New year, new you: why rebrand and what to watch out for
04.07.2024

Written by CEO and Founder Nicole Webb

Welcome to FY25! The new financial year is often filled with opportunities and goals for using the learnings of the past 12 months.  

We recently wrote about how changes in consumer spending (to manage the cost-of-living crisis) has, over time, led to a realignment of our values and lifestyles. We suggested that it was time for organisations to re-focus internally, review customer values and determine whether the brand is still aligned.  

If you find your company’s identity is no longer reflected in your messaging and assets, then it might be time to consider a rebrand. 

Executed well, a rebrand has the potential to revive your business and attract a new audience or customers . Equally, getting it wrong could cost your business dearly. 

Deciding to rebrand 

Your brand is your company’s most valuable asset, which is why rebranding shouldn’t be regarded as a cost against your marketing budget, but rather an investment.  

There are a number of scenarios that could lead your business to consider a refresh, including, but not limited to: 

  • misaligned company objectives 
  • not getting cut through with your intended target market 
  • a change in leadership, merger or acquisition 
  • the business value proposition has changed or diversified, or 
  • there is an issue with the brand image or it is outdated.  

Companies who have rebranded well 

  • Crocs (from ugly to iconic) 

Crocs comeback story offers a playbook for brands seeking revival. Strategic celebrity collaborations with icons like Justin Bieber and Post Malone have turned Crocs into fashion-forward footwear. Gen Z, known for its penchant for authenticity and individuality, embraced Crocs pins as a symbol of self-expression.

  • Weight Watchers, now WW 

Weight Watchers changed its name to WW in 2018 as it announced a major effort to turn the weight-loss company into a wellness company. It came at a time when the body-positivity movement was gaining steam, and the company faced increased competition from companies focused on self-care and nutrition. 

  • Pepsi 

In 2023, Pepsi undertook its first significant rebrand in 14 years. The new design marked the brand’s 125th anniversary as well as a reformulation, slashing the sugar content in its classic drink by more than half.  

The risky business of rebranding 

Before diving into a rebrand, it’s important to conduct extensive market research and due diligence to ensure the business case for the exercise is warranted.  

In 2022, the Bureau of Meteorology (BOM) announced it wanted to be known as ‘the Bureau’. The media and public were left bewildered after decades of looking to the established weather organisation in the wake of back-to-back natural disaster seasons. 

The move also came at a time when life-threatening flooding was causing chaos across Victoria, NSW and Tasmania. Deep in crisis management, the BOM backtracked with the journey back to its original name costing the Australian government $220,000.   

It’s equally important to avoid using a rebrand as a band-aid for trust issues or crisis management.  

A brand that has suffered a reputational issue might be tempted to erase its past. However, this may backfire, especially if any failings have not been addressed in the first instance.  

Last year the Australian Petroleum Production & Exploration Association, Australia’s oil and gas lobby, rebranded to Australian Energy Producers – banishing “petroleum” from its name for the first time since in 63 years.  Time will tell if the name change will help an industry struggling to win the battle against worsening political sentiment against fossil fuels. 

It will also be interesting to see what scandal-plagued brands like Optus, Medibank, Qantas and Woolworths do in the future. 

Are you considering a rebrand or a brand refresh? To learn about how IMPACT can help elevate your brand in the new financial year, contact Nicole at nicole@impactagency.com.au 

 

 

 

 

 

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