If you’ve been paying attention to the general consumer market, you’ll have noticed that many businesses have undergone a rebrand. Sometimes it is as subtle as the logo or name changing over time, so quietly that most consumers do not immediately pick up on it. Other times, it’s a full rollout with press releases, promotional videos, and a lot of attention around the rebrand. But how does this apply to a blockchain rebrand?
Businesses in the blockchain space can and have rebranded at various points in time, but making the decision to do so can be tricky. After all, there are financial implications to rebranding as well as the possibility of it backfiring. Before pulling the trigger and attempting a blockchain rebrand, it’s important to analyze the market situation.
An Overview of a Blockchain Rebrand
A blockchain rebrand essentially means reintroducing your business to the world with new elements, whether that be a new name, new image, new products, new leadership, and so on. Every brand is essentially you wanting the audience to see the business in a new light, and this involves a number of activities.
In the most extreme cases, you might need to change the business’s legal name altogether and phase out everything that had to do with the previous one. This could mean phasing out previous products, getting rid of old merch, changing leadership, and so on. From an aesthetic point of view, a rebrand can also involve changing your business colour, logo, content style, or creating a new tone of voice for marketing.
A rebrand might simply mean changing some things on social media or might be a very expensive and complex affair that involves legal teams, getting rid of old products, and much more. Very few businesses will undergo a rebrand just for the sake of it, and so, it’s best to know the signs that your business is ready for such a change.
Signs That You Need a Rebrand
To avoid wasting time and resources, you should look out for the following signs before you begin a rebrand:
Declining Engagement From Previous Marketing Campaigns
Ultimately, the Web3 and blockchain space is driven by demand and supply, and if a business is considered outdated or stale, the market will promptly let it know. The easiest way to tell if your business is in need of a blockchain rebrand is if consumers are no longer engaging with or responding to you as they previously did.
If you notice that your last few campaigns have performed poorly, engagement on your social media platforms is declining, or your business simply appears to be losing relevance in the market, it might be time to consider a blockchain rebrand. It’s easy for this sort of decline to sneak up on a business, but once you notice it, consider giving the public something new.
Scandal or Public Criticism
Another reason a company might consider a blockchain rebrand is if they have been embroiled in a scandal or public backlash in the past. These days, businesses are attracting criticism for all sorts of reasons, and sometimes, it is so harsh that it completes overhaul of their image is needed.
Perhaps you’ve released several campaigns that were considered offensive or outdated. Perhaps leadership within your company has been embroiled in scandal. Perhaps rumours have tainted your business reputation, and so, you have to start fresh. In that case, rather than trying to salvage your previous business image, you might want to create a new one.
Industry Shifts
A blockchain rebrand might also be necessary if there have been major industry shifts and you need to keep up with them. The type of tokens or projects that were popular in the blockchain sector a few years ago are no longer relevant, and so, businesses that built their brands around them might have to pivot. If a certain type of meme coin was all the rage a few years ago, but now you want to pivot to being a utility token, you might very well have to undergo a complete rebrand to avoid association with the previous option.
If a majority of businesses in the space are going through similar rebrands, you risk being left behind entirely and losing the support of the public.
Embracing New Innovations
Many businesses undergo a blockchain rebrand not necessarily in response to market conditions but rather to pursue innovation. Many of the world’s biggest companies have gone through rebrands as a way of staying ahead of the competition, rather than necessarily running after it. Your business might simply want to go in a new direction aesthetically and in terms of its branding. If you feel your branding, marketing, or overall appearance needs to change, you can do so as long as you are not alienating your current audience or turning away new potential customers. A rebrand can be done for this reason.
A Change in Business Structure and Practices
In many cases, a business might undergo a blockchain rebrand because its internal structure and outward practices are changing. Perhaps the project has acquired new leadership, and we’ll need a public rebrand to reflect this. Maybe it has decided to organically pivot to new products and services or expand. Perhaps the business started out with just bitcoin miners, but now wants to expand to other products. In that case, a rebrand to show that you are not only a Bitcoin mining company will be needed.
Conclusion
A blockchain rebrand can be one of the most intense, expensive, and transformative processes a business can go through. Whether it is to distance itself from previous scandals or to embrace the future, a rebrand is a decision that should not be taken lightly. As we explained in this article, several signs should prompt a business to consider a rebrand. If you’re concerned about your business’s future and the possibility of rebranding, feel free to reach out to us here at Proleo to discuss your current situation and its possible future rebrand.
