Sooner or later, the time comes when it’s necessary to rebrand a business. On average, businesses rebrand about once every seven years. For many marketers, rebranding is an exciting idea, but it’s something that takes a lot of thought, planning, and finances to pull off. Typically, this involves redesigning the logo, restyling the visual language, color palettes, and changing the messaging, among other things.
Although the motivation behind rebranding can be a combination of factors, there is usually one leading reason. This article discusses five reasons why you might want to rebrand your business.
1. Your business has changed or expanded
With success comes the urge to expand. Maybe you added several new employees to your roster, an entire line of new products, or you have expanded your business’s headquarters. With expansion or any business change, your brand identity may not reflect your current offerings or brand strategy. It may be a cumbersome logo that doesn’t adapt well for the web or resonate well with your line of business.
2. You want to tap into a new audience
Sometimes, for the sake of moving your business forward, you may want to attract a new group of people who might be interested in products or services, but your branding is in such a way that doesn’t connect with them.
Branding is about speaking to your target audience, and rebranding may be the right thing to do in this case.
However, you should be careful to avoid alienating your existing customers. Ideally, you should look to enhance your brand identity in a way that is appealing to both your existing and new clients.
3. New competition
You may have been on top of your game for a long time, the best in the industry, but suddenly you have some serious competition. Instead of feeling intimidated, you should stand up and fight for your place, and rebranding your business is a great way to do it.
Rebranding is an excellent way to show your existing customers that you’re up-to-date and modern and prospective customers that you are worth their consideration.
4. Your brand’s values and mission have changed
Naturally, your values and mission may change as your business grows. If your business’s personality has changed, your brand should also reflect these changes.
5. Negative publicity
A bad reputation can have serious impacts on your operating results, but rebranding can help to dispel the negative publicity associated with your business. It is important to show your customers that you are changing from bad to good.
In any business, there is no such thing as a static market. Your company’s position may need to change in the marketplace, your values may change, and competition will continue to change. The most important thing when rebranding is to ensure you don’t change your entire business. Rather, your brand should evolve with the business.