Rebranding: When and Why

On average, organizations and brands change their identities once every 7 to 10 years. Sometimes business owners don’t know exactly whether they need rebranding or not while addressing current issues. There are some reasons for a business to go for rebranding -?

Internationalization - In today's market, 72% of businesses are planning to expand their global customer base. If you plan to grow internationally, it’s incredibly important to choose a brand name that’s adaptable and appealing to cultures worldwide as your brand name might not be understood in other countries.?

For instance, Raider was changed to Twix seemingly to try to promote interest and refresh sales, due to Internationalization.?

Repositioning - Instead of changing the brand name, Walmart simply changed its slogan from “Always low prices” to “Save money, live better.”

With the reputation of rock bottom prices, Walmart wants to reposition its brand so that its affordable price can truly help the lives of its customers.

Outdated Image - Trends mean that brands will become old-fashioned over time if they have not been updated. In the past, brands were often created in a more sleek design with primary colors and lots of greys. Now, designs are moving towards more use of color and shapes.

Eg. Instagram's new logo is designed for the modern user who is all too familiar with their cell phone, not the grandma who still uses an antique camera from the 60s.

Changing Markets - Changing markets can be a serious threat for many businesses. As it is risky, your rebranding should reflect and align with the business’s evolution and adaptation to its future market condition.?

Eg. Rebranding Mastercard dropped its name from its logo because the future of payment is digital -? Mastercard looks toward a cardless future.

If you can relate your business to any of these reasons, then it is time to make changes. Rebranding can be an overwhelming task and if you are unfamiliar with its process, it is a quite risky thing.

?However, rebranding is not always the best solution for some situations -?

• When your business’s name, logo and other corporate identity pieces are so well known and have really positive brand recognition. For instance, when Sokorro Group worked on a rebranding project for Myanmar Kitchen, after a series of interviews with both internal and external stakeholders and beneficiaries, we decided to refine instead of redesign since the logomark has been very well known to many.
• When nothing's changed within the business: everything is going smoothly then it will be the risk of confusing everyone involved if you start a rebrand.

Make the right decision or? Talk to our experts today to learn more!