A company's brand is so much more than its name and logo. It is the story about the company, the image it has among customers, and the mission they are trying to fulfill. It's clear already that the brand cannot survive unless it changes and adapts to current circumstances and trends. Let's discover the ways to know if it's time to rebrand your business.
Your brand seems outdated
If you haven't done anything to refresh your brand recently, maybe it is time to do so now. Even the biggest and most successful companies realized that rebranding is a must and they have to do it no matter how popular they are. For instance, several years ago, Adidas went through a rebranding. Nobody thought they were experiencing a lack of popularity, but their logo already seemed a little bit outdated (even though it was still iconic). They decided to make it slightly more modern, and they refreshed their entire image. The result was a success and still a topic for conversation.
Sometimes changing just a shade of color used on your logo can make a difference. Yes, even color pallets get outdated, just like fonts do. There are certain tools you can use to boost your marketing efforts in terms of your brand logo or even your name. But, bear in mind that that will not be enough for rebranding. Your company needs to keep up the pace with other trends too.
This also happens when new technologies appear in your niche. In the world of technology, obviously, rebranding has to be done more often than in some other fields.
You are not attracting the right people
Maybe your targeting is wrong. This happens when your target group is either too wide or too specific, that is, too narrow. If this is the case with your business, you should really do thorough research before rebranding. If you are lucky, some small adjustments will be enough to make your brand appealing to your new target audience. Maybe you can get away simply by revamping the website with some help or investing in some good quality photos. It all depends on the type of your business and your audience's wishes.
If your company does not stand out anymore - it is time to rebrand your business
Whatever type of business you are running, you should always keep track of what your competition is doing. You will learn a lot from them and you will be able to see where you're at. Ask yourself: do we stand out from the crowd? Which values do we offer that others do not? How can we make our brand unique and attract even more customers? Not by using the same stock photos and having a generic name, logo, and story, that is for sure.
It is crucial that you differentiate from your competition, and an excellent way to do so is by rebranding. However, you need to be careful not to lose yourself or go overboard with the alterations. Even if your budget allows you to rebrand and start all over, you should still stay true to your mission and your loyal customers.
Your business has expanded
Maybe your business started around one specific product or a small group of them, but now it has evolved into so much more than that. It is the perfect time to think about rebranding. Letting your current customers know you have expanded is not enough; you need to refresh your image and rethink your strategy to attract some new clients.
Similarly, if you have expanded your business in terms of location, you should rebrand it. This does not mean you should do this every single time you add a new product or a service to your offer, as it would make your brand seem inconsistent. Instead, you should consider a branding overhaul every several years, or when you see that things are changing drastically.
Rebranding is welcome after a merger or a change of ownership
When two or more companies join to make one - it is time to rebrand. The new company has new targets and maybe even a new audience, so the brand overhaul is the only option that makes sense. The same goes if your business has been bought by or transferred to a different owner.
Companies should rebrand when their reputation is at stake
Nobody likes being involved in a scandal or getting negative feedback from their clients. However, we all make mistakes. Some companies make poor choices that can damage their reputation, and rebranding is a great way to make things good again, or sometimes even better. It is also a cost-effective change you can make to your business in 2020.
Take a look at this example. After having too many negative reviews from their users and the general public, Uber decided to rebrand and leave the negative image behind. They did a great job since they didn't give up on their name as many companies do after failing or being on the verge of doing so. They modernized their logo and invested their resources into making their business and overall image better. Was the rebrand worth it? In just three years they have turned from a small company to the most popular global transporter.
What is important here is to show that you are ready to commit to positive change.
There are some more ways to know if it's time to rebrand your business, but remember that doing it too often can hurt your image even more than neglecting to do it when the time is right. So, think carefully about the position of your business before making any final decisions.
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