Branding is critical to business. It is your identity, sets you apart from the competition and presents a memorable impression. This recognition increases company value, provides insight, sets expectations, and makes acquiring new customers easier.

Over time, a brand can become dated. That’s when rebranding has to be considered. Even big brands like Coca Cola and Disney know this. Apple has rebranded three times. Starbucks? Four. And Pepsi has rebranded 11 times.

Rebranding can breathe new life into your business and keep you frombeing overshadowed by the competition. Here are some reasons to consider a rebrand:

Keeping up appearances.Basic elements go in and out of fashion. Typeface, colors, images and logos can become dated. Keep up with the marketplace andcontemporary styles. Want your company to look fresh? Consider a makeover.

Customer-centricity.The speed of business today is incredibly fast paced. Consumer behavior changes and evolves. Your brand has to keep up to remain customer-focused and relevant. As technology advances, customer retention will be challenging. A new brand grabs attention and gets you noticed by the target audience.

Leadership change.Brands are commonly linked to company leaders. When the founder departs, a new CEO comes in or a company is handed down from one generation to another, the company starts transitioning overall. This is a good time to consider a new identity to reflect this shift.

Mergers and acquisitions.When these changes happen, key messages and brand focus should be examined. Rebranding helps provide a new visual identity, especially if there are overlaps in audiences, geography or products.

Repositioning.As a company matures, it grows in the marketplace, evolves over time and may be something much different than what it was when it first began. The original identity could become more of a liability and hold the company back.  Shifting emphasis puts the brand in a new light.

For every successful rebranding effort, there are also rebrandfailures.Take time to examine your company, brand and specific needs. Rebranding can be a daunting task, but it provides numerous rewards.