It can be tempting to update your brand identity after you have been running a business for a while. Rebranding can be a way to refresh your business or even give it new life.
Rebranding is not always necessary. Rebranding is a long-term task that requires significant resources. Changing your brand too often can cause confusion among your customers, rather than attracting them.
Some businesses need to rebrand at some point. We’ve identified some signs that you should rebrand to ensure you are doing it for the right reasons.
Sign #1. Your offerings have changed.
If you have changed your offerings, it is a sign it is time to rebrand. This does not include minor updates. A business that is still selling the same products and services can’t be rebranded.
Let’s suppose you start with an infographic design company. This offering might be heavily linked to your brand visuals. Now you have a bigger opportunity. You can, for example, rebrand your company as a graphic design production firm. This allows you to produce posters, banners, and blog designs. This will make you appear as a provider of multiple solutions.
Do the math. A rebrand must have a new message that is based on your brand, vision, and stories. You’ve probably made changes to your products, services, pricing, targeting, or marketing. It’s time to rebrand if you have added or removed products and services.
Sign #2. You and your competitors are identical.
Offering customers something that your competitors don’t is a powerful way to attract potential customers. Your business’ unique selling points make it easier for potential customers to choose your business over others.
If your business is identical to the ventures of your competitors, how will they perceive you as “the best?”? It’s time to rebrand if you find that your business has the same look and feel of your competitors. While it’s always good to keep an eye on your competitors’ activities, don’t let your visions or overall strategy be too similar.
Sign #3 Your visions have changed.
A vision is a clear idea of the people you want to serve and what they should accomplish. If you have to change your visions it is usually because your business needs to be reoriented to meet the new challenges.
When your company was founded, you may have imagined it as the place to go for anyone who is interested in web games. However, as time passed, you realized that most of your customers were not interested in this. Your business was able to help people invest in stocks or funds. It’s important to review your visions regularly and ensure they are still relevant for your target audience.
Sign #4. Your business is not relevant anymore.
If it’s been many decades since your business was launched, it might seem old-fashioned.
Your target audience (as well their preferences and behavior) is likely to shift. Content strategy has changed so much and trends change in a blink of an eye. Your business strategy and representation might seem outdated to today’s smarter audiences. This could lead them to seek out more modern competitors.
Your business may not be relevant anymore to the people you used to serve. The business world is constantly changing and fast-paced. While some businesses may be successful for a while, others fade over time. A rebrand can help you reach new customers.
Sign #5. Your business model or strategy has changed.
Rebranding is based on your business model and strategy. Rebranding is a smart idea if you have changed your business model, approach or strategy.
You might offer new products or services to attract new customers once your brand has been rebranded. You might find that your current model isn’t working and you will need to make significant changes in order to create a new one.
