5 Signs It’s Time to Rebrand Your Company
How to Tell if It’s Time to Rebrand Your Company
Rebranding your company can be a huge undertaking. Is it worth the investment of time, money, and resources for a small to medium business? How do you know if it’s time for a brand overhaul? Keep in mind, rebranding takes some time and patience and should definitely not be taken lightly. You’re changing a core piece of your company, and if these initiatives aren’t executed strategically, you could be facing some catastrophic damage.
Our best advice? Take the time to understand and evaluate the motivations behind your rebranding. If your company is experiencing one of these signs, then perhaps it’s time!
1) Ready to Shake Off an Old Image
Whether your company recently was slammed publicly, some scandal exposed, or if your image has just become outdated — it might be time to update your image. It’s hard to believe that the beloved luxury brand, Burberry, was once associated with gang violence all across England. This negative association began to push consumers away from purchasing the brand.
Burberry recognized the need to make a change quickly. They began rebranding themselves as a high-end luxury brand. They enlisted the help of celebrities like Emma Watson for advertising campaigns. They didn’t change their look or prices; it was their approach to how they presented themselves. That was enough to shift people’s perspectives.
Think about how this applies to your business. Has there been a negative association with your brand? Are you attracting a different customer base than you had originally intended? If this happens, it’s important to not scrap everything — just rebrand. Do so strategically, and keep an eye on every single detail of the presentation.
2) Want to Tap Into a New Demographic
Have you looked at your analytics and noticed a huge demographic you’re missing opportunities on? In the past, we’ve discussed buyer personas and the importance of them, not only to your marketing, but to your company as a whole. If you’re looking to tap into new demographics, your brand will also need to reflect these newfound efforts. For example, a brand that appeals to millennial boys won’t look and feel the same as a brand that appeals to middle-aged women.
3) You Have Outgrown Your Original Mission
Successful businesses are built on the premise of evolution. In order to survive, you need to adapt, be willing to change, and able to pivot quickly. If you’re expanding your service or product line to accommodate the consumer’s needs, or if your values have shifted, it’s time to start rebranding. After all, your mission and values shape your brand. For example, if your company decides to provide more eco-friendly options to minimize environmental impact, perhaps you’ll opt for a sleeker logo and embrace a more down-to-earth tone in your marketing.
4) Your Competitive Landscape is Becoming More Threatening
Rebranding can also be a defense tactic to keep your brand relevant in a highly competitive marketspace. If a new company emerges that provides similar services and products to yours, it’s time to start the process of differentiating yourself from them to avoid confusion. There’s a saying that I distinctly remember learning from a close business mentor and it is: it’s your job as a business owner to shape the marketspace. If someone comes to you with expectation, someone else has done that already for them.
5) Need to Improve Your Products & Services
Oh, what’s in a name? Sure, your logo and name might be stunning and catchy, but if your products and services aren’t up to par, you can bet the facade will only hold for so long. In other words, you might attract a bunch of customers, but people will catch on. They’ll write reviews. They’ll talk to their friends — and if your company isn’t on the pleasant side of that conversation, you will sink quickly.
Back in 1985, Harley Davidson almost went out of business, despite their highly recognizable name. The motorcycle industry was rapidly growing, and new competitors offering higher quality products were beginning to set the new standard for consumers. Harley Davidson decided to do something. They decided to keep the famous name, but give the product a serious quality makeover. Harley studied their competitors’ business models, picked up their strengths, and cut dead weight to design smaller, more manageable and affordable bikes. In the end, this attracted a new generation of riders to their timeless name. The strategy worked, and Harley Davidson reclaimed its throne. Follow their lead if your company has done well with brand recognition, but has fallen behind in execution.
There’s a lot that goes into rebranding, but if it’s done with careful planning and killer execution, it can completely change the course of your company for the better.