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.
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:
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:
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!