Maintaining a successful brand image
No matter how much your company loves your brand, at some point you’ve got to change it up. While there is always risk associated with rebranding, companies that don’t present a strong brand image risk losing business to the competition. This is why successful brands — even iconic big brands — always take steps to improve. Here are just three companies who made efforts to rebrand for 2019.
Mergers and acquisitions
There are a number of reasons a company may consider a rebrand. Sometimes it’s as simple as keeping up appearances when images, colors or logos become dated. But when major changes happen within the company, considering a rebrand is even more important.
This was the case with Michael Kors. When the company expanded its global fashion group and agreed to acquire Italian luxury fashion house Gianni Versace, it took steps to rebrand as Capri Holdings. The name was inspired by an "iconic, glamorous and luxury destination" island and one that likely invokes an emotional connection for the exclusive European luxury market the company targets.
Whenever a merger or acquisition happens, it’s important to examine key messages and brand focus. After also acquiring Jimmy Choo in 2017, John D. Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, noted the two acquisitions put the newly branded company in “position us to deliver multiple years of revenue and earnings growth.”
Leadership change and repositioning
Things can get complicated when the head of the company is the face of the brand. When the leader is in trouble, the brand can be in trouble. John Schnatter, founder and the Papa John of Papa John’s, allegedly used the N-word during a company conference call. This was a guy whose name was on the logo and every pizza box, and who personally appeared in almost all of the company commercials. After resigning as chairman, the company had to rethink the business and take steps to rebrand. "The name may be salvageable with some sort of 'new generation taking over' messages, but we don't really know," Cathy Dunkin, a lecturer in management at Washington University in St. Louis' Olin Business School, told CNN. "They might be able to show that new people, new thinking and new practices are in charge."
The speed of business today is incredibly fast paced. One company that has come to know this well has famously declared: “America Runs on Dunkin'.”
Iconic Dunkin’ Donuts made the drastic move with its rebrand to drop half of its name, turning the focus away from donuts, which it will still serve, to focus on fast-moving customers who find a marketplace full of beverages.
It is essential for companies to keep close tabs on their customer base and recognize when behavior changes and evolves. Any business hoping to remain successful must work to keep up and stay relevant. Those who don’t may find other brands grab that attention and get noticed instead.
CEO David Hoffmann says he now has only one goal: modernizing the 68-year-old company by delivering high-quality coffee fast to customers who don't want to pay more for their cup of Joe.
Time to change?
There are many reasons for a business to consider a rebrand. If you find it’s time to make a change, take time to examine your company, brand and specific needs. Rebranding can be a daunting task, but it provides numerous rewards.
At T.E. Digital, we are experts in branding and know how important it is to your identity. Our team can take the guesswork out of the process for your business. Contact us to discuss ways a branding or rebranding strategy can work for you.