Is it wise to change a brand?
I was surprised to see a colleague of mine change his brand… especially since he had done it in recent memory (maybe no more than a couple of years ago).
Frankly, I’m not sure if it was a good idea. He has worked hard branding himself with his now defunct brand. Theexplanation: we are growing and changing. I know he has a new book coming out soon, and that could be part of the reason.
But it seems that he wasted time with an old brand and now has to rebrand once again.
So how often should one change a brand? As seldom as possible, but as often as necessary.
Here are some questions to ask yourself when you are considering a brand change:
- How many years have you been using the existing name?
- Would a change alienate or confuse any existing customers?
- How much goodwill is built into your existing name?
- If you were to change your name, would you lose any revenue as a result? Estimate the dollar loss (if any) over a period of one year.
Personally I think a slow evolution rather than a brand overhaul is the best way to go. Basically, you change bits and pieces until you are where you want to be brand-wise. This can take a few years, but is worth the effort.
