When to renew brand?

The Best Buy brand in the United States has been using the yellow logo for nearly 30 years, but the reign of this logo has come to an end.

Recently, it has been replaced by a higher word logo. The image of the price tag still presents but has been reduced in size and prominence.

Today, service plays an essential role in retailing, and this is the best-selling team. With that conversion, the yellow billboard image became rhythmic.

The new logo makes the brand look more open and more conversational. Best Buy's new advertising strategy will also focus on employee conversations with customers.

Renewing or rebranding is a common practice for many large companies.

Branding is the core identity of a business, which is a collection of all the values, ideas and personalities of a company that are framed by identifiable norms. However, there are times when many brands are in love with the crisis, cannot withstand the natural pressure of time or no longer meet the standards of customer service.

An old logo (left) and a new one of Best Buy.
In such cases, refreshing or changing the brand identity is a good idea. This change may be a new idea or just a modernization of the old brand. However, changing the brand identity at an inappropriate time can severely damage the brand image.

Brand renewal is not a strategy that businesses should pursue simply because it "seems like a good idea" or because "the gurus tell me to do this." Branding is the foundation for every marketing and communications strategy so that branding changes will affect everything in the company. That is not a small influence, can gently glance. In addition, one of the most important factors for brand success is consistency. Too much change, too fast or at an inappropriate time will affect the loyalty of existing customers to the brand.

So, when is the right time to refresh a brand?

When old photos are outdated

At first, the business may need to renew the brand just because the old image has become obsolete. Design trends change very quickly, and within a decade or two, the typeface, color, and style that used to be fashionable are now "just like the old days." In this case, overall, the brand remains intact, and businesses only need to update the new features at the surface level, change the logo shape, refresh, adjust the expression of the brand to match with modern taste.

The business is targeting a new audience

A brand succeeds when it is created for a target audience and has a personal relationship with the audience. If a company decides to focus on a new target, then the brand needs to develop accordingly. An attractive brand for middle-aged women cannot appeal to young women.

A new competitor is threatening the business

Brand renewal can also be a defensive move to protect the business from the rise of new competitors. For example, a new company appears on the market and looks quite similar to a well-known brand, leaving customers wondering when to buy. Then, the "old brand" can assert, highlighting the difference between new and more compelling criteria to separate itself from this confusion. If the new brand is really different then they can learn some qualities that help this friend succeed.

Mission or value has changed

The mission and values ​​of the business must guide and guide the development of the brand. If the mission changes, then the brand must adjust. For example, if a company decides to offer more environmentally-friendly products and minimize the impact on the environment, they can change the logo and branding to match the real one.

The original brand was a patchwork

Of course, a brand can also be "produced" in a patchy way, hurried by an inexperienced advertising company or team and not properly attended. If so, the business needs to rebrand the brand and have a fresh start for the brand identity.

Assuming that as a business decides to renew and re-brand, here are the next steps:
  • Determine the target. Do you want to rebuild the image from the beginning of the company or you just want to adjust the design of the image and not change much? Want to attract a new audience or want to create a new wind for current customers?
  • Work with a professional partner. There are a number of areas in marketing and advertising that businesses cannot "afford", and branding is one such thing. Should work with the best partner that businesses can find.
  • Be proactive about the change. Be proactive to make official announcements to customers about the new brand. Consider the possibility of welcoming this event with a special promotion so that customers are more excited about this innovation.
Some brands may stay the same for a long time. Some brands experience rapid growth, while others only change when needed. For brand new work, there is no right or wrong answer that just fit or not fit the customer's brand. If a brand cannot fulfill its mission, cannot attract the core customer and accurately express the vision of the company, it needs to be changed.