How do you know if it’s time for a rebrand?
The concept of going in and doing a major overhaul, essentially changing most (if not all) of your businesses’ external presence overwhelms leaders and business owners. The age-old question has become, when is the right time to think about rebranding?
Let’s be honest; rebrands are time-consuming. Not to mention they can be costly, and after all is said and done, there’s no guarantee that the business will be any better off.
Your brand defines your identity—and just as you grow and evolve, so does business.
But business aside for a moment, think about who you were 10 years ago. When most people reflect on previous decade of their life, they readily admit they were a very different person. Think about things as simple as the clothes you wore and words you used. Think about your interests and how you spent your free time. Just as you evolved and changed—and continually refreshed yourself, brands need refreshing too.
Just as your preferences change, so do those of consumers; and it’s imperative that you adapt and evolve with them in order to stay relevant.
The idea of rebranding is not something to be scared of. It’s actually an essential part of business evolution and offers a unique opportunity for you to better articulate your value and reframe your brand’s promise, giving it new energy and creating a new experience that helps you attract new customers.
Think of the time investment, money, and resources as the catalyst to a beautifully reimagined future filled with a whole new level of business success.
When should you consider a rebrand?
You changed your company name.
Often businesses determine that their current name no long aligns with their growth strategies or they’re simply looking for a more modern representation of what they stand for.
You have a new mission.
A shift in your business mission is absolutely a reason to rebrand. Your mission is the reason you exist, so change this major deserves some TLC.
You have expanded your offerings.
This could mean you offer new products or services, or that you now operate in more markets or regions.
You’ve undergone a merger or acquisition.
When companies merge, cultures clash—making this a prime reason a business would need a rebrand. During these large-scale transitions, clarity and communication is key.
Your market has evolved and there’s new competition.
Competition is one of the most common reasons businesses decide to rebrand. If the competition is outshining you, a rebrand should be considered as a way to bring your business to the spotlight.
Your brand experience is your primary differentiator; it’s the thing that draws consumers to you.
Once you’ve restructured and restrategized, it’s time to live and breathe your new brand. Be strategic, consistent, and committed to all of your new brand elements.
Rebranding, simply put, is a strategic choice that businesses in all industries make as a way leverage your brand strengths. This business decision may be driven by consumers, donors, investors, competitors, and other stakeholders—but the goal is always about improvement.
If you’re wondering if a rebrand is right for you, we are happy to assess your brand and talk about your challenges to determine if a rebrand is the right way to get you to your business goals. Contact us today!