The iconic large bright yellow M, the small talking lizard that tends to appear on our TV screen quite frequently, the cute freckled redhead in pig tails that smiles back at us as we drive-by: these are all brands that we recognize. And if McDonald’s, GEICO, and Wendy’s immediately came across your mind then these companies have done their job in the world of branding. They’ve created an unforgettable and recognizable brand. But when do these brands become stale? As a company, how do you know when it’s the right time to rebrand and refresh your look?

Some feel rebranding is essential for all companies, while others argue that there needs to be a reason. Is your industry changing and you feel your company needs to adapt and reposition itself in the marketplace? Perhaps your consumers are different from what they were twenty years ago. This is true for Covergirl. “Easy Breezy Beautiful Covergirl,” probably has you singing along to this memorable jingle. Covergirl recently announced that its slogan is no more. Their new slogan is “I am what I make up.” It may not have the jingle everyone loves, but it’s powerful, and it represents a new generation of women: women who express themselves through makeup. Easy Breezy represented women seeking a natural look, while today’s women are seeking out a louder appearance with hot pink lips, and jet black winged eyelids. The message Covergirl is trying to get across is evident with the launch of its new commercial. Covergirl will also be changing its packaging and overall image to reflect on its powerful new slogan.

Are your consumers evolving? Then maybe it’s time to jump on the Covergirl train and adapt to your target audience. Your brand should evolve as your consumers evolve. Perhaps your target audience has remained the same, but maybe there’s a shift in your company. Has your company expanded? Or are you trying to stand out from the crowd and set yourself apart from your competition? That’s what Coach, Inc. has done. Coach, Inc. is the motherhood of Coach, Kate Spade and Stuart Weitzman. It’s the umbrella of all things leather and all things trendy, and has probably kept its name for so long because it’s so well-known. Coach Inc. is now called Tapestry. The owners wanted a name that would help differentiate each individual company it represents.

In an article in the New York Times, Chief Executive Victor Luis shared some insight. “It’s a wonderful metaphor for what we believe in, which is individual threads of different colors all working together to create a picture,” said Victor Luis, the chief executive, waxing a little poetic.

Luis is also looking to expand this company with the goal of becoming the first American Fashion Group. The launch of Tapestry is geared to help him rise above biggest competitor Michael Kors. Only time will tell if this rebranding effort will rank supreme.

So whether you’re as big as Coach and Covergirl, or a small mom and pop shop, maybe you should consider rebranding. Take a moment to research your competitors and study the latest trends of your consumers to see if the time is right. As these evolve your brand will have to too.