re·brand
/rēˈbrand/
verb
change the corporate image of (a company or organization).
"the radio station has since been rebranded as 98FM"
Rebrands are complicated, and carry big risks.
Even big brands aren't immune -- just look at Uber. After redesigning its logo, 44% of people were unsure of what Uber's logo represented.
Ultimately, knowing the risks of rebranding can help you determine whether or not you're going into a rebrand for the right reasons.
If you're looking at rebranding your business because sales have been slow or brand awareness efforts don't seem to be paying off, you might want to reconsider -- these issues can potentially be solved by creating a new marketing strategy, or conducting market research to identify the underlying cause.
There are a few other major reasons you might consider a rebrand, including:
New locations -- you might need to refresh your brand if you're expanding to international markets who won't identify with your current logo, messaging, etc.
Market repositioning -- brands are designed to connect companies with their customers, so if you reposition your business to target a completely new customer profile -- whether through product, place, price, or promotion -- your brand will need to follow suit.
New philosophy -- your business’s mission, vision, and values should govern every decision you make -- including brand decisions. If your MVV are shifting and pivoting the direction of your business along with them, you’ll need to reevaluate your brand.
Mergers and acquisitions -- when two companies come together, two brands come together, as well. If your company was acquired or joined with another company, you can’t just let both brands battle it out. Finding a new brand that reflects the new entity will prevent confusion and build trust.
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