Rebranding a company is a large undertaking, and can be a huge success when executed strategically. When you create an effective brand strategy, it forces you to evolve and innovate, giving you a major edge over increasing competition in your market. But what exactly does it mean to “brand” your business? Your brand represents your promise to your customer. This can be achieved through the name, a symbol, the design, or what your business stands for. All of these things help differentiate you from other products or services in the market. If any of the following scenarios apply to your company, it may be time to rebrand.
There are macro issues with your company.
Are you experiencing a slow decrease in sales and customers? Are more and more repeat customers turning to your competition? Examine your entire business, including your branding. Think about the visual identity of your company and whether you’re attracting or repelling your target audience.
You’ve expanded beyond your original scope.
When your brand only reflects your original offerings and doesn’t showcase who you are and what you stand for today, it may be time to rebrand. Your customers will only remember that you do one thing unless you find a way to demonstrate all of your current offerings.
You’re attracting the wrong customers or you want to attract a new target audience.
You must attract customers who are interested in your products or services to succeed in business. If you’re no longer attracting these customers, consider rebranding. A rebrand is also a proven strategy for attracting a new type of target audience.
Your current branding is confusing.
Employees should be able to tell people what your company is and what sort of products or services you offer quickly and easily. If it takes longer than 10 seconds to explain, your employees find themselves fumbling for the right words, or you simply have a lot of confusion from potential customers, think about rebranding.
If your branding is confusing, your website probably is to. Click here to read more on When To Redesign Your Website.
Your brand has moved or expanded beyond its geographical name.
You run a shoe company based in Oak Park. As such, you decided to name the business Oak Park Shoe Depot. Your shoe store has been so successful that you’re planning to open a second location in a new town with a different name. Rebranding allows you to change the name of the company to eliminate the emphasis on location before opening the new store.
Your new management has brought in a different set of values.
When new management has a fresh perspective for delivering business or changing the value proposition of the company, rebranding is a great way to let your target audience know what’s new. Keep in mind that having new management in and of itself isn’t a good reason to rebrand. Don’t leave your own mark simply for the sake of leaving your own mark.
Your brand has grown stale.
It can be hard to swallow the notion that the brand that you’ve worked so hard to create and develop has gotten boring. Rebranding is a great way to breathe new life into the company. You’ll retain your old customers while bringing in new ones.
As you embark on your rebranding process, take the time to plan your attack strategy. Make sure that you know exactly why you’re doing a rebrand, what goals you want to achieve by rebranding, and how you’re going to achieve these goals.