Evolving or completely overhauling brands is on the rise. A recent UpCity survey found that 51% of businesses changed their branding since Covid-19, in line with a Hanover Research study that found 75% of business executives have done work on brands since 2020.
Nearly every business has conducted some form of business transformation, mostly driven by technology-related enhancements that improve the customer experience or operations that will drive growth. Real change has happened and continues to happen for businesses as technology changes the way consumers behave and react.
Rebranding allows a company to shed outdated images and perceptions, engage with new audiences in new ways, and better reflect its current offerings and future direction, increasing the relevance and value of the brand.
High profile examples of this new race to rebrand includes the spinoff of Johnson & Johnson’s consumer health products under the new brand Kenvue, and HBO Max shedding HBO to go it alone as Max. There are more examples almost everywhere you look.
When it comes to business transformation, what is more inclusive than creating an entirely new brand to replace a dated one, to serve as the rocket fuel behind a needed transformation?
According to a Hanover study, among the top reasons executives rebrand is to:
These may sound obvious, but rebranding delivers in the way that other strategies just don’t. In fact, another study found that as many as 78% of executives say rebranding has had a positive impact on their company. And 81% of executives have seen a positive return on investment, purely from their rebranding efforts.
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