Both established and up-and-coming companies must tap into the pulse of the business world and reach out to new audiences to keep their competitive edge. At some point, the issue of rebranding may present the company with a new challenge. Will the company be able to adapt and evolve, or like the dinosaurs, will it become extinct?
Some potential scenarios where rebranding may be a necessity include the following:
Expanding to a wider market
The adage success breeds success applies here. A small startup can blossom into a burgeoning business clamoring for its piece of profitable pie. Perhaps a small dress shop begins collaborating with a hot new designer, leading to an increase in traffic of upscale clientele with lots of money to burn. This is the carpe diem moment for a successful business venture. Taking advantage of the sudden spotlight and considering what other products to offer to the customer base may require tweaking of the company brand to maximize the potential profit margin.
Taking a corporate right turn
When companies are industry leaders, they can afford to share some of the secrets of their well-earned success — at the right price, of course. Branching out from service provision to consulting and corporate training is a natural outgrowth of marketing success. Rebranding a business as the go-to company for consulting can be an economic boon and open the taps to new income streams. The inherent value in this endeavor is that companies maintain the status quo on their cash cow while branching out into other lucrative directions.
Shaking off a negative experience
Negative publicity can truly be a test by fire for any business. It can happen at any time, to any type of business. A company’s brand can be tarnished by everything from a restaurant identified as the source of a food-borne illness to a safety recall for an automaker or a disastrous marketing campaign (New Coke, anyone?). The trick is for companies to do damage control quickly and efficiently, shake off the negative and land on their corporate feet. Rebranding is often the best way to accomplish this.
The evolution of the corporate world is never static; it remains dynamic and demanding. Successful entrepreneurs recognize when their companies are poised on the brink of the next new thing. Assessing where the company is and the direction in which it should be headed can result in a profitable rebranding experience.