Why it matters
Rebrands are expensive and briefly destabilising: recognition resets, materials churn, teams relearn. Warranted (after outgrowing your claim, a merger, a blocking name), they unlock growth the old brand was capping. Unwarranted, they're a very costly way to feel busy.
How it works
The real work happens before design: deciding the new positioning, testing it against customers and competitors, and choosing what equity to keep versus retire. Then identity, verbal system and rollout, with the migration plan (domains, search equity, signage, contracts) treated as seriously as the creative.
What to do about it
Diagnose first: if clients describe you the way you'd describe yourself, refresh the clothes and save the money. If they describe a company you've stopped being, you have a positioning project: name it and budget for it.