This is a question we actually get asked a lot, and so we are going review some of the indicators that you can use when considering if it’s time for a rebrand.
Your look is dated and doesn’t reflect your core values
Yes, brands age, just like people. This is probably most obvious where the marketplace gets oversaturarted with one style and once the trend is over your brand looks old and tired. But it also happens in more subtle ways as the market changes or your business grows and evolves. If you no longer feel that your brand represents your company well, it’s probably time for a rebrand.
Many national brands are refreshed to keep up with aesthetics. One of the main reasons large brands do this relates to frequency of exposure. After you have seen a brand hundreds or thousands of times, you start to notice it less than newer competitors. A refresh can spearhead a larger marketing campaign to draw public attention back to your brand. With local and regional brands, we are also working to catch the buyer’s attention, but with a more restrained budget and approach.
You’re making large changes within company
Are you hiring new executives, adding more products into your lineup, offering different services? Any type of significant change that you make in your business can be a good opportunity to consider rebranding.
For example, you have done a huge pivot in your business and you’ve had to change around some of those core values to reflect that change. Or maybe you change the service offering or something like that. Are you making big changes within your organization?
I wouldn’t do this repeatedly if you’re offering new products every couple years because then it gives the impression that your company is rudderless. But if you are making significant changes, then it is totally merited.
Are you noticing increased competition in your market? Especially if you’re seeing that there’s a lot of newer high energy startups that are in your market that are getting all the attention you may want to rebrand. Repositioning your business helps ensure that you’re still relevant with your consumers by showing you are open to new market demands and trends.
If you aren’t sure, really look at the metrics of your business. Are you noticing that maybe your revenues are decreasing or your inquiries are lower, or your store count is going down? If you notice something changing and shifting in your business, do an audit and seeing where the risks and opportunities may be for you to change and do something different. A rebrand might be part of that. Look at the data before you make a decision.
Expanding or facing tougher competition
So another scenario, maybe you are expanding into new markets. And by doing that, you’re getting tougher competition from other more established brands, then this may also be time for a rebrand. Perhaps you saw a good opportunity and are moving your product line into a new market, that market is could be saturated with your type of product. By repositioning or rebranding your product and your company, you can appear better aligned with the market and be more competitive against all the established brands. Maybe their aesthetics are dated and you can win over some of their market share. In considering this opportunity, I also would highly recommend beyond everything else; clearly identify why you want to do the rebrand.
Lastly, sometimes people get impulsive and they like to change things; they think of rebranding as the magic wand that will make all their dreams come true. And yes, that is a part of the puzzle, but there could be a bigger picture. So make sure that you really dive into those numbers and metrics and see where the change is coming from because that can give you some insight into whether or not this rebrand needs to happen.