Is it time for a rebrand?
Home About Services Our Works Rates Connect Blogs Humberger Toggle Menu Is it Time for a Rebrand Here are some things to consider before making the leap. September 3, 2024 Companies rebrand for a myriad of reasons. While it is a risky and costly step, it is worth it if it is done right. It might encourage you to know that not all rebranding strategies mean that a company has failed. Sometimes, it’s just meant to be. Here are some of the “greats” who made it out alive and still kicking: Let’s take a look at Dunkin’, a brand that dates all the way back from 1948. This is another successful execution that allowed the company to present a revamped menu offering more products like coffee, pastries, and savory dishes. This effort paved the way for more customers, while at the same time retaining familiarity for its already loyal market by maintaining the brand’s color pallet, typography, as well as retaining a part of its original name, Dunkin Donuts. To complete the initiative the company invested in upgrading their stores with a new modern look that helped send the message of the rebranding. 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? And as for you, you might ask us, is it time for me to rebrand? What is the reason for rebranding? Is it to expand to a new market? Change your market? Reconnect with your current one? While doing it may present a multitude of possibilities, having the wrong reason or strategy can make a brand go backward instead. It’s inspiring to see how iconic brands can retain or regain foot in the ever competitive through smart rebranding moves. Your brand can be the next one to shine even more through an awesome effort. Let us know your thoughts. Send us a message and let’s talk. For now, have a good Monday and week ahead. See you again on this space next week. Unlock weekly marketing insights from Your Monday Mentor Your Monday Mentor is a weekly newsletter by BrandSpeakAsia, offering executives and decision-makers targeted insights and motivational content on marketing strategies and industry trends to kickstart their week. Subscribe You have been successfully Subscribed! Ops! Something went wrong, please try again. Book a consultation FREE FOR 30 MINUTES Send an email to deniece@brandspeakasia.com SIGN UP TO OUR NEWSLETTER Scan QR JOIN OUR TEAM CAREERS AND INTERNSHIPS Send an email to shai@brandspeakasia.com © 2024 BrandSpeakAsia. All rights reserved Developed by GLAXIT Follow our socials