To Rebrand or Not to Rebrand
Posted January 2016 by Veronica Esbona
January marked the New Year and with it came CES, which was the largest in history in terms of the increased number of exhibitors and attendees. A reported 2.47 million net square feet of exhibit space featured over 3,800 exhibitors with more than 170,000 industry professionals, including over 50,000 from outside the U.S. More than 6,000 members of the media were in attendance with social media momentum topping 1,278,870 mentions of the #CES2016 hashtag. The hottest tech on display included automotive technology, wearables, and virtual reality at what is clearly the largest technology show in the world. And that’s an important distinction, as the Consumer Electronics Association (CES) recently adopted a new name — the Consumer Technology Association (CTA). Coincidentally, so did the Women in Consumer Electronics (WCE) association with its rebrand to Women in Consumer Technology (WCT).
So, when should a company rebrand? In the case of CTA, the association addressed industry change and sought to better represent its membership, which has grown and evolved to engage almost every major industry segment, way beyond just electronics. There are a number of reasons why a business might rebrand — growth, adding a new line of business or tapping a new vertical market, addressing a new audience or an expanded one, and of course staying relevant with your customers. Other reasons might be impacted by environmental factors such as a merger, competitive influences, or negative publicity. Whether it’s a strategic decision or based on other factors, rebranding is a natural part of the life of your business. However, it’s also expensive, so once you decide to go that route, you should move forward with care to avoid rebranding mistakes. When done right, rebranding goes far beyond updating your company’s colors or creating a new logo; it should also reflect a meaningful change in your company’s message.