that have changed over the years.
Your Brand is Ignoring a Large Part of Your Audience
In 2017, an international advertising firm, Interbrand was prized at the D&AD Awards for working on the rebranding of top football team, Juventus. In this case, the logo (a football seal) and colors made for rather staid merchandise that younger fans (and there were hundreds of thousands of them) were not purchasing. In this case, the logo itself was changed from the serious seal to double ‘J’ containing the club’s characteristic stripes and the gentle curves of the old seal. The new design, therefore, pleased older fans but also made shirts and other club merchandise more appealing for fashionable teens and young adults. It was the perfect instance of ushering the club’s legacy and spirit into the new millennium.
People Have Difficulty Remembering Your Company’s Name
It takes five to seven impressions for people to remember a brand. If your audience has had this exposure but has difficulty reproducing your name, recalling it when your services are required, or continually misspells it, a small change may be of interest. As stated by brand specialists at NameStormers, changing a company’s name is a risky but important move in your name is the big obstacle in your branding strategy. Some famous brands that have changed their brand names include Aviva (formerly CGNU), Vivendi (formerly Compagnie Génerale des Eaux), and Veet (formerly Immac). There are many additional reasons why a company might feel a name change is required. These include a change in the positioning of the firm over the years, structural changes (e.g. mergers and acquisitions), a need to adapt to new market conditions such as globalization, and a desire to change marketing aesthetics.
There is a Need to Adapt to the Competitive Landscape
Dunkin’ Donuts is the perfect instance of a company that has known how to adapt its brand over the years. It started out as a simple donut shop but the arrival of big competitors such as Starbucks, Costa Coffee, and Panera have made it sit up and take notice. The company has taken a step forward in terms of offering a wider range of coffees, healthy foods, and smoothies, and drinks, and in 2018, it changed its company name from Dunkin’ Brands to just Dunkin, alleging they wanted to be on a ‘first-name basis’ with their customers but also dissociating their brand from just one single product.
There are many reasons why you might decide that rebranding is key to keeping your business up with the times. Changing societal values, the need to appeal to a wider (or totally different) market, and new developments in your industry may leave you wanting to obtain a competitive edge. If so, ensure that your name, logo, and all communications are in line with values that define you but also appeal and resonate with your audience. No matter how much you love your logo, name, and colors, sometimes, changing these is the first step towards making your brand (and merchandise, if pertinent) more appealing. The trick to success lies in striking the right balance between your company’s essence and the passion that drives your new customer base.