Rebranding is a monumental decision for a company. A rebrand is more than just a visual makeover; it’s about reshaping your company’s focus in the market and chasing a new vision for the future. There have been many successful rebrands, such as the Philip Morris rebrand to Altria in an effort to market themselves as more than a cigarette company. The most recent is Twitter’s rebrand to X, hoping to turn the app into an “everything” platform.

Twitter has recently removed its famous bird logo replacing it with the letter “x.” Experts estimate that this rebrand costs the company anywhere from $4 billion – $20 billion in branding value. The new owner, Elon Musk, has high hopes for the rebranding of one of the world’s most famous social networks. In a recent tweet (xeet?? maybe?) Musk stated, “X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.” What are your thoughts on this historical rebrand? Is a new global town square exciting, or do you think eliminating Twitter was a massive mistake?

Making a rebrand can be a tough decision. There is no set of rules or scientific experiments you can test to give you the right answer; it’s all based on human judgment. It takes guts and an unwavering determination to evolve!

Eric Ries addresses the problem of rebranding in his book, The Lean Startup. He poses the question of whether to pivot or persevere. Taking a “pivot” is where you realign your company’s vision and go down a new path to find success: learning from your past experiences but making a fundamental change in strategy. The “persevere” approach is when you stick to your hypothesis/business plan but experiment with new products and designs to reach your target audience. When considering to pivot or persevere, you need to evaluate the data, see if your business model is successful, and go from there.

To guide you on your rebranding journey, here are five things to keep in mind:

1.)  Reason for Rebranding: Clearly define the reasons behind the rebranding. Whether it’s to update the company’s image, target a new audience, stay relevant in a changing market, or distance from negative associations, understanding the purpose will guide the entire process.

2.) Brand Alignment: Revisit your brand’s core values and mission. Ensure that the rebrand aligns with these principles to maintain consistency and authenticity.

3.) Budget & Resources: Understand that rebranding will involve various expenses for design, marketing, and legal considerations, to name a few. Make sure to allocate sufficient manpower and budget to execute the rebrand.

4.) Timing and Rollout Strategy: Plan the rollout of the rebrand carefully, considering the timing and potential impact on business operations. Assuming you already have a following/customer base, be careful about rushing your rebrand. You don’t want to lose current users because you rushed to the finish line without a thorough and authentic rebrand.

5.) Measuring Success: Establish key performance indicators (KPIs) to measure the success of your rebrand. Monitor metrics such as brand awareness, sales performance, and customer feedback to gauge its effectiveness.

It’s important to go through considerable strategic planning to enhance your company’s chances of success. There’s no right way to go around a company rebrand – use your best judgment and listen to people you trust to help guide you down the right path to success.