Rebranding could also mean remembering your history. Case in point: LEGO. It’s hard to believe that a brand like  Lego could be in trouble financially, but this is exactly what happened in the early 2000s. The cause? Excessive product diversification. To gain its market share, Lego had to remember that core of what the brand stood for— a brand that fosters creativity and learning through play. At the core of its efforts to regain its brand identity, the company focused on embracing the iconic interlocking bricks that made them famous, focusing on castles, cities, and space. Once its identity became intact, it was able to make sound decisions to make the brand more current, some of which were Lego’s Idea Platform– a crowdsourcing tool that allowed people to submit their  own ideas, which could be picked for production by Lego. Other ones included immersive digital experiences through video games, mobile apps, and virtual reality experiences. The result? Resounding success! From 2005- 2021, the company’s revenue has increased from $1B to $8.4B.

Many think that rebranding only means changing their storefront logo. But always keep in mind that it is not all that there is. It is about remembering what your brand is really all about and adjusting, if needed, with the ever-changing business landscape and customer-base that you choose to serve.

We are curious to know, Twitter has recently rebranded to X. Do you think it upheld its goal to be a free space to share one’s thoughts?