When should you rebrand your business?
Rebranding is a key move in a business owner’s or marketer’s toolbelt. It’s also a time-consuming process that requires careful consideration before beginning. Yes, a rebrand can feel like a fresh start, but it isn’t always essential or advantageous. Consider a few of the below key reasons as to why your business should rebrand before taking the leap.
Acquisition – purchasing a business
Whenever you purchase a business it could be worth considering a rebranding effort. There are a few options that you can take.
If the organization does not have a strong well-known presence, a complete rename, all the way to the mission of the company could be advantageous. If the business has strong brand recognition and people know the name, you may just refreshen the logo, and redefine the mission to further clarify and affirm the brand’s future intentions in the market.
Acquisitions or mergers of brands are one of the most common rebranding opportunities. The current customers of the acquired business are introduced to the established brand and brought to speed as to why the acquisition happened, and how the companies aligned. Making clear the purpose of the acquisition or merger is important so that current customers have no major questions and concerns about the acquisition.
Bad Reviews – Redefining the organization
When a business has a bad reputation, bad customer service, and frankly has lost trust in the market, it would be wise to rebrand and redefine the company’s mission, vision, and purpose.
It’s also common to follow up with new management, staff, and processes so that the same customer experience does not happen. Starting brand new with a fresh brand and a clean slate can be a wonderful way to reintroduce yourself to the world and set a new tone for your customer’s experience.
What is great about rebranding when you have bad reviews is you can take the prior website, content, and pipeline and make the PR (press release) or social announcement about the change. Once you change the name, simply redefine and clarify with the market and customers your new values and purpose.
Repositioning your brand
Businesses will often rebrand so that they can reposition themselves in the marketplace. This is a great way to attract new customers or to create an appeal to a new target audience. This is a great opportunity to stand out more in the marketplace amongst your competitors.
Rebranding is a great idea when customers have an improper expectation of your brand or associate your brand with something that does not align with your desired identity. To thrive in an increasingly global, and insanely competitive marketplace, your brand must be able to evolve.
Too similar to other brands
If your brand looks like another brand or has a similar style design to other brands in the market it would be a brilliant idea to rebrand and redefine yourself. Many small businesses suffer from this problem.
SMB’s in their infancy often have to compromise on their branding, website, and design aesthetic. If this sounds like your business and you have experienced growth and success, a rebrand could be one of the best ways to recommit your brand to excellence and a leveled-up customer experience.
If you would like to get a free rebranding consultation or insights from our branding strategists feel free to reach out to us below to start the process.
Outdated Brand Image
Well-established brands often rebrand when their logo and design are out of date which looks out of touch with the current market. It could also be that the branding does not reflect the new products or services that are offered by the business that has evolved over the last 7-10 years.
As time passes target audiences can change and the image needs to change to meet the interests and needs of that new audience. Many times minimal changes can make a big impact to align the brand with the new audience or market segment you are targeting.
The Takeaway
There are many unique situations that require or demand a rebrand. Be sure to discuss with your team, get buying from the leadership in the organization, and take the right measures to ensure the rebrand aligns with your target audience. Rebrands are an incredible way to reaffirm with your customers or market your values, mission, and purpose.
If you would like to get help for your business’s rebrand we are excited to help. Contact us below and we can schedule a time to learn more about your needs and craft a strategy that helps you achieve your business goals.