When to consider a rebrand.

Considering a re-brand is a serious topic. There is a lot that goes into such a big decision. Starting with a new fresh blank page can be very exciting for us marketers, but it can also be very costly. 
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I have witnessed some awesome re-brands and been part of some exciting projects. I have been privileged to be in the inner sanctum to watch some wonderful results roll in. I have also watched some business owners waste massive amounts of money attempting re-brands for all the wrong reasons.

Here are some of the valid reasons clients have had for re-branding and had positive results flow in:

• When 2 or more businesses have merged
• Following a take over
• When a business leader has experienced a high profile negative event, and it was time for the business leader to step out of the limelight
• When a new sponsor is secured
• Breaking into a new market
• Launching a new product that needs to attract a new market
• When the current business model is broken and the entire business is undergoing change
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Here are 4 reasons why you should not re-brand:

• Just because you feel like it
• Because you are bored with the current brand
• Because the marketing manager before you chose colours that you don't like
• When there is no supporting business decision

There is no blanket right or wrong answer here. I recommend making a massive list of pros and cons for both and work through this thoroughly before making any decision. You also need to consider:

• Business name registration
• Trademark registration
• Registering any other intellectual property associated with the brand
• Advice from your legal team
• How the market will react
• The direct and indirect costs

Above all, please remember that it takes 30 years to build 30 years worth of brand equity. A big budget can help, but it won't guarantee success.

It is also worth noting that a re-brand is not the same as a brand re-fresh. A re-brand is a completely new name or new look. A re-fresh may just be a new look or a more modern approach. But that's another whole topic to debate!