Trends change by the day. As such, many businesses find it difficult to maintain a modern image. Businesses (both big and small) rebrand themselves to stay relevant.
But the question is, when do you know you’re ready for a rebrand?
What Actually is a Rebrand?
Many people will tell you that a rebrand means that you’re just updating your logo.
Sure, that’s the lazy answer. But the truth is, rebranding is much more than that.
A rebrand consists of changing your company’s purpose altogether. Whether you are shifting the approach to your industry, modernizing your image or targeting a different audience; you are actually changing the very structure of your organization. In fact, you can even go a step forward to saying that you are altering your organization’s vision.
A rebrand gives your business an opportunity to shed its old skin and redefine itself. Providing a fresh start for your brand while undergoing a process of reinvention.
How to Tell When it’s Time for a Rebrand
1) Your Brand No Longer Reflects Your Vision
This one may seem like an obvious answer, but many people find it difficult to say goodbye to what’s comfortable. When it comes down to it, brands must be modern to be successful. A brand name or image that came out 20 years ago may have been awesome at the time, but that was in the past. It is vital for businesses to stay current, relevant and authentic. Over time brands grow and with it, so should your image.
2) You Are Too Embarrassed To Hand Out Your Business Card
If you inwardly cringe whenever setting eyes on your business card, you should consider updating your look. Brands have to stay fresh, current and original. There is no point of holding onto an identity that no longer describes who you are. If you feel like your brand is lacking, customers are definitely thinking the same thing.
3) You No Longer Stand Out In Your Industry
Over time, all industries change and evolve. It is up to you to keep up with the pace. However, businesses also have to have a sense of individuality. Without distinction from competition, businesses fall victim of becoming just another bee in the hive. It is important for brands to embrace what makes them unique and to step away from making decisions based on what is solely popular at the time. It’s all about being original, not following suit of others.
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4) Your Brand Has Become Complicated
In hopes of staying relevant, many brands end up making the mistake of doing too much. Your brand’s identity should be something that is cohesive over time. It should also be something that customers can recognize and identify. When you feel like your brand has over-stepped its boundaries, that’s a good indication that a rebrand may be right for you.
5) You Are Going After A New Audience
Change is inevitable in life. You’re not always going to like the same things throughout your life. Your tastes, interests and likes tend to change with time. Brands often turn to rebranding initiatives when attempting to reach new audiences. This has been a present theme as of late, as brands are constantly changing how they are perceived by younger audiences (especially to those belonging to the gen z and millennial crowds).
If you are going down this route for a rebrand it is important for you to make smart choices. Make changes that help reach your new audience without alienating your current customer base. An ideal audience-based rebrand takes on a new appeal to your pre-existing brand identity, appeasing both old and new customers.
6) Your Business Strategy Has Changed
When brands are created, they are done so to accomplish certain goals. But what happens when your goals change? The answer to that question is, you pivot. Whether you accomplished all of your goals or if your industry underwent significant change, your company should realign itself for future success down the road.
7) Bad Press / Negative Image Association
Companies sometimes get in hot water. Nowadays, you here about this person doing that and hear stories of businesses being involved in scandals. A rebrand can’t necessarily cover up a company or individual’s bad behaviour, but it puts steps in place for a brand to realign your business to important branding values. In this case, a rebrand may help you move on from your past, but you also must do your part to make amends for your past, rather than just pretending like it never happened.
8) Your Brand Is Simply Outdated
This one right here is the reason all of you were probably thinking of. If the look and feel of your brand feels like it is living in the past, it probably is. There is a mighty difference between a logo that has a retro vibe and one that straight up feel like it came out of a time capsule. If your logo feels stale, you most definitely should consider rebranding.
You shouldn’t feel afraid of a visual rebrand either. Believe it or not, Google has underwent seven logo changes since its creation. And soda pop-stars, Pepsi has underwent eight logo rebrands since the year 1940.
9) You Have Expanded Beyond Your Geographic Location
What happens when your local or regional business starts taking on work outside of your original location. Most would say that, that is amazing. However, you may run into some issues if your brand is named after your location. If that is the case, you will definitely want to explore rebranding options. Nothing says complicated like big-time company with a small town name.
10) You Are Undergoing A Merger Or Acquisition
If your ownership or partnership shifts hands, it’s probably a good idea to rebrand. New ownership often details an end of an era. Ushering in a new vision and general outlook for the business. New owners usually have an idea in mind of what direction they want their brand to go into. Most of the time the change isn’t massive, but it is more of a realignment. And what way to make that announcement with a rebrand?
Remember: Do Your Homework
Rebranding is a big thing. So, do not make the decision lightly.
Do all of the research you can on your brand, your industry and where you want to go in the future. Research is everything. At the end of the day you are rebranding for your business to succeed in the future. Without considerable research and analysis of your business, your rebranding efforts may not pay out in the long run.
With that being said, many businesses actually make the mistake of waiting too late to rebrand. So be sure to pay attention to your business’s performance and keep your eyes open for any potential red flags.