How Do You Know When to Rebrand Your Business?
October 15, 2020
Do you ever feel that your once fitting clothes have become a little too snug? Ever checked yourself in the mirror and feel like adopting a new style and a wardrobe upgrade? Brands are just like this. Whether it’s become disastrously unhip or has outgrown its size, a brand must reach the point of redefining itself.
Rebranding is among your business’ vital long-term investments, and brand metrics influence its value. This step could rejuvenate your marketing efforts, infusing them with vigor and relevance. Despite the numerous benefits, most people still ignore this crucial step.
Benefits of Rebranding
The current business world comprises diverse trends that are changing consistently. With such conditions, it may be hard to maintain a modern image. Rebranding can restore your brand’s fresh look and feel and impact your operations in different ways.
Here are the key benefits of transforming your brand image:
- You’ll stay current – The primary objective of rebranding is ensuring your brand remains current. Since design trends significantly determine customer perception, maintaining a futuristic look tells your clients that you are abreast of the latest industry trends.
- A competitive edge – As the business grows, your abilities are likely to be at par with your rivals’. But by rebranding, you’ll set your company’s strategies and offers apart, and the differentiation shows that you’re industry experts with unique services.
- Connects you with new audiences – The most significant benefit of achieving a refreshing look is reaching new audiences.
- It creates consistency – Rebranding creates a more consistent look and feel, and this could make your brand quickly ingrained into your audience’s memory banks.
- New life into the business – your brand may begin feeling outdated with time, or you may undergo an incidence that has tainted your image. Rebranding presents a new look and feel and could breathe new life into the company.
Rebranding should happen after you’ve evaluated your company objectives. Doing it just because you feel like ‘changing everything” or believe it will be fun will waste your time and resources and may backfire. Look at this example of how we developed a newly designed logo for the city of Pasco, Washington.
Signs That It’s Time to Rebrand Your Business
It’s not an easy job to determine the appropriate time to rebrand. Often, the red flags get absorbed in the typical madness of daily business operations. Even when you notice a crucial indicator for the change, embarking on a detailed rebranding initiative is never an easy decision.
So, how do you know that it’s time to adopt a new, futuristic brand image?
Let’s look at the key indicators to look out for when deciding to rebrand your business:
You’re Using an Outdated Brand Name
Your brand name plays a crucial role in your marketing efforts, and it must present your current solutions. You can probably mention several brand names that have been in existence since time immemorial.
But sometimes, your current brand name may fail to represent your products, services, or company values. This may be due to a significant change in the business model over recent years. Throughout the period that you’ve been operational, the company may have experienced cultural shifts that may deem the name irrelevant.
It’s normal to outgrow your business name quickly. If you begin feeling embarrassed or some awkwardness when handing out your business card, it’s time you rebrand the company.
Your Company Has Grown
Whether it’s purposefully planned or unexpected, business success will often prompt a rebrand. Sometimes, you may rebrand to mark particular milestones or smaller successes. In other instances, it could be a significant transformation in philosophy. Once you’ve experienced substantial growth, chances are you may have a wide variety of solutions to offer.
After you’ve grown your business or audience base, avoid being content in your old skin. Instead, adopt a brand image that matches your current industry status and communicates the company’s vision.
You’re Going Through an Acquisition or Merger
It’s typical of energetic startups to join multinational companies or come together with their business rivals to establish a bigger whole. If you are merging with another entity, the new company will definitely need to be renamed. The entire process of changing the name will go hand in hand with a rebrand to tell the world that there’s a new, even better brand in the market.
Rebranding after an acquisition doesn’t follow a single strategy, and you may observe different approaches to do so. For instance, you may join the two company names together or create a new, futuristic name.
You Have a Bad Image to Remedy
Another time that would require you to rebrand immediately is to recover the business after a tainted image. If your brand shares connotations with anything negative or has been through a scandal that damaged your reputation, that’s unfortunate.
You may try to remedy all the issues faced by the company without making a significant change. But if you realize that your business requires a more substantial transformation, then rebranding will be the first step to get back on your feet. Get that fresh start and let the bad memories stay with the old name.
You Want to Target New Audiences
If your company intends to target an entirely new audience group, you must tweak your brand and align it with your prospects’ wants and needs. For instance, if you switch from targeting suburban mothers of young kids to retired women aged between 60-70 years old, you must rethink your brand message in a big way.
Begin with detailed research on your target audience and come up with the ideal customer profile. Once you’ve established this, your rebranding approaches will be in line with the profile, and this may require you to establish an entirely new brand.
Work with Branding Experts
Converting to a new, excellent brand identity is not as cut and dry. It would be best if you achieved high consistency levels across every facet of your brand, and it is this that allows you to win customer trust, attract prospects, and create the best experience for your clients. To stay consistent with quality, you must have a known brand identity – how it feels, sounds, and looks.
We can work with you and offer professional insights to establish a robust brand identity that would grow your brand awareness.
At BrandCraft, we have the right talent and resources to craft practical marketing approaches from your motivations. Contact us today to schedule a consultation and a free quote.