Facebook’s fairly recent move to rebrand itself as Meta has fueled a discussion about the benefits and risks that come with a rebrand. For some businesses, a rebrand can provide a valuable opportunity to give a business fresh life. For others, it can signal the final nail in the coffin of a dying enterprise.
So when is a rebrand right for your business? Watch for these three indicators to help make your decision.
#1: Expansion.
Business leaders who are looking to expand their business into other products or services can often benefit from a rebrand. A prime example is that of Amazon.
Amazon first began as a bookseller and then rebranded its trademark as it extended its services to cover other products. The company’s logo has shifted from a very straightforward letter A with the website on the bottom to the image we are now familiar with, a smiling yellow mark underneath the name. This shift highlight’s the company’s expansion, as it moved from selling just books to everything from A to Z, as the smile mark is actually an arrow that goes from the A to the Z in the word Amazon.
#2: Issues.
If there are legal issues or reputational issues with the business, a rebrand can offer a fresh start. One example is that of World Wrestling Federation changing from WWF to WWE. Part of the catalyst for this change was the fact that WWF also stood for World Wildlife Fund. In 2002, the World Wildlife Fund filed a lawsuit against the wrestling group initiating the move for a name change.
#3: Audience.
Another reason to consider a rebrand is an attempt to reach a wider or different audience. This was present when Kentucky Fried Chicken changed from its full name to KFC, shifting its focus to a younger audience.
It is also important to complete due diligence before beginning the rebrand process. Look into any possible name changes to make sure another company has not already taken that name or image. Carefully navigate the rebrand so it remains consistent with the original brand. New and improved is important, but a complete change that is not in line with previous values can result in mistrust.