A new study from Bynder has investigated the challenges facing marketers navigating a rebrand in 2023.
Good branding can have a significant impact on all aspects of a business, with reports suggesting that brand consistency can increase revenue by 10-20%. It can reflect societal, socio-cultural, competitive and geopolitical changes, as well as consumer sentiment and trends.
However, rebranding does not come not without its difficulties. Bynder surveyed 1,002 marketers, of which the majority (82%) had worked on a rebrand, to find out more.
The data concluded that on average, a typical rebrand involves updating 215 assets and lasts seven months, from initial talks to rollout. Although, 8% of marketers reported working on a rebrand which lasted between one and two years.
Marketers ranked the most challenging elements of a rebrand, which are:
- Updating marketing assets (47%)
- Communicating the rebrand to our audience (42%)
- Creative alignment (36%) and managing the budget (36%)
- Gaining internal buy in (26%)
Interestingly, online marketing materials were found to be the most difficult to update in a rebrand; followed by printed materials and then ecommerce sites.
The most common reason for a rebrand is to update brand identity, with 57% of marketers citing this as the purpose of their rebranding project. The next most popular reasons for a rebrand are:
- To reposition ourselves in the market (45%)
- To reflect a change in target audience (41%)
- To address negative perceptions about the brand (26%)
Steve Vinall, Director of Global Brand and Communications at Bynder commented:
“This research illustrates the importance of a rebranding project, but also significance of getting it right. It’s an extremely time consuming task with potential rewards and pitfalls. As well as the risk of backlash from consumers on social media, there are also internal expectations and opinions to manage.
“Rebranding is not just about updating a logo and other marketing assets, it’s making sure the new brand identity is consistently represented across all channels.
“That’s why organisations that centralise their marketing assets in a Digital Asset Management platform and integrate it with their marketing ecosystem can benefit from a more efficient rebranding process.
“With an average of 215 assets to update in a rebranding project, it can be difficult to keep track of everything. A DAM platform can help by providing a single source of truth for all marketing assets, making it easy to identify and update the right assets.
“What’s more, organisations that integrate their DAM with their CMS, web, and e-commerce platforms benefit from being able to automatically update assets across all channels, ensuring brand consistency.”
For more information on how Bynder can help you with a rebrand initiative, click here.