Studies have shown that a strong brand can significantly impact a company's bottom line. Lucidpress found that brand consistency can gROW revenues by 10-20%, while Millward Brown found that strong brands have three times the sales volume of weak brands.

Recognizing the signs that you the brand needs a makeoveryou can revitalize your business and achieve long-term growth. In this article, I'll explore the key indicators that suggest it's time for a rebrand and discuss the benefits of a well-executed rebranding strategy.

1. A new product line was launched or the product itself has changed

A common trigger for a rebrand is a change in a company's product offerings. Whether it's a new product line or a substantial improvement to an existing one, a rebrand can align the brand identity with these changes.

For example, if a product is reformulated to target a new demographica fresh brand image can help to attract this new audience. Often, a brand refresh becomes necessary when entering new geographic markets with their unique cultural, ethnic or religious characteristics. Plus, if a product has grown into a product range or become part of a wider ecosystem, a rebrand can emphasize this unity and showcase the expanded value proposition.

One of the most high-profile re-appointments in recent years was Rebranding Facebook to Meta. This decision reflected the company's ambitious shift from a social media platform to a metaverse company. By adopting the new name, Meta signaled its intention to move beyond traditional social media and embrace emerging technologies such as virtual and augmented reality.

Related: How do you know if you need to rebrand? Here are some tips

2. Brand identity no longer reflects the company

There are two main paths for renaming: revolutionary and evolutionary. The evolutionary approach involves making gradual changesmaintaining distinctive elements and signaling continuity – much like Pepsi did in 2023 when they updated their logo to 'connect future generations to the brand's heritage, combining history with modern elements.' Flowwow has chosen this evolutionary path.

Flowwow's recent rebranding marks an important milestone in our journey. We have chosen an evolutionary approach, maintaining our core identity while embracing innovation. This aligns with our commitment to provide a smooth and joyful gifting experience.

Over the past few years, we have expanded our offerings beyond flowers to include a wide range of products, from pastries to home decor. Our rebrand reflects this growth. By prioritizing user experience and leveraging technology, we aim to create meaningful moments for our customers. Our rebranding efforts center around this main missionensuring that Flowwow remains a trusted partner in celebrating life's special occasions.

Related: Thinking of rebranding? This step-by-step guide will help make the process smooth and successful.

3. Implementation of new technologies

The integration of new technologies often acts as a catalyst for rebranding. As businesses incorporate new technologies into their operations, their brand identity often needs to evolve to reflect these changes. While technological advances can prompt a rebrand, a combination of factors often necessitates such a move.

These include the perceived importance of the brand among consumers, its growth plans and the competitive landscape. Increasingly, businesses are looking to reflect their technological prowess in their branding, as consumers associate technology with innovation and quality.

A prime example is Photoshop, which has undergone a series of rebrands to keep pace with the rapid evolution of AI-driven image editing tools. Similarly, the rise of digital platforms has forced many traditional brands to update their visual identities. Volkswagen, for example, has introduced a new logo and visual identity to tie in with its digital-first mobility strategy. Other automotive giants such as BMW, Nissan, Peugeot and Kia have followed suit. It's important to remember that rebranding isn't just about a new logo. It is a comprehensive process that includes a holistic assessment of the brand's identity, values ​​and messaging.

4. Different prices

This scenario often arises when a retailer improves its product offerings. For example, a bakery that used to sell affordable bread may switch to offering baguettes and croissants. As the product and its perceived value evolve, so may the target customer. This may require renaming or creating one new brand identity.

A prime example of one renaming is Oatly, a Swedish oat milk brand. Recognizing the need to differentiate itself in a crowded market, Oatly embarked on a comprehensive rebranding effort. By investing in a bold new packaging design and a smart and informative tone of voice, they successfully repositioned themselves as a modern, sustainable and innovative brand. This strategic move enabled them to attract a wider audience and raise their brand perception.

5. The customer base has evolved

A rebrand may be necessary when a company begins to attract customers with new demands that it can already meet, but its current brand does not reflect this change. Basically, this is a situation where a company has outgrown its brand identity. Rebranding can help a company explain to these new customers why they should choose its products or services.

For example, Burberry underwent a rebrand to attract a younger, digital native audience. By updating the logo and color palette and collaborating with contemporary artists, Burberry successfully appealed to Gen Z and millennial consumers who value sustainability and innovation in fashion. Similarly, Rolls-Royce was rebranded to connect with a younger demographic of luxury car buyers, using language and imagery that resonated with a new generation.

Remember, a successful rebrand isn't just about a new logo or label; it's about aligning your brand with your business goals and ensuring it resonates with your target audience. Investing in a well-executed rebranding strategy can unlock your brand's full potential and drive sustainable growth.