Published on October 12th, 2018 | by Sunit Nandi0
5 Signs It’s Time To Rebrand Your Business
Rebranding your business is a huge decision and shouldn’t be taken lightly. It takes guts, perseverance and commitment to undertake a rebranding mission, but if done for the right reasons it can have incredible results for your business.
The rule to follow is never commenced on a rebranding mission without a valid reason. If you’re unsure whether or not it’s the right thing for your business, check your motivation against the below signs.
5 good reasons to rebrand your business:
1. Your identity needs a refresh
Oftentimes when you start a business you have a small budget, and this translates into a lot of jobs getting done quickly, inexpertly and without much money behind them – i.e. your logo. Of course, there’s an element of “that’ll do” when you’re trying to get your business off the ground, but five years down the line it may be time for a change.
Don’t be disheartened about a rebranding, or too precious about your original visual identity – you should be excited that your business has grown at such a rate that it requires a refresh at all! What worked before no longer works, but that’s the way it goes in business, and you must learn to adapt with the times.
Giant organisations that have altered their visual identity include Kodak, Apple, Tiffany & Co. and Microsoft. These businesses did so because their past logos were outdated and their success in their respective industries signalled that it was time for a change.
If you suspect that your logo is a little antiquated and looks a little out-of-place in the market, rebranding is probably the right thing to do.
2. Your business has gone in a new direction
Another reason why you might choose to rebrand is that your business has gone in a new direction. You may have changed the products that you sell or the services that you provide. Whatever it is, your visual identity or brand name may no longer accurately represent you and your mission statement.
For example, you may be a marketing consultancy, but over recent years have moved into digital marketing and away from traditional marketing. Therefore, you may feel like your image should look a little more “tech” or “digital”, and perhaps changing colours or fonts may improve your association with what you do and, in turn, your credibility. If you get a hunch that something should be changed, you should listen to that hunch.
A smart way to determine whether a change in direction is worthy of a whole rebranding mission is to conduct an in-depth competitor and industry analysis. Chances are you’ll find that many businesses have rebranded to some degree, so heed their approach to their new identity and let it inform your own strategy.
3. Your business has new management or strategy
If your business has come under new management, has merged with another company or has even changed internal strategies, a re-evaluation of your branded materials – name, logo, etc. – should be up for discussion. This is because your position in the market will be affected, as well as your target audience and market share.
This is all part of a business’ lifecycle, and for many rebranding is inevitable and can occur more than once, depending on the nature of the business and the industry it’s in. You can take a Sydney based wedding music group for instance, where they’ve rebranded themselves and changed their theme & logo to offer more services and programs they introduced. They came up to a more generic name and kept it open for future endeavours they must come up with.
Complete a full brand audit on your business – where you were in the past, where you are now and what is forecast for the future – to determine whether rebranding is the next logical step. Regardless of whether or not an audit results in a solid decision, it is good practice to regularly look at your business from an outside perspective.
4. You need to change your brand image in response to negative press
You may be considering rebranding if your business has come under fire in the press for whatever reason. Bad publicity can be completely detrimental to a brand, and there may be negative connotations linked to the brand’s visual identity, name and logo for a long time to come.
For example, McDonald’s undertook a mammoth rebranding following bad publicity around their “bad quality” food. They changed their mission statement and their look, and are still at the top of the food chain.
If bad press is something your business is weathering, rebranding may be the only option to rise from the ashes. Rebranding isn’t just deflecting away from a negative image, it’s a way to say “we have changed, and here is our new look to prove it”.
If this is the motivation behind your decision to rebrand, chances are you are a big organisation with enough influence to garner bad press in the first place. However, don’t act hastily – seek legal advice and weigh up your options as well as the consequences of rebranding. Remember, you will always have to explain your reasons as to why you have changed your image or your name.
5. To stand out amongst your competitors
Some industries have become very saturated in recent years; the health and beauty industry, women’s fashion, and digital and tech industries are very competitive, and sometimes brands can look very similar. This is a disaster for business because you don’t want the reputation of your brand to rest on another’s. Plus, you want your brand to stand out from the rest so that you stay top-of-mind in the consumer’s consciousness.
Therefore, in an attempt to reclaim your space in the marketplace and assert your individuality, re-evaluating your visual identity may be the only option.
This is also a great opportunity to push the promotion of your business and garner a wider interest from new customers. The more hype you generate around “the new you”, the more traction you will get, and the more profit you will turn over. All in all, rebranding may be a good marketing opportunity.
Rebranding is incredibly rewarding, but it should not be done without a valid reason. If you aren’t rebranding because of one of the reasons listed above, it is perhaps a risk and may actually damage your brand in the long run.