5 Signs You Need A Rebrand
Written by Diona Ballard
What is a rebrand? A rebrand is the process of reshaping how a company or product is perceived. A rebrand can include the reinvention of everything from a brand’s name and tagline to its logo and visual identity to its website and marketing collateral. Only after research and strategy does a rebrand proceed to the identity phase, where the visual and verbal identities of a brand are re-imagined. Visual identity includes logos, colors, typography, and photography. Verbal identity includes names, taglines, and messaging.
Strong brands attract more customers, at a lower cost per acquisition, who are willing to pay more, and will buy more often. But, unfortunately, even the strongest brands have a shelf life. Due to the grievances of the market, the shifting priorities of customers, and a million other worldly forces beyond the control of any company, a brand is only fresh and relevant for five to ten years. That’s why rebranding is so important to the success of any business.
1. Your business model or strategy has changed: As we’ve seen recently, you can’t always predict the outside forces that will compel changes to your business. But when your business model or strategy changes, so must your brand. The way your company is perceived by those it serves should always align with the way it operates behind the scenes. Why does your company exist? Where is it headed? How will it get there? Which values define your company culture?
Clearly articulating these guiding tenets is the starting point for any rebrand, especially those inspired by a change in business strategy. Your brand compass provides a foundation for your brand’s many other components and charts a course to your brand’s future success.
2. You’ve outgrown your brand: Even if you’re meticulous with brand management, there will come a time when you’ve outgrown your brand’s original iteration. It’s not a question of if, it’s a question of when.
When rebranding to accommodate for growth, you don’t have to leave all your old brand behind. While there are likely weaknesses in your brand, there are just as likely strengths you’ll want to continue to leverage moving forward.
3.You need to disassociate your brand from negative perceptions: These days it doesn’t take much for a word or concept to take on devastatingly negative connotations. Thanks to social media, political missteps and business faux pas can spread like wildfire, transforming a once innocuous brand into a veritable hot potato.
Rebranding is often the simplest and most effective remedy in these situations, beginning with an internal brand audit to assess where and how deeply the associations run.
You’re Trying To Connect With A New Audience
Today it’s Gen Z; tomorrow it’ll be Gen Alpha. There’s always another generation hot on the heels of those currently spending money in the marketplace. If you’re trying to wrangle the attention of a newly profitable audience, it’s probably time to rebrand your business. Staying on top of demographic shifts is good business, after all. The last thing a savvy young demographic wants is to associate itself with the stodgy brands of their parents’ generation. A rebrand lets you redefine yourself with the goal of reaching these new and untapped audiences.
5. You’re failing to differentiate yourself from the competition
Another way to know when to rebrand is when your brand starts looking like every other brand.
At the end of the day, branding is all about competitive differentiation. But you’d be surprised how many companies are unable to communicate—or even identify—their key differentiators.
When you don’t have clearly articulated differentiators, sales and business growth can be extremely challenging. It’s important that both your employees and your customers understand why your brand is superior to the competition.
Get Started Today
2271 Podesta Cv.
Memphis, TN 38134