When you decide it may be time to rebrand your business, it may be difficult to know what to do first. After all, this would involve boosting your marketing strategy, possibly stretching your business budget, and rethinking assets like the company name, logo, theme, website and core message.
Overall, when you rebrand your business, you essentially build a new brand identity with a new strategic objective in mind. Of course, tweaking your concept may potentially drift a part of your client base away. However, it’s important to keep the brand current.
Reasons for the decision to redesign may vary. Maybe your business is in a rut. Maybe you’ve been around for a while, and the original excitement of owning your own company has worn off. Or maybe you’re just starting out and you want to make sure you’re doing things the right way from the beginning.
No matter what your reason, there are some definite signs that it might be time to rebrand your business. Keep reading to find out what they are!
Why Rebrand Your Business?
If you’ve run your business for a while, for example, 5 – 10 years, congratulations are in order and are well-deserved. However, once you reach the several-years-in-business-and-thriving mark, your brand identity begins to lose its initial charm and may not be perceived as current.
As at this point you already have a great amount of experience in the market, you probably know that you need to stay intact with what people demand at the present moment. This is so your brand stays relevant and keeps up with the latest consumer and industry trends.
This is where rebranding comes into play. You need to rebrand your business to keep up appearances so that your company value remains strong and differentiates from the competition.
Rebranding is not necessarily changing your concept completely. In fact, it’s rather about reinstating your brand message according to the new waves of time and with the current means of communication and media.
Benefits of Rebranding
Rebranding your business has the potential to bring in a number of benefits, which may be just what your company needs. These benefits include:
- A boost in sales due to market expansion
- Increased customer loyalty
- Greater name recognition
- Improved public perception
- Reinforced competitive advantage
- Ability to enter new markets
Warning Signs It May Be Time To Rebrand Your Business
There’s no sugarcoating it – rebranding your business is a lot of work. However, if you’re seeing any of the following warning signs, it may be time to take the plunge. Keep in mind that not all of these signals mean you need to rebrand your business entirely – sometimes a small tweak can make all the difference.
Your Audience Is Not Specified
One of the most common signs that you need to rebrand your business is that your target audience is no longer specified. This could be because you’ve expanded the services or products you offer, or simply because your original target market has changed over time.
If you’re not sure who your target audience is anymore, it’s definitely time to take a step back and reassess your brand. You need to make sure that your message is clear and that you’re targeting the right people. Otherwise, you’ll just be spinning your wheels without getting anywhere.
Your Brand Is Dated
If your brand feels dated, it’s probably because it is. Just like fashion trends, business trends come and go. And if you’re not keeping up, your brand will start to look old-fashioned.
Of course, there’s nothing wrong with being classic – some of the most successful brands in the world have been around for decades. However, if your brand is starting to feel a little stale, it might be time for a refresh.
If that’s the case, don’t be discouraged. Some of the most prominent brands like Coca-Cola, Dell, and McDonald’s have all undergone rebrands at one point or another. And they’re still going strong.
Competitors Are Outshining You
If you feel like your competitors are outshining you, it’s probably because they are. A strong online presence is a must nowadays. If your website is outdated or you’re not active on social media, you’re already at a disadvantage.
This doesn’t mean that you need to start copying your competitor’s brand wholesale. However, you can take inspiration from their success and use it to improve your own brand. After all, imitation is the sincerest form of flattery.
Sales Are Declining
If you’ve noticed that your sales have been slipping, it could be a sign that your brand is no longer resonating with consumers. This is especially true if you’ve noticed other changes in the market, such as an increase in competition or a shift in consumer trends.
Of course, there could be a number of other reasons for declining sales. However, if you’ve ruled out all other possibilities, it might be time to take a closer look at your brand. You may need to make some changes in order to stay relevant and attract new customers.
You Are At Post-Merger or Acquisition Stage
If your company has undergone a merger or acquisition, it’s natural to want to rebrand. In fact, it’s the norm. This is because you’ll likely want to create a new identity that incorporates the best of both brands.
Not only does this give you the opportunity to start fresh, but it also allows you to appeal to a wider range of consumers. This can be a great way to increase brand awareness and boost sales.
You’re Expanding Into New Markets
If you’re expanding your business into new markets, you’ll need to make sure that your brand is able to appeal to a wider audience. This might mean making some changes to your logo, website, or even your company name.
Of course, you’ll want to be careful not to alienate your existing customer base. But if done right, expanding into new markets can be a great way to grow your business.
Do You Need To Rebrand Your Business: Bottom Line
If you’re experiencing any of the warning signs we’ve described, don’t hesitate to take action. A successful rebrand can mean the difference between a thriving business and one that’s struggling to stay afloat. If you’re not sure where to start or what steps to take, join the CEO Hangout Slack community and exchange tips with experienced entrepreneurs who have been through the process themselves.