Signs it’s Time to Rebrand
How do you know when it’s time to rebrand your business? The exact timing may vary from business to business, but there are definitely some glaring indications that a rebrand is necessary and that now is the right time for your business. In this blog, we are going to take a look at what these signs are.
WHAT EXACTLY IS A REBRAND?
Firstly, lets clarify what a rebrand actually is. It’s the process of reinventing how your business or your product is perceived externally. It can include anything from changing a brand’s name, tagline, logo or just your brand’s visual identity. Rebranding can strengthen your brand over your competition, helping you stand out more in the eyes of your customers and therefore attracting more customers. Not only does a strong brand deliver more revenue for your business, but it can also increase customer loyalty and help attract and retain the very best employees.
It’s not really a question of if your company will need to rebrand in the future, but it’s more a question of when it will. Even the strongest brands have a shelf life which is why rebranding is so important to ensure the continued success of your business.
So, what exactly are the signs that it’s time for your business to rebrand?
THE NAME OF YOUR PRODUCT / BUSINESS NO LONGER REFLECTS YOUR BRAND VISION
An obvious sign that you need to rebrand is if your brand name no longer reflects your brand vision. This is very common, and without question happens regularly. A good name 10 years ago, might no longer work or reflect what your business is about. It’s important not to let your brand name negatively effect your business. If it is, it’s time for a change. Your brand name needs to be in the limelight, front and centre, differentiating you from your competition and leaving an impression on your target market. If you do decide to go with a name change, just make sure you do trademark vetting and URL research to make sure your new brand name ticks all the right boxes.
EMBARRASSMENT OF YOUR BRAND
This may be an obvious one, but if your brand embarrasses you, it’s a sure sign that a rebrand is required. If you cringe when handing out business cards, or apologise for the look on your website, alarm bells should be ringing straight away. If you feel like this about your own brand, what way will your employees and potential customer feel about your brand? It may just be a refresh rather than a complete brand makeover to keep the existing DNA of the company intact, but nevertheless have a substantial impact on your brand and in turn revenue.
A LACK OF DIFFERENTIATION
If your brand looks like all your other competitors, it’s a sign that a rebrand is needed. Essentially, branding is all about differentiation from your competitors and helping you stand out, so if your brand no longer does this, it’s time for a change. A strong brand can give you a competitive advantage whether you have a physical or tangible advantage or not. If your brand is blending in, you should start your rebranding process as soon as possible.
A COMPLICATED BRAND
It may be time to consider rebranding if your brand is beginning to become confusing, with no clear brand narrative or focus. A lack of brand focus or a complex brand can pose a substantial threat to your brand’s impact and effectiveness on your target market while causing a degree of confusion. Take a step back to re-focus and simplify your brand to get an entirely new perspective.
A CHANGE OF BUSINESS STRATEGY
When your business strategy or your business model changes, your brand will more than likely need to change too. The perception of your company should always match align with how you operate behind closed doors, so when this changes, your brand will need to adjust accordingly.
YOUR COMPANY HAS OUTGROWN YOUR BRAND
There will hopefully come a time when your company has outgrown your brand, and this is unquestionably a sign to rebrand. If you’ve outgrown your brand, there usually isn’t a need to completely rebrand as there must have been a lot of strengths to your brand to get to that level. On these occasions, you need to identify the weaknesses in your brand to work on these and leverage your strength to move forward.
EXPANSION OF YOUR BUSINESS TO NEW AREAS
Another possible indication that you need to rebrand is when your business is expanding into new geographical areas. This is especially the case if your brand name is linked to something local and if you begin exporting to different counties. It’s very rare than a brand will not need to be changed in these situations in order to be successful in its new markets.
DISASSOCIATE YOUR BRAND FROM NEGATIVE PERCEPTIONS
Negative associations or perceptions can be difficult for a company to shake, and sometimes a rebrand can be one of the only viable or best way to move forward from these tricky situations. With social media, word can spread quickly and to many people resulting in a damaged brand reputation which sometimes can be unrecoverable. Rebranding is often the simplest and most effective way to remedy these issues and help get your business on track.
TRYING TO CONNECT WITH A NEW TARGET MARKET
There’s always markets emerging that are willing to spend money, and you may wish to capitalise on one these lucrative markets. One of the best ways to do this may be to rebrand your business tailored towards this market. A rebrand will let you redefine yourself with the ultimate end goal to reach these new and potentially untapped markets.
YOU AREN’T ATTRACTING TOP TALENT
The final sign to rebrand on our list is if you feel you are failing to attract the very best talent in your industry. Ordinarily, the best talent wants to work for the very best and strongest brand, so one possible reason you aren’t attracting these may be because of your brand. Rebranding and forming a strong brand can help you attract the right people and help transform your company into a brand that everyone wants to work for.
SO, NOW THAT YOU’VE DECIDED TO REBRAND, WHAT’S NEXT?
If you are considering building new or revisiting your brand, whether for strategic focus or creative expression, Media Life are here to help. Let’s have that cup of coffee and begin the conversation today.
Whether we are creating something new or relighting a fire under an existing brand, it’s always an exciting journey; one where strategic thinking, co-creativity and an open mindset inspires everyone to see the opportunities that others don’t.
Just email us on info@medialife.ie or call 021 435 4405.