Should You Rebrand Your Business? Pros and Cons

Last weekend Elon Musk announced he was rebranding Twitter. Gone is the iconic blue birdie and in its place is a generic “X.” Our tweets, both nouns and verbs, have now become X’s. Needless to say, the response for this new identity has been, well, interesting.

If we consider that a business brand is much more than a logo, what does it mean when one undergoes a rebrand? Sometimes it’s as simple as updating your visual identity. Other times it’s a complete makeover—name, visuals, target market, ethics.

Have you ever considered rebranding your business? According to those in the know, there are pros and cons.

PROS

Attracts New Customers and Opportunities: Rebranding can redefine or expand your market. Fortune Favors, formerly known as Nutkrack, changed its name and packaging to allow for expansion into new product lines and nationwide distribution.
Keeps a Business Current: Color, type, styles, even attitudes follow trends. Kickapoo Coffee became Wonderstate Coffee when an increased awareness of Indigenous Peoples became the norm.
Offers Opportunity for Redo: Sometimes you just need to start over. Following a series of inquiries and lawsuits, Hampton Creek repackaged its products under the name of Just.

CONS

Expensive: Rebranding requires you to update every element of your visual identity— logo, website, signage, packaging, print collateral, content, and on and on. It’s estimated Dunkin’ Donuts spent $100 million to shorten its name to Dunkin’. Interestingly, the ROI has proven worthwhile.
Time Consuming: It takes time and effort to promote a new brand, build its reputation, and allow customers to accept it. After a 2-year attempt at branding itself simply as Fridays, the restaurant TGI Friday has gone back to its original name.
Change Can Be Confusing: Many people can’t deal with change. Others use it as an opportunity to shop around. Weight Watchers’ name change to WW caused alienation and a 34% plummet in stocks.

Considering a rebrand for your organization? Let’s sit down and brainstorm.

LET’s WORK TOGETHER

What I’m Working On This Month

July is still summer, which in my calendar means a lightened load. But big things are on the horizon. I’m super excited about an upcoming project for Fermentation Fest and working together with amazing artists!

What I’m Tuned In To This Month

Are you a slow processor? Slow to respond? That’s okay. There are advantages to being an introvert. Quite a few, in fact.
Boat jumpers: How’s this for an interesting summer job?
The psychology behind black and white color trend: Architecture, design, fashion, (ahem) Twitter’s new logo—black and white is everywhere. What’s the scoop?
Women We Buried, Women We Burned: A disturbing, yet powerfully well-written memoir by journalist Rachel Louise Snyder. Lots to think about and discuss.