In a world where things are always changing, your business needs to stay current.
Many companies make the mistake of holding onto their old brand long after it is no longer effective.
Your brand needs to be up to date in order to meet the changes in the market.
Is it time for a rebrand?
Communicate Your Current Business
Rebranding may become necessary in order to reflect a big change in your business.
This could be a merger or acquisition, or a change in company strategy.
It could be something smaller like the launch of a new product line or a period of considerable growth.
Whatever the change, it necessitates a brand makeover.
Getting Serious About Your Branding
Like many companies, you may not have done your branding correctly to begin with.
It is often hard when you first get started to fully grasp your customers and your unique position in the market.
As you start to grow, you may feel like you are lacking a strong brand identity compared to major players in your niche.
Now is the time to develop one.
Connecting with a New Audience
Companies often decide to re-brand in order to connect to a new audience.
In order to grow into a new segment of the market, your brand needs an update in order to focus on the needs of this new segment.
Since you are reaching new customers, you need to reassess the needs your company meets so your branding can reflect this.
Changes in the Competitive Landscape
The competitive landscape might have changed.
If there are new players in the market, you might need to re-brand in order to show your audience how you are different.
Rebranding can help you stay relevant against competitors that are growing.
It is a low-cost and relatively easy way to compete with the big boys, even if you don’t have the same resources.
More Earnings and Higher Value for Your Company
Brushing up your brand makes your company more profitable.
Most companies find that they earn more after their rebranding.
The process adds value to your business and makes you more attractive to investors.
How Do You Know it is Time to Rebrand?
Rebranding is a major step that takes considerable resources and effort. Here are the signs that it may be time:
- Your messaging seems outdated or unclear; you feel stuck and like you are stagnating
- Your branding is attracting the wrong customers or business partners
- There are major changes in your market, your competitors, or your business
- You are seeing a slip in earnings or your profits are hitting a plateau
- You are creating a new business strategy to reach out to a new segment of the market
- You didn’t really put the time and energy into your branding at the beginning
Rebranding starts with clarifying your business vision and goals.
Then you perform a brand audit to determine how well your current branding is communicating your unique value to the market.
Rebranding is a great way to reinvigorate your business and meet new challenges.