Competent business rebranding strategies implemented at the right time could bring a business back from the brink of bankruptcy. Just look at the brand Old Spice. In 2008, the brand was associated with older consumers, and the brand's days seemed numbered.

But, as The Drum describes, after shooting a popular ad with Isiah Mustafa, Old Spice repositioned itself as a youth-friendly brand. Want to learn more about brand enhancement? Read on to learn what goes into effective brand repositioning.

The Origins of Branding

To trace back the origin of company branding, you only have to look at the name. According to the Texas State Historical Association, "brand" is a reference to cattle brands, which are used to signify ownership of a particular cow. In the pre-industrial world, artisans would often use a similar marking on their goods to indicate quality and accountability.

After the industrial revolution took hold, mass production meant it was harder to differentiate goods from each other. Companies came up with unique packaging and logos to make their products stand out.

In the decades that followed, companies tried increasingly creative methods to encourage consumers to choose their products over the competition. As mass media technology like radio, television, and the internet proliferated, companies adapted their branding, producing catchy radio jingles, memorable TV adverts, or crafting viral internet memes.

Modern Branding

While early branding focused on highlighting the qualities of products, modern branding takes a deep approach. These days, companies offer more than just products; they offer emotional experiences.

For example, consider how Apple's "think different" rebrand efforts in 1997 transformed the global perception of Apple products. Instead of highlighting technical specifications like processor speeds and memory capacity, Apple focused on stunning aesthetics and intuitive usability.

The "Think Different" brand refresh framed Apple products in terms of how it felt to use them. During this period, Apple ads rarely talked about the hardware inside their computers; instead, they focused on the human experiences and emotions that came from using them.

Thanks to Apple's branding efforts, their products became more than just computers or MP3 players; they became a lifestyle symbol, associated with creativity and sophistication. The lesson is clear: to achieve significant market presence improvement, you need to speak to people's feelings.

Brand Refresh vs. Complete Rebrand

A brand refresh is different from a complete rebrand because you don't change the fundamental essence of your company. During a complete rebrand, you essentially throw everything out and start again.

A brand refresh, on the other hand, means maintaining your core identity while refreshing it for the current market. Consider a company with a modest but dedicated customer base. According to a study by Nitin Rane, having a relatively small committed customer base can be an effective business plan, so companies selling specialized products will often target a specific, high-spending market.

Sadly, such a customer base doesn't live forever. As your dedicated client base passes away or transitions into a retirement that doesn't include your products, your business becomes less viable.

In this case, it makes sense to reach out to a young, new audience through online marketing campaigns or collaborations with notable influencers.

Signs You Need a Brand Refresh

So, what are some of the telltale signs that your company is long overdue for an exciting new identity? The following are indicators that you might need a brand refresh:

• Dated Brand: If your brand feels old and outdated compared to the competition, it's time to think about rebranding.
• Evolving Markets: When your audience or the market has evolved, you should consider changing things up accordingly.
• Your Product Line Has Evolved: If your brand isn't reflective of your current line of products, it's time for a rethink.
• Your Core Mission Has Changed: Your branding needs to change if it no longer aligns with your core company values.

If you notice any of these signs at your company, it might be time to consult with a branding expert.

The Steps of a Brand Refresh

A successful brand refresh isn't something you should rush into. Just look at the infamous rebranding disaster that was "New Coke". The Coca-Cola company itself describes its 1985 rebrand campaign as being possibly "the most memorable marketing blunder ever."

Here's what you should do during your brand refresh to avoid a similar fate:

Audit Your Current Branding

You can't figure out where to go next if you don't understand where your current branding is falling short. Your first step should be a detailed audit in which you ensure that major stakeholders agree on the problems with the brand.

Set Your Goals

Once you agree on what's wrong, you can work on a solution. Make sure you're all on the same page about why you're doing a brand refresh and clearly set out who your new branding should attract.

Research the Market

Examine trends in your industry and look for potential gaps in the market that your company could fill. The more information you have, the more you can refine your brand strategy. You need to consider:

• How will consumers perceive your new brand?
• What is the overall message of your branding?
• Have you selected the right target audience, and are you reaching them?

Implement Your Plan

When you have a clear goal based on reliable research, you're ready to start implementing your brand refresh strategy. Make sure you track key performance indicators and gather feedback throughout the process.

Looking for a Partner to Kickstart Your Brand Refresh

A brand refresh could be a fresh new start for your company. You'll need to have a clear understanding of where your current branding is falling short and a clear plan for moving forward.

A brand refresh is a delicate process, which is why most companies choose to partner with a professional marketing agency. Here at Bolt Marketing, we pride ourselves on providing innovative rebranding without the absurd pricing.

We use our extensive knowledge of marketing fundamentals to help you take your business to new heights. Contact us today, and let's start working on your new image.