Should your company rebrand?

They’ve changed.
Evolving customer demands and upstart competitors are disrupting industries faster than many companies can respond. Brands can and should evolve as the market does. Among the external factors that can prompt a rebrand are:
o Increased competitive threats: A rebrand can be used to effectively reposition within a new competitive environment. For example, a brand interpreted as luxury can demand a higher price and increase the profit margin for products.
o Changing customer preference: Customers’ wants and needs will inevitably change, prompting a rebrand. McDonald’s, for example, has tried to reposition itself in the face of consumers’ increasing preference for healthier food.
o New customer target: A rebranding might be in order if an organization is trying to appeal to a new audience. This can also be a strategy for attracting new or younger talent.They’ve changed.
Evolving customer demands and upstart competitors are disrupting industries faster than many companies can respond. Brands can and should evolve as the market does. Among the external factors that can prompt a rebrand are:
o Increased competitive threats: A rebrand can be used to effectively reposition within a new competitive environment. For example, a brand interpreted as luxury can demand a higher price and increase the profit margin for products.
o Changing customer preference: Customers’ wants and needs will inevitably change, prompting a rebrand. McDonald’s, for example, has tried to reposition itself in the face of consumers’ increasing preference for healthier food.
o New customer target: A rebranding might be in order if an organization is trying to appeal to a new audience. This can also be a strategy for attracting new or younger talent.The process of rebranding enables your organization to better understand and engage the hopes, needs and concerns of its most important audiences, but it’s not a one-size-fits-all undertaking. A rebrand following a PR catastrophe, for example, will by necessity follow a path that is very different from that of a rebrand prompted by the introduction of new, ground-breaking lines of business. Understanding your starting point will help you define the path forward and ensure that your rebrand is effective.