And it is not just a financial investment, but also an investment of time and human resources. Also, a rebrand always comes with the risk that your new brand won't perform as well as the old one. To mitigate this risk, take care to plan your rebranding well by following the steps below. But of course, even the best laid plans are not foolproof. This is why it is important to consider a rebranding at the right time. When should a rebranding be undertaken? — How do you know if the time has come to undertake a rebranding? Here are the most common red flags that indicate a rebranding might just be the way to go.
You change your products / services Here, we are not photo retouching service talking about the launch of one or two new products, nor the change of color of your flagship article. It's more about conquering a new market. For this, a rebranding is a good way to attract attention and to (re)present yourself. Originally, in 1969, Gap was a record store that sold jeans on the side The Gap logo since 2016 This also applies to prices. If your company is known for its high-end and exclusive products and you want to offer these same types of products to new customers at more modest prices, a rebranding can help you make this transition.
Likewise, if you're using a new ingredient or material, or changing your service in some way, a rebrand can help bring attention to that novelty. For example, if you're starting to use organic ingredients and want to rebrand as an "all-natural" brand, you'll need a whole new branding strategy. You are expanding or targeting a new audience Similar to a change in products or services, if you decide to expand your target audience, or even target a completely different audience, you will need to undertake a rebranding. considered a deodorant for older men, Old Spice has undergone a rebrand to target a younger audience Consumers all have different preferences from each other as to the type of brands they want to deal with. This is part of the psychology of branding.