If the thought of rebranding your business has been crossing your mind more often recently, you’re probably wondering how often brands usually rebrand anyway. As a brand designer, who’s worked with hundreds of health and wellness and purpose-driven businesses on branding and rebranding their business, I’ll keep my answer to your question short and sweet: “not that often”.
But if you want the long answer with all the details, read on. I’m sure that once you’ve read through to the end, you might be reconsidering if rebranding is the right option for you!
Before we can go into when and how to rebrand in detail, let’s first be clear on what the definition of rebranding is, in the first place.
Rebranding essentially means giving a complete new look and feel to your brand, including visuals and messaging. The main goal of rebranding is to influence the perception your audience has of your brand.
So, now that we know what rebranding means, it puts the idea of having to rebrand back into perspective, right? If you are still wondering if this is what you really need, keep reading (psst...if you are starting to second-guess the whole rebranding thing, I got you covered with alternative solutions, so keep reading too!)
Good news! In April 2021, McKinsey & Co estimated that the wellness markets will grow to $1.5 trillion dollars, with an annual growth of 5-10%.
And, as importantly, Mckinsey & Co found out that “wellness enthusiasts are high-income consumers who actively follow brands on social media, track new-product launches, and are excited about innovations.”
This makes haves having a unique, clear, and impactful branding essential so you can stand out and connect with your ideal audience.
So, does this news mean that you need to rebrand to be successful and find your corner in this trillion-dollar market?
Here’s the thing, your visual brand identity is a reflection of your brand strategy. In fact, if your brand strategy does not change, it’s very unlikely that your visual branding should change either.
But there are a few exceptions when rebranding becomes an important business decision.
Here are some times rebranding should be in the cards:
When a business merges with or is acquired by another business, they are now a completely new business and will have to rethink their marketing strategy and their communication strategy.
Things to consider here is how the target audience has changed, how the positioning has changed and what’s the hierarchy of the two business and how do you want to demonstrate this in the visual and messaging form.
Here’s an example: Did you know that Upwork was born out of a merger of two competitors in the freelancing space? When Elance and oDesk decided to join forces to help freelancers over the world connect with employers, they knew they had to completely relaunch the business as the new innovative, forward-thinking platform it is now known to be.
Has your business completely pivoted? Are you offering products and services that no longer align with the target market you used to have? If that’s the case, you probably have grown out of your mission statement and are now looking to reposition yourself or have to realign your branding with your new target audience.
The one thing that is worse than a brand that is boring and generic is a brand that is downright confusing!
It’s important that your brand is crystal clear in what it stands for and the messaging connects with your ideal customers naturally and immediately. So take the time to examine how well your target audience resonates with you and, if it feels like it’s not so much, then start planning your rebranding!
Here’s an example: Have you ever used Transferwise before? Initially, Transferwise was created as a local and international money transfer solution for individuals and businesses. However, over time the business has evolved into a full-service cross-border payments network.
Recently, Transferwise went through a huge rebranding campaign and changed their name from Transferwise to Wise. The reasoning was that it was no longer only about money “transfers” anymore and has, therefore, grown out of their initial mission statement.
Change is the only constant. Whether you are a solopreneur or have a small team, your small business is sure to evolve over time.
Although this is more likely to happen in big businesses, small business management and leadership changes too. You might decide to step down or move to more challenging things and name a new CEO for your business. With the change of leadership can sometimes come a new direction for the business, a change in point of view, and a new way of thinking.
In this case, rebranding is mostly a celebration and acknowledgment of change happening at the top. You want to share this good news with your audience with a full rebranding to reflect this deep change in your brand strategy. While this will be a lot of fun, remember that your brand is about your customers, not you. Every change that you make has to resonate and delight them!
Let’s take an example: In 2017, Huffington Post officially revealed their new brand name, Huffpost. This revamp came eight months after HuffPost co-founder Arianna Huffington announced her departure as leader of the company to focus on a health start-up. What followed was a merger with AOL and a complete rebranding strategy. Thus, giving birth to HuffPost and a fresh visual identity that aligns better with the new strategy.
Instead of “rebranding” your business, may I recommend you one of the finest options out there: “refreshing” your brand?
Refreshing your wellness brand means keeping what’s working and resonating with your audience in the now and spicing it up to create something even more unique, attractive, and irresistible. You’ll feel like you’ve just discovered your new favorite cocktail - who knew blackberry syrup, gin and lemon juice could taste so good?!
Here’s another way of describing refreshing your wellness brand. Think of it as a little facelift to better communicate with your target audience. Remember that branding is more than your logo and colors, it’s your entire identity.
Because, in real life, trends change. What used to be hype in visuals and marketing, might be not-so-cool today. If you feel like your current visuals are outdated, a brand refresh can help fix that. Remember, you should build your brand around your story, your core values, and your truths, not trends.
By refreshing your brand without compromising your authenticity you can still enjoy a modern, sleek brand that grabs attention while being relatable and genuine. For example, remember the Upwork story I shared with you earlier? Well, turns out, Upwork recently announced a brand refresh and updated their visual identity and messaging is a subtle yet effective way to reflect the way we do business in the modern world. Have a look and let me know how you find it!
If refreshing your brand is starting to make more sense, here’s me laying out my process for you so that you can navigate it mindfully and stress-free:
As a purposeful brand designer, I always encourage business owners to track their branding and invest in refreshing their brand intentionally. Stay away from changing colors and graphics just because you think they look pretty - your story runs so much deeper than that.
Full rebrands should only happen when there is a major pivot in your business that affects your foundational strategy. If you feel like exploring whether you need a rebrand or brand refresh, I invite you to watch my Get Your Brand Masterclass right here.
I’m always rooting for you,
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