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The consults at Rebrand.com have released a great report on the top 20 mistakes made when rebranding and how to avoid them. Most brands evolve over time to keep them relevant to the time. A good visual example of this is the recent rebranding of the Sprite soda can. Here is a link (pdf) to where you can download the full pdf report. Here are some examples of things covered in the report:

Mistake #2 - Thinking the brand is the logo, stationery or corporate colors.
This is a mistake that jumped out at me. How true it is. Most times when we think of rebranding, we think of the visual element. Now, honestly, most times that is what is covered. However, as the report states, “Brands encompass everything from customer perception and experience to quality, look and feel, customer care, retail and web environments, the tone and voice of communications, and more.”

Mistake #4 - Refusing to hire a branding consultant without industry experience.
This is another item that really stuck out to me. Many times a fresh perspective is exactly what brings the “rebranding” that is actually needed. On the visual end of things, as a designer, if I have not done work in a specific industry that does not prohibit me from delivering the visual needed. With every project, whether a web or print, we learn the history of the company as well as their target audience and demographics. Although hiring a branding consultant with industry experience is a good idea, it is a mistake to refuse hiring one without the industry experience.

Mistake #17 - Rebranding without research.
How true, how true! Without researching your current a prospective customers, the rebranding process is completely internal and not done to be leveraged for success. Your customers should be the top priority when rebranding. What do they need to make their experience with you easier and better. What do they want to see? Researching your customer is key to having your rebranding process be a true success.