6 Signs It's Time to Rebrand
Your brand is one of the most valuable assets of your company. It’s essential in shaping customer perception and in establishing credibility in your business. But like any other asset of your company, there will come a time when your brand will need an upgrade.
But how will you know when it's the right time to rebrand?
When you start to feel your brand is deterring potential customers or it's not aligning with your goals, it may be time to change things up. While a number of factors can come into play when considering a rebrand, here are 6 big indicators that it's time to take the leap.
1. You've shifted or changed your target audience
As your business grows you'll likely clarify or redefine your target audience. Maybe when you first started your business you were looking to attract 20-somethings. Now, your audience has entered their 30's and they’re more focused on their families than club hopping all night. As your audience changes, you'll need to change with them. This requires your brand to reflect the evolution of your audience.
2. You aren't proud of your branding
Do you avoid posting on social media or are you embarrassed when someone asks you for a business card? This could be a clear sign you need to say goodbye to your current brand. If you don't love it, why would your customers?
You should feel proud and excited to share your brand with the world. When you feel proud of your brand it's like stepping out of your house with a fresh new haircut wearing your favorite outfit. You’ll gain confidence by presenting yourself through powerful branding so that you can show up and put yourself out there.
3. People have been mistaking your brand for your competition
When you're just starting out, it's easy to model your brand after that of your competitors. You have some insecurities as a new business owner so it's natural to want to fit in but what makes a brand memorable is when it stands out! You need to find your own unique way to present yourself to the world and you can't do that by trying to be like someone else. If you realize you look too much like your competitors, rebranding could give you the edge you need to help your business shine.
4. You’re struggling to raise your prices
Are you trying to level up your business and attract a more premium clientele? Well, it might be worth your while to rebrand, for that reason alone! Selling your products or services at a higher price point requires that you look the part. Because branding is all about customer perception, the value of your offer is already rooted in the minds of your customer when they see your branding. Upgrading your brand can shift how your client perceives the value of your work and make it easier for you to raise your prices.
Once more clients start investing in your premium offer, they’ll need to feel confident in that decision. Your clients will gain confidence in you if they view your business as credible, and one of the most powerful ways to establish credibility in your business is - you guessed it - through your brand!
5. You've changed your business model
In an ever-changing market and environment, your business structure will need to adapt to those changes. Whether you’re shifting from brick-and-mortar to online, adding a new revenue stream, or adjusting your pricing structure, you'll want to consider how your brand comes into play. Rebranding can be an easy and logical way to show your customers that you’ve changed how you’re delivering your product and services as well as your new mode of operation.
6. Your brand name no longer serves your brand vision
What's in a name? A whole lot of customer perception and meaning –– that's what! Did you know that Google was first called BackRub...yikes! Thank goodness that idea fell through. Developing a strong name can make all the difference when crafting your brand story because it provides a foundation for your branding. Finding the perfect name is essential in becoming memorable to both your present and future clients.
So you've decided it’s time for a rebrand after all... now what?
Any comprehensive rebrand should begin with a good hard look at your brand strategy. You'll need to solidify your brand's purpose, vision, values, etc. in order to establish the foundation of the rebrand.
Determine the goal of the rebrand. What do you want the outcome of rebranding to accomplish?
Find the right people to execute the rebrand. You have the option to do it internally or hire it out. While there are benefits to each, consider the time investment and the value you’ll be gaining with the rebrand. Remember you get what you pay for!
Did you relate to any of these points? Think you’re ready for a rebrand? Let us know in the comments below!
