We see big brands every day, and we intuitively know that there is a value in brands. An effective brand strategy renders a major head start, especially for start-ups. However, rebranding comes neither easy nor cheap. When a start-up is just gaining traction with the limited resources, should they consider rebranding?
Yes and No.
On average, companies will rebrand once every seven to ten years. For start-ups which can be considered to be relatively young as opposed to this backdrop, does this mean that they do not need to rebrand themselves now?
Well, there is usually a spectrum of reasons a business needs to rebrand. Brands play a part in molding customer experience. By changing your brand, you affect how customers feel about a service. More importantly, how employees should deliver on the brand.
This usually happens when a start-up is pivoting on its original concept and needs to recommunicate the new brand image to reflect the changes. Such changes could be pertaining to having novel innovation, to reflect a new market position or to improve its visibility and recognition. The result of rebranding should be an increased connection with the target audience.
However, when will it be a good time to rebrand? Regardless of the longevity of your current business, a good time will be when there is a negative impact from the brand image staying the same. This is usually a rare case, but not impossible either. Especially if it has overlapping connotations with pre-existing firms and legislation. (Think trademarks, patents, etc.)
Case Study: Memoto
Swedish Startup Memoto, is one good example. They did well on Kickstarter to earn 1100% of their original funding goal, but as of today, Narrative is their new name. This is because Memoto conflicted with something similar in the same market, which might then induce problems on a global scale.
Though Narrative might now have to overcome a small challenge from riding its momentum from Memoto, this is a better business strategy for them. Apart from being able to go global, they are also able to release other products beyond their eponymous camera.
In conclusion, it does not matter if you are a start-up, small business or large conglomerate. Nor does it matter about the lifespan of your business. If needed, a rebranding plan will help to boost the company further in the long term. Always remember your core message, how to synchronize synergy across your brand and its message to resonate with your target audience.
To borrow an adage that had summed it well, “At the end of the day, it’s not about who you know, but who knows you.”
Featured Photo Credit: Interbrand