Rebranding your business is often a very difficult decision one would leave as a last resort. After all, a brand is not simply your public message and logo. It is also about the values your business stands for, the concepts it advocates and its unique way to manage processes to communicate with the world.
However, rebranding your business doesn’t have to be a daunting task. It is not simply wiping up your business identity and replacing it with a new one in order for the company to stay afloat (contrary to popular belief). Just the opposite – it can be a smart way to reflect the current reality in your brand and become more relatable to your audience.
In this article, we’ll outline everything you need to know when rebranding your business, so you can hit the ground running. Read on to learn more!
What Is a Rebrand?
Rebranding is a process of altering how a company or product is perceived, usually to make it seem more modern and relevant. Everything from a brand’s name and tagline to its logo and visual identity to its website and marketing assets may be reinvented during a rebranding.
When Is It Time to Rebrand Your Business?
Any business approach must take into account the cyclical nature of change – and that goes double for rebranding the business. A rebrand is part of the natural cycle of every strong company. The key is to pay attention to the signs that indicate when it actually is necessary and to have the courage to act on them.
The red flags are easy to miss when you’re consumed by work. And even if you do notice them, it’s not always an easy decision to rebrand your business. After all, rebranding is a huge undertaking that requires significant time, effort, and money.
Still, there are certain telltale signs that can indicate it’s time for a change. If your brand feels dated or no longer relevant, if you’re struggling to attract new customers, or if you’re simply not generating the same level of excitement and loyalty as you used to, then it might be time to consider a rebrand. Of course, making the final decision is never easy. So, below we’ve outlined 7 signs that it may be time to consider rebranding your business.
1. Your Brand Is Dated
This is perhaps the most obvious sign that it might be time for a rebrand. If your brand feels stuck in the past, it’s likely because it is. As the world changes, so do the trends in all industries out there. What was once considered cutting-edge and modern can quickly become outdated.
2. You’re Struggling to Attract New Customers
If you’re finding it difficult to reach new customers or grow your client base, it might be time for a rebrand. A new brand identity can help you tap into new markets and get new leads for your business.
3. You’re Not Generating the Same Level of Excitement
If you used to get a lot of positive feedback about your brand but now you’re not, it could be a sign that your brand is no longer resonating with people. Thus, rebranding your business can help you recapture the excitement and loyalty of your customers.
4. Your Competition has Eroded Your Market Share
If your competition has been growing while your market share shrinks, it’s definitely time for a business makeover. A new brand identity can help you differentiate yourself from the rest in your niche and win back your place under the spotlight.
5. You’ve Undergone Major Changes Internally
If your business has undergone major changes, such as a merger, acquisition, or downsizing, then it’s time to update your brand accordingly. This will ensure that your brand is it continues to resonate with your target audience but has the new changes incorporated into its new image.
6. You’re Expanding Into New Markets
If you’re expanding your business into new markets or launching new products, then it’s essential to have a brand that can adapt along with you. A rebrand can help you reach new audiences and better position yourself in the market.
7. You Want to Create a More Premium Image
If you want to attract high-end customers and charge premium prices for your products or services, then you need a brand that reflects that. Rebranding your business can help you create a more luxurious and upscaled image for your business.
How To Rebrand Your Business
To rebrand your business is a very important decision and it should not be taken lightly. But don’t worry, we’re here to help. Below we’ve outlined the key steps you need to take to successfully rebrand your business.
Define Your Objectives
Before you even start the rebranding process, you need to take a step back and define your objectives. What are you hoping to achieve with your updated brand? Are you looking to attract new customers? Change the perception of your business? Create a more premium image? It’s important to have a clear and concise goal for your rebrand so that you can measure your success later on.
Conduct Market Research
Once you know what you want to achieve with your rebrand, it’s time to start conducting market research. This will help you better understand your target audience and what they’re looking for as a result. Also, this way you will gain valuable insights into your competition and what they’re doing right (or wrong).
Develop Your New Brand Identity
Now it’s time to start developing your new brand identity. This includes everything from your new logo and visual identity to your brand voice and messaging. Make sure that your new branding is in line with your objectives and appeals to your target audience.
Update Your Collateral
Once you have your new branding in place, it’s time to start updating your marketing collateral. This includes everything from your website and social media accounts to print materials like business cards and brochures. Give your customers a taste of your new brand identity with updated collateral that reflects your new look and feel.
Train Your Employees
Your employees are the face of your brand, so it’s important to make sure that they’re on board with your new branding. Train them on the fresh concept you’ve introduced so that they can effectively represent your business to customers.
Bottom Line
Rebranding your business is no easy feat. However, a successful rebrand can breathe new life into a company, reigniting excitement and attracting new customers. But it’s not as simple as changing your logo and calling it a day. There are many factors to consider, from defining your objectives to conducting market research to developing your new brand identity. With careful planning and execution, you can successfully rebrand your business and create a more premium image that resonates with your target audience.