Four Reasons to Rebrand Your Business
This is a guest post from our friends at Logojoy, an online platform that empowers everyone to get professional quality design without any fuss, and at a price they can afford.
Need reasons to rebrand your business? As your brand changes, the needs of your company will change as well. While entrepreneurs often think of growing pains related to staffing, sales, and bookkeeping, the possibility of a rebrand is often overlooked until the company is in a positioning crisis. There are numerous reasons why a rebrand is needed, including getting rid of an old image, tapping into a new market, or finding a new fit for your brand across various other markets. If any of these scenarios sound familiar, it may be time to adapt your branding.
Is it time for your company to rebrand? Here are four signs that a switch up should be in your immediate future:
Reasons to Rebrand Your Business: You Want to Venture Into a New Demographic
You’ve conquered your target demographic. Congratulations! Although a great feat, this could mean that you have the potential to attract new markets that could be interested in your products or services. If you have the opportunity, take it! Be sure to do a considerable amount of research, so your brand not only appeals to the wants and needs of the new market, but also doesn’t turn off your existing market.
Reasons to Rebrand Your Business: You Have Exceeded Your Original Mission Statement
Similar to above, your company’s growth may put you in a position where you need to rebrand due to an outgrowth of your original mission statement. Becoming successful enough to exceed your original mission is a blessing, but rebranding to fit your new goals could also be a curse if not done properly.
Rebranding due to mission outgrowth can be tricky – you need to be able to align your brand with the new mission, all the while encompassing the old mission to avoid losing current customers. Hopefully, your new mission is remotely similar to your old one, or else a rebrand could mean the potential of hurting your bottom line figures.
Reasons to Rebrand Your Business: Your Business Ecosystem is Changing Rapidly
No matter what industry you’re in, it’s probable that your business is part of an ever-changing, dynamic market. Although you may have the best product in the field, offering the best doesn’t translate to you being the best. Keep your branding in line with current industry conditions, if not two steps ahead of the pack. Not being seen as innovative or on top of current trends could cause negative sentiment that reflects poorly on your bottom line. For example, a music store in the 80’s may have had a cassette in their logo, but by the late 90s this would have been irrelevant and cause for consumers to head to a shop with more relevant branding.
Stay up to date with the times, or be left behind the pack.
Reasons to Rebrand Your Business: You Need to Shed an Outdated or Unwanted Image
Finding that you’re attracting a different customer base than you had originally planned? Or maybe a mishap has put your public relations efforts into a tailspin? Either way, it is common for brands to need a refresh after unwanted publicity or an unplanned audience has latched onto their business. Although unfortunate, this does not have to be the end for an organization. A careful rebrand, with careful consideration about winning back and attracting the intended audience, can be achieved.
Do These Reasons to Rebrand Your Business Ring True?
Knowing when you need to rebrand is essential to the life of your company. Without catching the warning signs early and reacting accordingly, your brand message could deter you from attracting new clients, and potentially losing your current ones. Keep an eye on your growth, business environment, and the public sentiment of your company at all times, and be prepared to react accordingly to avoid any branding crises in the future.
Tim Rocke is a marketing manager for Logojoy, an online platform that makes it easy and fun for anyone to create professional quality design. He hails from Toronto, Canada and boasts 5+ years in the marketing industry.