Rebranding is inevitable for many companies, especially those in business for a long time. A strategic rebranding can help build brand equity and give your business an edge over the competition. It’s also a way to keep up with ever-changing customer needs and preferences.
However, rebranding isn’t something you do on a whim. There’s an appropriate time to do so, and companies must recognize the signs before it’s too late. Here’s how businesses can tell they’re due for a rebranding.
You Want to Target a New Audience
The most pressing reason to rebrand is if your company wants to cater to a new audience. Your current brand might not appeal to this new group of people, especially if they’re younger. What works for Millennials might not be attractive to the Gen Z audience.
Before rebranding, learn as much as you can about your new target audience. When you take the time to gather feedback and insights, you can create a brand that will resonate with them. Base your rebranding efforts on thorough customer research and not on gut feel.
Your Core Offerings and Overall Strategy Have Changed
Another urgent reason to rebrand is if there’s a shift in the company’s vision or direction. That can mean a new set of product or service offerings or a new business model. It might confuse your customers when your current brand doesn’t reflect these changes.
Your brand should show your target audience what you have to offer and how you’re better than competitors. Use the rebranding process to align your messaging with your business’s new strategic direction. Your customers should be able to understand your value proposition right off the bat.
You’re Not Standing Out From the Competition
It can be tempting to copy successful brands in the industry or follow the latest trends. But that would mean blending in with everybody else and losing the chance to catch potential customers’ attention.
The purpose of developing a brand is to set yourself apart from competitors. If yours isn’t communicating your business’s competitive advantage, it’s a sign to rebrand. When you do so, identify your key differentiators and embody them in your company name, logo, messaging, and other branding elements.
Your Brand Feels Old-Fashioned
One of the most common reasons companies rebrand is to keep up with the times. They feel like their branding is outdated compared to trendier businesses in the industry. It’s a valid reason, especially if the company has been around for over a decade.
However, long-time customers might not appreciate a complete brand overhaul. People like what they’re comfortable with, so they might find it strange if you change everything up. It might be better to implement subtle adjustments than do a full-blown rebranding.
If you’re unsure, here are some signs that your brand is outdated and needs to be updated:
● You find it embarrassing to show people your website or business card.
● Your branding materials don’t look appealing on social media and other promotional mediums.
● You’ve outgrown your brand.
There’s a Negative Perception Surrounding Your Brand
A company should consider rebranding if people have a negative perception of it. There has been a great emphasis on racial and gender equality lately, causing businesses to reevaluate their branding. If yours comes across as insensitive to these issues, it might be time to be more inclusive.
Other times, brands have no control over the negativity that surrounds them. There might be an unexpected scandal, bad press, or a regretful business decision. Rebranding can help a company create a more positive image.
The Bottom Line
If you think rebranding is the right decision for your company, you can start by creating a brand strategy. This ‘roadmap’ will guide you throughout the process, ensuring that each change benefits the business and its customers. For more information, you can contact Transformation Marketing at 402-788-2896.