Do you ever get the feeling that your once comfortable shoes are a little too worn? Maybe pass by a window and feel you need some lessons in styling again? Brands also have this issue. This may be due to becoming sluggish in its market or becoming too familiar with a service/product that doesn’t need pushing like the rest of your business products/services.
The investment in rebranding can pay back tenfold. It can give a much-needed injection into your marketing efforts with relevance and enthusiasm.
- help separate you from the pack
- enable you to reach new target audiences
- attract top industry talent.
- Thus, in return allowing you to charge premium prices for your products or services.
Knowing when to rebrand can be somewhat daunting and can have have its obstacles. Due to the hecticness of life it can be very easy to overlook glaring red flags. Once noticed and the realisation hits you, the efforts and milestones needed to implement change for the better is a tough one.
When is it time to pick up the phone and call some experts for your rebranding venture?
Here are some typical signs that your brand is probably ready for an update.
1. You’re in two minds whether to hand out your business card or website address
A very common trait with business owners who are guilty of letting their passion waver over time. Due to several factors, the brand/website/logo has been neglected and not developed with the times. If the thought of handing over your credentials to potential customers in the form of a business card or website information is that of embarrassment or fear, then it is time to refocus on a rebrand. The exact opposite should occur when you have pride and joy in your business information because of the hard work and passion that has gone into creating it, it is only natural you would want to share this. Outdated, stale, boring, unoriginal are all red herrings that your business may fall victim to. If you have neglected this area in a while, it maybe worth while checking out your competition and seeing what areas they have improved on, comparing to yourself will likely be a wakeup call.
2. Your brand name isn’t in tune with your vision
When you think about it, what long term business stemming from years ago is likely to be as it was? If this is the case, then it is likely the business no longer exists due to the constant adaptation and implementation needed to survive in today’s markets. In certain cases, the brand name doesn’t fit with the current model it is operating on, whether developments have incurred, or more focus on other areas has pushed the business into an unplanned direction. This happens, sometimes the name just doesn’t seem welcoming or appealing anymore. Due to many potential reasons, it is important to not let your brand name weigh your business down, as it’s meant to enhance, not hinder your business.
Branding in its core element focuses on differentiating yourself from the competition. If you feel like your brand has lost its way and has never really performed, it is time to shake things up and get back into the game! By repositioning yourself you stand to capitalise on your unique value. Whatever the area of differentiation, exploit this! By making your company more visible to consumers online with an injection of freshness can engage in new clients who may require that niche area of expertise that is now exploited.
4. Your business model or strategy has changed
Again, a common trait that businesses incur, a vision once held 5 or 10 years ago may seem outdated or even unrealistic. Time is a great teacher, and along the journey of running a business many lessons occur telling you which areas work and which don’t. The ability to identify potential opportunities once overlooked or not taken seriously enough can result in new goals and a new vision. Several factors influence this area, namely technology never stands still, unforeseen changes in the market force business to change and adapt. Knowing those that fail to do so often fall by the way side.
When your business changes, then so does your branding! The way your company is perceived by those it serves should always align with the way it operates, and the vision of the creators.
5. Economies of Scale
A somewhat “fortunate” problem to have when it comes to business changes is that of scaling. If you have outgrown your current brand which is no longer in harmony with the volume / scale of business, it now operates due to unforeseen or unexpected gains that would require an immediate rebrand. Some owners may become attached to their “baby” they once created, but if your company started out as a software maintenance company, but now has developed the majority of their work in CCTV, home security and alarm systems, it would make no sense to keep the same model, the same website or the same name.
6. Mergers and acquisitions
In some cases, a business not growing soulfully on their own accord, can combine their efforts with already established companies to gain more market share and share resources and expertise. Mergers and acquisitions should always be looking at an opportunity for rebranding. All too often brands fail to successfully relaunch a merger or acquisition and failing to see this as an opportunity to redefine the companies goals knowing which areas tie into which. This can result in both brands suffering due to the confusion, lack of vision and miss management that comes from a lack of configuration.
7. You’ve moved or expanded beyond your original geography
A change in geographical presence, or an expansion to areas nationally or internationally will involve a renaming objective. Sometimes, large organisations can simply reposition themselves nationally or internationally.
8. The want to disassociate your brand from a negative image
More so than ever, today we live in a world where opinions, thoughts and reviews count like never before. From feedback on your eBay account, to your reviews on YouTube, reviews and opinions can spread word of mouth for the better or the worse. These days it doesn’t take much for a word or concept to take on devastatingly negative connotations. Thanks to social media, word of mouth can spread like wildfire, transforming a once reputable brand into a tarnished mistake. Rebranding here is often the simplest and most effective remedy in these situations. Sometimes it may take years of experience to get something right, and failures often lead to your biggest achievements. There isn’t one successful entrepreneur who hasn’t made mistakes and failings. The importance is to learn and develop by not making the same mistakes again. Your rebranding can be your own symbol to achieve that.
9. You’re struggling to raise your prices
In more cases than not, the market price for the products and services you produce seem stagnant, yet the cost for materials, services and inflation seem to constantly be going up... don't worry there may be hope yet!!! As brands are defined by their customer perception, the value of your products/services is ingrained in the minds of those you serve. By rebranding, your able to raise the standards of all those that perceive you, with more clout you’ll be able to increase your prices over time accordingly, as your products/services will be more in demand.
10. Connecting to a new Audience / Market
The evolution of culture, millennials, entrepreneurs, and technology to name a few will be all trying to enhance their own presence in an ever-adaptive world. Rebranding allows you to redefine yourself with the goal of reaching these new and untapped audiences. Good business practice is evolving with the times and adapting to meet the needs of new untapped markets your company could profit from. Your unlikely to reach new generations by being stagnant with the ways and ideas of the last generation!
As a savvy business owner, you’ll be aware of the signs that it is time for a rebrand. Often the first sign is that you’re wondering if a rebrand is necessary! Whatever reason you want to reach out to a branding agency, you’ll feel motivated and refreshed with new ideas and innovations that keep you fresh, modern and adaptive. There are numerous measurable benefits that come with rebranding, the investment is one that will pay off in more ways than you can envisage.