There’s a famous saying that goes like this ‘the only constant in life is change.’ Unfortunately, this particular juxtaposition has always rubbed me the wrong way. As an individual who thrives in schedules and constants, I have always found that “change” can be a turbulent wind I can not control.
But I had to train myself to get over that. Why? In a world where things are constantly changing, your business must keep up and stay current. You must master the waves of change and mold them to suit your needs. Many companies make the mistake of holding onto their old brand long after it’s no longer effective. Your brand needs to be up to date to meet the winds of change in the market.
So then, the question must arise, Is it time for a rebrand?
Rebranding may become necessary to reflect a significant change in your business. This could be a merger or acquisition or a change in company strategy. On the other hand, it could be something smaller like launching a new product line or a considerable growth period. Whatever the difference, it necessitates a brand makeover.
Like many companies, you may not have done your branding correctly, to begin with. It’s often hard to first get started to fully grasp your customers and your unique position in the market. Then, as you begin to grow, you may feel like you lack a strong brand identity compared to significant players in your niche, and now’s the time to develop one. Then, it would be best if you stepped into the next level of the game, fully ready to enhance the reach of your business.
Companies often decide to re-brand to connect to a new audience. Your brand needs an update to focus on and to grow into a new market segment. Since you’re reaching new customers, you need to reassess the needs your company meets so your branding can communicate this.
The competitive landscape might have changed. If there are new players in the market, you might need to re-brand to show your audience how you’re different. Rebranding can help you stay relevant against competitors that are growing. It’s a low-cost and relatively easy way to compete even if you don’t have the same resources.
Brushing up your brand makes your company more profitable. Most companies find that they earn more after their rebranding. The process adds value to your business and makes you more attractive to investors. Rebranding is a significant step that takes considerable resources and effort.
Here are the signs that it may be time:
- Your messaging seems outdated or unclear; you feel stuck and like you’re stagnating.
- Your branding is attracting the wrong customers or business partners.
- There are major changes in your market, your competitors, or your business.
- You see a slip in earnings, or your profits are hitting a plateau.
- You’re creating a new business strategy to reach out to a new segment of the market.
- You didn’t really put the time and energy into your branding at the beginning.
Rebranding starts with clarifying your business’s vision and goals and performing a brand audit to determine how well your current branding communicates your unique value to the market. It’s a great way to reinvigorate your business and meet new challenges.
Picture rebranding as a change of look for your business, a new wardrobe to change its style. If you will, you must carefully pick out every article of clothing to resonate with the look you’re going for. What do you want to communicate? A dress-down casual shorts and chinos for that serious yet laid-back look? Or the ‘let’s talk business’ that comes complete with a tie and a three-piece suit?
So, I ask again, is it time for a rebrand?
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