The marketplace is a ‘twitter’ and speculation is rife about ABSA’s imminent rebrand. They have been dropping hints in teasers since March. The big announcement is to be made on 11 July. When is a good time to consider a company rebrand? We unpack the typical scenarios and share our experience of rebranding for clients.

ABSA’s rebrand story

ABSA has undergone a fundamental change in business circumstances – following Barclays’ exit from the African and South African market and its time for a rebrand. Absa will now once again become a wholly-African financial services group heralding in a new age. Circumstances such as a merger or takeover are also timeous milestones that warrant a rebrand. Absa CEO Maria Ramos said that the new approach “will have something new and something old with an identity fit for the modern, new and forward-looking businesses we are creating. We are bringing Africa into Absa.”

Some sources say they will maintain their signature red, while others speculate that the colour tones will be on the red-end of the colour spectrum. This is corroborated by the painting of group’s Head Office in Johannesburg, featuring these hues, to facilitate the new branding.

It is also anticipated that the group will adopt a new slogan with its rebranding exercise, which is said to open a “bold” new chapter at the company.  Absa has been using the word “digital” a great deal during 2018, and the new trademark registrations revealed by Business Insider, have a distinctly digital feel to them.

When is a good time to rebrand?

Rebranding can signal a very serious declaration of intent. A signal of your company’s commitment to evolution and an upward growth trajectory. In other instances, it’s an effort to shift consumer perception or to reach new demographics. Uber represents a great example. Their rebranding motivation was to develop a more flexible brand that would grow with the company as it expands its product range to attract new customers. The Uber rebrand story is also one of a coming of age tale.

1)Time to shift an old or negative image

The Burberry brand became the standard status symbol for thugs and gangs across England. The strongly negative association became such an issue that some pubs even banned the brands from being worn on their premises. This became a huge challenge for Burberry as it started driving away many potential customers.

To resolve the issue, they rebranded themselves as a luxury high-end clothing brand and used celebrities such as Emma Watson in their campaigns. They kept with tradition and didn’t change their look or prices, they simply used artistry and cutting-edge fashion in their presentation.

2) In a rapidly evolving market

Markets are never static. They continually evolve, and more competitors emerge fighting for a slice of the same pie. A rebrand may be necessary to keep your company competitive in an evolving market. And even though your company may deliver expert services, you could still be left behind if you don’t remain ahead of the competition and present a cutting-edge perception of our brand.

3) Need to grow into a new demographic

Every company needs to grow. To move forward your business needs to reach out and tap into a brand-new target market that may also be interested in your product or services. It’s important to retain and not alienate the old while adopting the new. This is a fine tightrope to walk. You need to keep what works and ditch what doesn’t.

4) Outgrowing your original mission

A rebranding exercise can be imperative to keep your company relevant in an evolving market. Audiences are becoming increasingly demanding and spoilt for choice. Your expertise not only needs to enjoy maximum exposure, but your business offering needs to remain relevant to your audience.

5) When your name is all you got

When we say motorcycle then you say, Harley Davidson. The Harley brand is synonymous with motorcycles. However, in 1985 Harley Davidson was in serious danger of going out of business, despite being such a highly recognisable brand. Their 50+ target audience was finding more sedate ways to tick their bucket lists which was evidenced in their declining sales. They were rapidly becoming irrelevant. They not only needed to undergo a rebrand, but they were forced to give their products a quality facelift and work on their pricing strategy to create more affordable bikes. Their simple but ingenious rebranding plan enabled them to attract a new generation of riders but kept their famous and timeless name intact.
This is a great model to emulate if your brand is entrenched and has a strong recall but is dated in its execution.

A Rebrand Case in Point

At Creative Imagineering we are currently working on a rebranding exercise for one of our longest-standing clients in a primary industry sector. This company is a leader in their industry internationally and occupies a significant market share. They are innovators in developing new technologies. They operate in a rapidly evolving and in a highly competitive marketplace, they identified a need to evolve with the times and give their brand a makeover. The rebrand encompasses a logo overhaul and the redevelopment of all collateral including their website, an internal training platform and authoritative knowledge centre. The exercise aims to further underline the company’s positioning as the leader in their field and launch their brand image into a new and more relevant digital era.

Change is the only constant in life

To conclude – there is no such thing as a static market as the adage goes: “change is the only constant in life.” Your competition will continue to challenge your business’s market positioning. This may require subtle shifts in your own positioning. What remains critical in a rebrand is that you shouldn’t ‘throw the baby out with the bath water.’ In other words, you don’t change the whole business, you just ensure that your brand evolves at the same pace as your company.

If your company ticks any of these boxes it may be time for a rebrand.  Email us to find out how we can partner with you to take your brand to the next level.