No brand lasts forever. Here are some indicators that it may be time for your company to rebrand.
A brand is nothing more than how customers perceive it in their minds. Consumer sentiment can shift over time, leaving certain brand stories high and dry when it comes to resonance.
One solution to this problem is rebranding.
What is Rebranding?
Rebranding is the process of recreating your brand story from scratch. It includes all the work required to create a new story for your brand, complete with messaging—including visual and textual standards.
10 Reasons to Rebrand Your Business
Your Brand Vision Has Changed
A bedrock shift in your brand can be a great reason to rebrand. When the perception of your existing brand does not match where you want it to go, you should consider rebranding.
Lack of Differentiation
A brand should stand out clearly among its competitors like a splash of colour in a sea of grey. If your brand gets lost in the crowd, consider updating it.
Your Brand is Too Complicated to Understand
It's a problem if your audience can't figure out what you're about. An overly complex brand does no one any favours. Should your brand find itself in this position, it may be time to return to the drawing board and reinvent your brand messaging.
Your Brand is Unfocused or Scattered
Do you have a rambling elevator pitch? An unclear brand story can lead to clouded perceptions. If your existing brand is rudderless, contemplate options for clarifying it.
A Change in Business Model or Strategy
A significant shift in your business model, such as moving from per unit to subscription pricing, can merit a brand refresh. The purpose is to reinforce your new value proposition(s) on all levels, both visually and perceptually.
You Want to Target a New Audience
The desire to go after a new audience is a solid rationale for wanting to shift your brand image. Specific groups of people respond to different messaging, so updating your brand can be a smart move if you want to appeal to new market segments.
Expanding into New Markets
If you want to grow your business by targeting new markets or product/service categories, a brand refresh can be a helpful springboard into the transition. By updating your messaging, you tell a new story that can appeal to existing audiences in your target market.
Your Branding is Obsolete
If your brand messaging was relevant in previous decades, eras, or centuries but no longer resonates, consider rebranding. Today's customers and clients are more sophisticated than those in the past, and many are sensitive to brand attributes, including what a company stands for.
You Want to Increase Prices and Project a Premium Image
Justifying premium pricing requires upmarket brand messaging. If you have a Dollar Store look and feel but want to charge Louis Vuitton prices, it may be time to round up your marketing team.
A Change in Ownership
A merger, acquisition, or sale of a company to new owners can be an inflection point that necessitates a rebrand. This is especially true if the new owners have a different vision for the brand or want to expand into other markets.
Is It Time for a Rebrand?
This list shows reasons that you may want to rebrand, but every company is different—maybe it’s time for a rebrand, but maybe not. If you want an extra set of eyes to take a look at your current branding or come up with new branding concepts, get in touch with a trusted digital marketing company (hey, that’s us!).
Book a digital coffee and let’s chat.