Rebranding can be intimidating and downright scary, but history has shown us that there is room for it within every business—especially successful ones. This goes to prove the well-known adage: “There’s a time and place for everything.”
Your brand is your identity and it is the most valuable part of your business. From startups to large corporations, no one is exempt from rebranding; it is vital for growth. Rebranding, if done correctly, can renew your business and set you apart from your competitors, but how do you know when it’s time? There is a multitude of reasons why you should rebrand your business, but here are four business “ah-ha” moments that commonly necessitate change:
1. Out of Style, Out of Mind
Much like fashion, fonts, imagery, logos, etc., go out of style, making your business appear dated and out-of-touch. If your business comes across as antiquated, consumers will more than likely pass you up for a business that not only meets their needs but is also on-trend. Do not allow your business to get left behind; take an editing eye to your existing logo or wordmark and compare it with your competitors to see how it holds up. Remove or replace the outdated elements with something that is current and don’t be afraid to explore a new color palette. You would be surprised what a slight visual tweak can do for your business.
2. Ready to Reposition
Think back to when your business first started. How has it changed and evolved? Does your brand reflect what business you are looking to attract? You might be way overdue to attract a new audience and become more appealing to your existing audience. If you believe there is room within your business to become more appealing and reach a much bigger audience, then repositioning could do the trick. Everything should be in-line with your current strategy, promise, product and/or service, brand identity, etc. As much as you might love your original ideas, they could be holding you back.
3. Wait, What’s Your Company’s Name Again?
To your consumers, your brand should be memorable; to your competitors, your brand should be “the one to watch.” If your brand does neither, you more than likely do not have the “it” factor needed to stand the test of time. In many industries that are oversaturated with unique businesses, few of them appear incredibly unique at all, because they offer comparable products, with similar messaging. Does your business sound or even look like an existing business within the same industry? Aside from the possibility of a lawsuit, nobody wants their business to be overshadowed by another. Also, if your business is reminiscent of one of your competitors, you might be viewed as lacking originality and that will undoubtedly affect your success.
4. Keeping Up with the Customers
Businesses evolve and so do the needs of your customers. Keeping up with what your customers need, and value can be challenging. You aren’t expected to change the direction of your business with each new request or opinion, but there are times when you might be forced to change your brand because your existing customers' needs have completely changed from what they once were. Rebranding to address your customers’ needs can show that your business is customer-focused while putting forth the effort to drive customer loyalty. Grab your target audience and hold on tight, listen closely and save yourself time and money by rebranding your business versus trying to explain why the brand of your current business still fits the bill.
The Choice is Yours, but the Time Could be Now
To rebrand or not to rebrand, it’s up to you but if your business is struggling to find its place within its intended industry, now is probably a good time to consider rebranding your business. Your product and/or service could be suffering, simply because it isn’t being represented in the best way or your messaging is not resonating with your audience. Whatever the case, don’t let fear stand in the way of making the right choice. Revisit your brand strategy, make changes, or develop a new one and make sure that your business and your brand are in alignment.
Rebranding can have a positive impact on your business and solve many of the issues that you thought were much more costly and time-consuming to resolve. The truth is many companies will experience rebranding at some point and if you can identify with any of the reasons above, why not start today?