Jazz up your brand
Wednesday, August 10th, 2016
Rebranding. The word that means so much in the world of business. When a company decides to reinvent itself it can have lots of different outcomes. In an ideal world it is a very positive experience that keeps a business moving with the times and relevant to their target audience but sometimes, it can have the opposite effect. We have put together some helpful information that we hope proves useful to you should you think about rebranding in the future.
The big question. It’s all about change. Change can be daunting and we are all familiar with the phrase “If it isn’t broken, then don’t fix it” but the opportunity and need for change can often outweigh any reason to keep things the same which is important for us all to keep in mind. If something has the potential to be better, then what’s to lose, right?
Some reasons you may consider rebranding include:
- You now offer new services you didn’t before.
- Your brand feels outdated and not reflective of who your business is today.
- Your business is growing and needs a brand to reflect that.
- You are just wanting a new look and change
If the answer is yes to most of these reasons then you are definitely ready to proceed to thinking about answering these questions in preparation:
- Is your business able and open to change?
- What do your customers think about your current branding, is it communicating to them?
- Do you have clear goals in mind?
- Have you researched your target audience accurately?
- Have you budgeted for the changes you would like to make?
- Are you familiar with what your competitors are doing?
Gap discovered in 2010, that changing their logo from the ever recognisable classic Serif font with the navy blue background to a Sans Serif font in lower case against white, proved very unpopular with their consumers. After just six days and thousands of complaints later they withdrew it and returned to the classic logo submitting a statement“There may be a time to evolve our logo, but if and when that time comes, we’ll handle it in a different way.”
Another example is of leading orange juice brand Tropicana who did a trial rebrand in North America in 2009.
They employed Arnell, Advertising agency who made their packaging more simplified. It was said that because they had changed every aspect of the packaging they in fact confused consumers resulting in the complete opposite effect. From the orange squeezy lid to the logo now being on its side making it perhaps harder to recognise. It was mentioned that they thought the carton looked like a cheaper equivalent.
This resulted in a loss of just over $50 million which equated to 20% of sales and fees, following just a month later to return to its old packaging.
Next, I am taking a look at some fantastic examples of companies that have made a positive effect to their brand and in some cases saving them from bust to must have memberships.
In 2014 Fitness First was bought by Oaktree Capital Management with a much needed £550 million debt for equity swap saving them from administration. They rebranded the whole company investing over £200 million to renew all aspects from gym refurbishments, company ethos plus essential staff training. The logo was changed to a new red design to symbolise energy and strength. With £8.6 million earnings before tax last year it has seen the first growth in 5 years.
Another example is of not so much looking at the impact of rebranding but how a company has had to simplfy its business strategy.
The Lego Group in the 1990’s were faced with bankruptcy and in the early 2000’s were reporting huge net losses and budget deficits’. The company had to change tact by focusing on bricks over other product types. This wise move allowed them to regain strength and they are now generating the largest revenue in toy history. They have gained a huge popularity due to their strong product themes and brand identity.
In conclusion all of these companies have had to change over the years to adapt their brand to suit the needs of the consumer. It seems that striking the right balance between creating something great that engages your customer rather than alienating them is an art form in itself. If you are thinking about renewing your brand logo and would like some more information on how we could help you discover a fresh new logo image then email us for a free consultation with one of our sales team.