This short introspective article will probably have relevance for established companies, those that have been in business for at least a few years. But even so, it is still ideal territory for new, fresh, first-time entrepreneurs hanging on the coattails of thoughts on how to rebrand a company. It goes without saying then that established companies may wish for a rebranding exercise every few years. There can be any number of reasons for this.
There will be sentimental reasons for doing so. Products and/or service offerings may change. And existing customers and/or target markets may change. In fact, years ago, it was a famous British Prime Minister who intoned that there were ‘winds of change’. But most businesses may agree that the main motivation for wishing to alter an existing brand or unravel it entirely and start afresh will be financial.
For any number of reasons, not entirely the fault of the company, sales may begin to plummet dramatically. Companies’ financial statements may begin to experience a gradual decline which needs to be arrested. An all hands on deck policy is called for. Round table or boardroom gatherings are announced. And among the key stakeholders that will be at such important meetings will be the companies’ in-house marketing teams.
Or if a small to medium sized company does not have its own team, it approaches its contracted marketing and advertising company with a request to change direction. If not that, it is the marketing and advertising company that comes forward to propose the rebranding initiative. But if it doesn’t, the concerned board of directors or partners will simply fire the team and put out feelers for new marketers to come forward.
And so the wheels turn when an established company decides it has to rebrand.