Given how quickly the consumer and advertising landscape has evolved in recent years, astute marketers are asking themselves some form of the same basic question: Is my current brand the right fit for today's market or is now the right time for a brand revitalization?

The good news for any CMO pondering this issue is that the barriers to a complete brand overhaul are far less than they have been in the past. "The ability to do so is far easier than it ever was because so many brands have large portions of their assets in digital, which makes it a lot cheaper," explains Richard Swain, GVP of brand strategy and identity at Huge, an agency headquartered in Brooklyn, N.Y. "Historically, brands like BP or FedEx had so many physical assets that the cost wouldn't be in the rebrand, it would be in the mobilization. That's no longer the case."

But just because the assets are easier to change, it doesn't mean a brand revitalization should be done on a whim — or that it can cure all of the problems a company has engaging with its target audience. In fact, the biggest danger today may be the C-suite counting on a brand revamp to do too much.