Signs It’s Time to Rebrand
Brands are created for the current market and target audience. For your brand to continue to be a success, you’ll need to rebrand at some point in the future. Trends and society will change over time, and your brand will no longer be suitable for the current market. Alternatively, your business may change and adapt, and your brand may no longer reflect your company. So it's inevitable that if your brand is still going after 5-10 years, you’ll need to think about a rebrand at some point. This article looks at some occasions where a rebrand is needed.
Your brand isn’t unique
If your customers can’t see the difference between your brand and your competitor brands, it might be a good time to rebrand. Your brand should show your customers the things that make your product or service unique. If this isn’t clear, then reinventing your brand to define your key USPs is a good move for your business.
Times have changed
Sometimes brands need to change based on society's current views and values. A brand logo or slogan that may have been acceptable ten years ago might be considered inappropriate in current society. A rebrand will show your consumers and potential customers that your business is willing to change with the times. This kind of rebranding should be done quickly and ahead of any complaints or action being taken against your company.
Merger or acquisition
If your company has merged with another company or acquired an organisation, then you will probably need to rebrand. This will be an important step for your business; you’ll need to carefully consider all options and how to move forward as a single company. You will want to avoid customer confusion, as this could result in your business losing valuable customers unnecessarily.
Targeting a new audience
Another reason to consider a rebranding strategy for your business is if you’ve identified a new target market that could be suitable to target. This new audience will have its own preferences and needs. Rebranding to cater for these needs and preferences could help your business to grow. However, you also need to avoid causing issues for your current customer base unless you’re willing to lose them to gain new customers from a larger target audience.
Bad PR can cause issues for growth within a business. Customers will recognise your business name and the negative press you’ve received. This is likely to reduce the number of new customers you can attract to your business. A rebranding agency can assist in this situation to turn things around and help your business come through a challenging period. Rebranding is a simple way to disassociate yourself from your previous mistakes. That’s not to say that customers won’t find out, but they’re less likely to reject your brand from your brand name alone.
Your company has expanded overseas
Rebranding is important when you’re expanding into new international markets. To be successful overseas, you need to adapt your brand to suit the preferences of the consumers in that location. This might mean changing your company name, website and even your logo to create an appearance that’s more internationally appealing. You may also need to translate your marketing material and company information to be suitable for an international audience.
Once you’ve decided you need to rebrand, you can begin convincing the stakeholders of the business. Some people will be fearful of change and will be reluctant to alter an already successful brand. However, the most successful brands will recognise they need to change ahead of time and will rebrand before their business suffers due to an outdated brand.
Rebranding is a complicated and time-consuming process; if it's not done properly, the business could find itself losing customers as a result. A well-executed rebranding can do the complete opposite and transform a business from failure to success. Choosing the right branding agency to work with is vital for a successful rebrand. Talk to several different branding agencies before deciding the right fit for your business. The agency you choose needs to understand your business and your values. Take your time with a decision, and make sure you check out your chosen branding agency's previous successes and failures.