Rebranding is not about always about a complete overhaul. Instead, it usually refers to an evolution of a product or service. Unavoidably, the brand identity that worked for you when you started out as a company will be less suitable as you become better established. Fortunately, a rebrand can help your company innovate beyond their initial offerings. With that in mind, here are five reasons why you might need a rebrand.
Your image has become compromised
If you have had some negative press attached to you or your image has become associated with something that repels customers, then you need to rebrand to survive. This can happen to companies through no fault of their own and in this case rebranding is a valid option.
You want to target a new audience
If you’ve built a customer base but are struggling to penetrate a new market it may be because your image needs a shake-up. Remember that if you are rebranding to access a different audience that you need to do your market research to make sure that your rebrand will correlate with what customers in that market are looking for.
Your original image no longer reflects your business
This is more common than you may think. One way this can happen is if you started with one product or service and have diversified as time has gone by. Suddenly, your logo, content and strategy do not allow for or promote your new offerings in any way. In fact, your current brand might confuse consumers and make it seem as though you have more limited offerings. In that case it’s time to rebrand.
You’re not making a profit, but you’re well known
This is less common, but it does happen. Market leaders can get to a point where all they have is there reputation. In other words, they are well known but they aren’t making money. Rebranding doesn’t mean changing your name, but you can change other fundamental elements of your image that could be holding your back.
Your competitors are getting the edge
If your competitors are steaming ahead of you with flashy integrated branding strategies and consistent marketing, then you need to catch up. If the market is moving- move with it.
If any of these business problems sound familiar, then it might be time for a rebrand. Rebranding is about keeping what works and changing what doesn’t. It can be an exhilarating and reinvigorating time for a company. Just remember these four rebranding must-dos:
Attend to the details
Branding isn’t all about logos. Today, branding is about consistency throughout all your messaging, both online and offline. Make sure to use the details of your rebrand as an opportunity to introduce truly integrated marketing and to streamline your processes.
Hire a professional
If you have got to the point of needing a rebrand then you should consider hiring a professional to perform brand activation for you. Trying to do everything in-house is generally a false economy. A rebrand is a time-consuming and complex process that should set you up for the foreseeable future. If you are serious about success, then money spent today can save you money in the future; a one-off cost like hiring a marketing agency is a smart investment.
Make sure it’s legal
Check your new name is legal and not already used. If it is, it can cause serious problems down the line. Also make sure to check the business listings in your State as well.
Keep everyone informed
This refers to both your employees and your customers. It is jarring to spring things on either, so make sure to be transparent and share updates on how things are going and plan a specific launch date that is clearly communication.
A rebrand can make or break a company and, as such, should be taken very seriously. When done correctly- rebranding is a game changer.