Why brand updating is important
Every brand has a life cycle. If a company does not keep up with current market trends, it risks becoming obsolete in the eyes of its consumers. To avoid this fate, it is important to rejuvenate the brand on a regular basis.
The lifecycle of a brand is similar to the stages a person goes through in their life:
- birth of the company;
- establishment in the market;
- recognition and popularity;
- ageing.
The final stage of the cycle can be oblivion, which is the death of a business. A facelift, or corporate updating, can help avoid this. This is a comprehensive process that includes changing the name, modernising the identity and corporate image, and other efforts.
Updating goals
A facelift for a brand involves updating it to meet current market demands. This process achieves the following goals:
- Attract new audiences. The concept provides an opportunity to adapt the company’s products and approach to a younger generation of consumers.
- Increase competitiveness. Updating allows you to maintain a stable position in the market and to compete with new companies.
- Presence in new markets. Launching a new product line or setting up a business in another country requires a change in corporate identity and positioning strategy.
- Adapting pricing policies. A company may focus on a different price segment, for example, moving from the mass market to the premium segment. This approach involves targeting a new audience, which involves complex changes. In such a case, virtually all elements of the brand, including its identity and values, need to be rejuvenated.
- Follow trends. When new trends emerge and consumer behaviour changes, it is vital to follow them. The optimal solution is a restyling that does not require radical change.
Another factor in rejuvenation is a change in business objectives. A company must have a facelift if it plans to move to a new level of development.
Factors indicating the ageing of a brand
The market is a dynamic structure that changes with progress. New companies regularly appear, and old ones disappear. These processes stimulate brands to renew themselves, which helps them maintain their position. Such a strategy helps to keep the business afloat despite the company’s age. A good example is McDonald’s, which regularly rejuvenates itself through rebranding, repositioning, and other tools. As a result, the company remains in demand among different consumer groups.
It is important to remember that people’s behaviour and preferences are changing. To remain relevant to them, it is essential to identify new points of contact with consumers in time. And that’s where brand updating comes in.
