Your business’s brand is how your company is perceived in the marketplace. A strong brand is one of the most valuable assets your business will ever have. Good branding can mean more loyal customers and customers that are willing to pay more.
The brand you start with isn’t the one that will follow your company throughout its life. There will be many instances where refreshing your brand or completely rethinking your branding is necessary. This is where a rebrand comes in.
What is rebranding?
Rebranding is precisely what it sounds like: the process of reshaping your business's branding. Rebranding is more complex than simply changing a logo. A proper rebrand involves completely redesigning a company's visual identity, from the website to the colour scheme used on Instagram.
Rebranding is a necessary aspect of growth within the lifetime of a business. A rebrand involves looking at trends in the market, internal goals, and what your customers say.
However, knowing WHEN to rebrand is tricky. Rebranding at the wrong time can confuse your customers and disrupt your sales funnel.
When should you consider revamping your brand?
All brands will need to refresh their branding from time to time. It’s not always easy to know when rebranding is the right move. Below are some great indicators that it’s time to consider changing things.
Your mission has changed.
A change in mission is one of the most common reasons for rebranding. When you started your business, the mission and goals may have been one thing. Over time, interactions with customers, experience, and advice from others may have caused a shift or pivot. As your mission and vision for the future of your business change, your branding needs to reflect this.
You need to stand out from the competition.
In numerous industries, competition is fierce. What we commonly see is a similarity in branding within an industry. These similarities serve the purpose of helping elevate the sector itself; however, it can be hard to stand out from the crowd when your branding blends in. Our advice is to look at ways to be unique without going overboard and looking like you don’t belong. As an example, look at the subtle differences between Airbnb, VRBO, and FlipKey.
There is a shift in market trends.
As we mentioned above, rebranding is essential if your market is overly saturated and all the competitors look too similar. Alternatively, it’s crucial to rebrand if the market is shifting and all of your competitors appear to be rebranding. You don't want to be left behind looking like the old and outdated option.
A merger or acquisition has taken place.
Has your company recently partnered with another business or purchased another company? Mergers or acquisitions are the most opportune time to rebrand! A rebrand at this time can also create valuable hype and excitement surrounding the change. As you bring in other companies, it's crucial to reflect on how this changes the business's overall vision and brand.
You’re looking to move into a new demographic.
Shifting demographics is especially important to consider if you’re a B2C company. Imagine a retailer that has been in business for 30 years. The branding that worked for one generation will not feel relevant to the children of that generation. If you don’t rebrand, you run the risk of being seen as “the store for my parents” to the new demographic.
It’s time to leave an old image behind.
Rebranding is one of the easiest ways to distance yourself from a negative image or an undesirable past. Leaving the past behind can be necessary for a variety of reasons. Perhaps you attracted the wrong customer base or had a run-in with negative press. Whatever the reason, a rebrand is a great way to leave the past behind and move forward.
You need to streamline things.
Is it starting to feel like your business is spinning too many plates, wearing too many hats, or trying to please everybody? A rebrand can help you clean things up and visually see what your goals are, what your purpose is, and who your target customer is. The best part of this kind of clean-up is that it helps you and your customers see things clearly.
Have you ever been embarrassed to hand out a business card or direct someone to your website or social media feeds? This is one of the most obvious indicators that a rebrand is imminent. Ultimately, your branding is your first impression to customers. You should feel proud to share your business with others.
Is it time for you to rebrand?
It’s not always easy to know if now is the right time to make a change. Rebranding is a complex process that involves research, design, and implementation. If you’re feeling like your business could use a rebrand, our team can help. Get in touch today.