Every brand has a desire to be unique, whether through experience, innovation, or a specific service. In fact, last year organizations spent over $500 billion across the globe marketing their unique offerings.
Undoubtedly, all industries will encounter a shift that influences demand, positioning, or pricing. Occasionally a shift is so disruptive that a rebranding is necessary. Taking the leap to rebrand should be driven by feedback and competitive analysis. Let’s discuss a few motivating factors why you should consider a transformation.
Has the behavior of your target customer changed? Have you acquired new technology in an industry that is slow to adapt change? Take a look at the retail industry. Shoppers are influenced by payment options. A significant upgrade in security options would qualify as a reason to rebrand. For example, PayPal saw the need to overhaul the user experience by improving colors, logos, icons, and templates to promote new peer-to-peer payment services.
Is your industry seeing growth within a particular demographic? Is your brand losing relevancy? Both instances became evident to the social media giant Instagram. According to the research firm Piper Jaffray, the consistent growth of Snapchat is generating a decline in Instagram usage amongst teens. Recently, Instagram updated their logo and interface to combat Snapchat’s growing influence with teens. It is no accident that the new logo displays neon colors. According to an article in the Small Business Chronicle, “adolescents often prefer other products in neon colors, such as school supplies or cell phone covers.”
To learn more about rebranding please join us June 22, 2016 at Georgetown School of Continuing Studies, where we’ll be hosting an event on how an authentic, mission-driven rebrand can energize and grow your audience base. Then, on August 25, 2016, join Mike Gardner, founder of DC-based Thinkinghire and AMADC’s Immediate-Past President to learn how to craft a personal brand statement that gets you noticed. Learn more and save yourself a seat here.