How do you know if it’s a good idea to rebrand your business?
There are many different reasons why a company chooses to pivot and opt for a rebrand, but before we assess what category your business falls into, it’s important to distinguish what a rebrand actually is.
Rebranding is when a company or business decides to change its image, brand strategy and even sometimes its entire identity based on a number of tactical reasons.
So let’s break it down. A rebrand could include everything from:
- A new brand strategy.
- A new name, logo and tagline.
- New visual identity – including website, packaging and signage.
- New messaging, marketing and communications.
- New products or services.
- And changes to organisational structures and operations.
So how do you know if your business requires a rebrand?
Below are the 9 most common reasons it’s time for a company to rebrand.
Your brand is lacking in vision
It happens. We start at business point A and end up at business point B and can sometimes lose our vision along the way. This can be common for people who have been in business for a long time.
Having a clear company vision drives profits, strategic operations, brand engagement from team members, brand loyalty from customers and a clear and direct message of who you are and why you matter.
It is almost impossible to truly communicate your value in a compelling way when you lose direction and don’t have a road map of where you’re driving the brand.
Rebranding helps to re-establish a company’s vision, mission and the strategic operations required to reset the path going forward.
You need to rebrand to adapt
Some businesses who have been around for a long time have struggled to adapt to the ever-changing technological and cultural landscape the world now operates in. Adapting from old and traditional ways of business require companies to think and communicate differently and sometimes to a completely new audience. This is where rebranding becomes a tool for survival.
You have a confused brand identity
It’s very common for new businesses to prioritise making money in order to keep the company alive in the initial months and years of business.
Quite often this results in a fractured or confused brand identity because many of the foundational branding components were missed. Maybe your product offering is confused or parts of your brand have become complicated?
Things like the website, social media, business cards, signage and even the logo may not form a cohesive brand experience and it might be time to establish a strong and robust brand strategy to develop a deliberate brand identity and communication plan, to help the brand look and most importantly deliver the best experience for customers.
Repositioning means there is a change to the industry you’re in, you’re branching out to new markets, you want to attract a new or different audience, your competition has changed or you need to find a better way to differentiate yourself, or you need to adapt to wider and bigger cultural movements affecting either your market or customers.
If any of these factors have changed you may need to look at ways to adapt your brand and strategy to ensure you don’t get left behind.
You are under new management
Maybe you have purchased a business and there is an opportunity for you to optimise the current brand OR maybe you want to inject new life and personality into the company and want to let people know what’s different.
You’re struggling to communicate your value
Whether it’s around pricing, product or overall messaging, if you’re struggling to communicate your value it’s absolutely time to assess your brand strategy because something needs to change.
If you cannot communicate your value, then you cannot expect customers to understand why they should work with you. That’s what a strong brand is designed to do – tie all of your value touch points together as an irresistible and multi-sensory experience targeted to your most ideal customer.
You have a bad reputation
With most of our lives now lived on social media negative reviews can spread fast and easily kill a brand. Without taking measured and deliberate steps it can be extremely hard to come back from a bad reputation – whether that be your own doing or from previous owners or a disgruntled customer – either way, reputation damage is not good news for a business.
Depending on how bad the reputation is, sometimes the only and last resort can be to rebrand the business and start operating on a new and even playing field.
You have outgrown your brand OR you are changing your business model
It’s a fact – things change in business.
In its current form, maybe you’re expanding or maybe you’ve taken the brand as far as it can go and now it’s time to optimise and break into new avenues to keep the business moving forward.
Rebranding is a great way to build on an existing business or change the way ‘things have always been done’ by injecting new life into how your company is perceived and what opportunities are available for it moving forward.
Your merging or acquiring
It’s common for businesses to merge or acquire one another for a multitude of reasons but in order for this process to be smooth and successful, it’s often a time where rebranding takes place.
It’s critical to assess where the brand vision, values and messaging sit within or alongside each other and the strategy required to communicate this out into the world. Brands often miss this and the misalignment can be detrimental in the long term.
Does your business need to rebrand?
There you have it! The 9 most common reasons a business should consider a rebrand.
Does your company fit into one of the above categories?
To find out if your business needs a rebrand for a limited time only we’re offering FREE Brand Breakthrough sessions.
A Brand Breakthrough session is an opportunity to speak to one of our qualified and experienced brand strategists to assess where your brand can gain even more traction, growth and momentum in the marketplace.
To confirm your spot, click here to secure a session now.
And while you wait, here are a few other ways you can start working on your brand today.