FIVE WAYS TO KNOW IF YOUR B2B COMPANY NEEDS TO REBRAND

Markets are always evolving, and the transformations are closely linked to evolving customer expectations, competitive landscapes, and technological advancements. This often leads businesses to consider rebranding as a way to maintain or enhance their market position. But how do you know if a rebrand is the right move for your company? And if it is, which questions should you ask before diving in?

Do you need a rebrand? Five things to know.

Rebranding is not just about a new logo or a catchy tagline: it’s about reshaping perceptions and reinvigorating your brand’s presence in the market. A successful rebrand can lead to increased brand awareness, customer loyalty, and, ultimately, increased sales. However, a poorly executed rebrand can confuse your audience and dilute your brand’s value. So, before you make the decision, consider these key indicators that a rebrand might be necessary and valuable:

1. Market shifts. Have there been significant changes in your market that have left your brand feeling outdated or misaligned with your target audience? For example, IBM’s shift from hardware to a services-oriented company in the 1990s led to a major rebrand that successfully repositioned the company for future growth.
2. Merger or acquisition. Are you undergoing a merger or acquisition? Bringing two companies together often requires a new brand identity that reflects the combined strengths and vision of the new entity. After Dell acquired EMC in 2016, the company rebranded to Dell Technologies, highlighting its expanded capabilities and future direction.
3. Expansion or diversification. Are you expanding into new markets or diversifying your product line? If so, it’s possible that your current brand might not effectively communicate the breadth of your new offerings. When GE rebranded its financial services arm as Synchrony Financial in 2014, it allowed the new company to establish a distinct identity separate from its parent.
4. Reputation issues. Has your brand suffered from negative publicity or a damaged reputation? A strategic rebrand can help signal a fresh start. This was the case when Uber rebranded in 2016 to move away from its troubled past and project a more mature, customer-centric image.
5. Outdated visual identity. Does your brand look like it’s stuck in a past decade? Sometimes, even the most beloved brands need a visual refresh to stay modern and relevant. Mastercard’s 2016 rebrand, for instance, simplified its logo and digital presence, aligning with the company’s evolution towards a tech-forward payment network.

Before you rebrand, answer these tough questions.

If you’ve determined that a rebrand might be in order, it’s time to ask some critical questions to ensure you’re on the right path. Here are the essential questions to guide your rebranding journey:

1. What is the primary goal of the rebrand?
   Understanding the “why” behind your rebrand is crucial. Are you looking to reach a new audience, reposition your brand, or shed a negative image? Clarity on your objectives will guide every decision you make during the process.
2. Who is our target audience, and has it changed?
   Your brand needs to resonate with your audience. If your customer base has evolved, your brand should reflect those changes. Conduct thorough market research to understand your audience’s current needs, preferences, and pain points.
3. What are our brand’s core values, and are they still relevant?
   Rebranding provides an opportunity to revisit your brand’s mission, vision, and values. Are these still aligned with your business goals and customer expectations? If not, it may be time to redefine them.
4. What is our competitive landscape?
   Analyze your competitors and identify what makes your brand unique. A rebrand is a chance to differentiate yourself, but only if you understand where you stand in the market.
5. What does our current brand identity communicate?
   Take a hard look at your current brand identity. Does it accurately convey your company’s message, values, and personality? If not, it’s time to rethink your branding elements.
6. What is our budget and timeline for the rebrand?
   Rebranding can be a significant investment of time and money. Be realistic about your budget and the resources required. Also, consider the timing—are there industry events, product launches, or other significant dates that could impact your rebranding schedule?
7. How will we measure success?
   Define clear metrics for success before you begin. This could include increased brand awareness, improved customer perception, higher engagement rates, or revenue growth. Having measurable goals will help you evaluate the effectiveness of your rebrand.

Learning from the pros

Rebranding is a big decision, and it’s essential to learn from those who’ve done it well. For instance, Dropbox transformed from a file storage service to a collaborative workspace, with a rebrand that emphasized creativity and collaboration. Similarly, Slack’s 2019 rebrand introduced a more inclusive and visually appealing identity to reflect its role as a central hub for work communication.

According to a survey by Rebrandly, 75 percent of B2B companies that underwent a rebrand reported an increase in revenue, while 74 percent noted improved brand awareness. However, it’s important to approach rebranding strategically. CMO.com emphasizes the need for a deep understanding of your brand’s current perception, as well as clear objectives for what the rebrand should achieve.

Rebranding is serious business with serious potential benefits.

Rebranding can be a powerful tool to revitalize your business and align with new market realities. However, it’s not a decision to be taken lightly. By asking the right questions and learning from successful rebrands, you can set your company up for long-term success. At CMD, we specialize in helping B2B brands navigate the complexities of rebranding. Whether you need a complete overhaul or a subtle refresh, we’re here to guide you every step of the way. Ready to start your rebranding journey? Let’s talk! Schedule a Meeting.