There comes a time when the owner of an established business wonders if the original company logo or name might be doing more harm than good. How can one know for sure? Maybe it’s just a change in staff, the competition or a change in the economy.
Here are some of the signs that can indicate whether your business needs rebranding:
- If Your Logo Is Outdated
Along with your products and services, you may have designed a logo that fitted very well. But does that logo still represent you effectively? The logo may have old colors, art, or fonts. If that is the case, then the customer’s impression of your company is that it is too old, worn out, and have cheap, old products or services.
It also makes your target audience not to have trust in your products and services. With an outdated logo, you cannot attract the new audience you want, so as part of your rebranding process, it will be in your best interests to a new, contemporary logo design that reflects the new “you.”
- When the Target Market is Evolving Quickly.
Sometimes a rebrand is necessary to keep your company afloat competitive in an evolving and ever-changing market. There is often the case where companies whose services may be top notch but simply get left behind because their brand is not associated with the cutting edge.
- When You Want To Tap Into A New Demographics.
To keep your company moving forward, it is absolutely necessary to tap into a new audience that may be interested in your product and services. Let’s take, for example, if your company sells kitchen appliances, you may want to rebrand and give your company a new image that will attract new customers.
- There is Competition In The Market
Ultimately, rebranding is all about competitive differentiation. If you feel like your business has lost its visual identity in the business market and similar to many others, it may be the right time to create a new face that will distinguish you from the others. If there are businesses out there that have an image similar to yours, your target customers may be even confused on who to buy from. You can rebrand your company and make it more visible to customers looking for solutions from your competitors and capitalize on that.
- The Design Of Your Original Brand Was Poor
It is may be possible that your initial brand was assembled in hastily and ineffectively. This may have been brought by hiring an amateur, the lack of resources to hire a professional, or even paying attention in order to get up and running as quickly as possible.Whatever the case, this may be the right time strengthen your offering and re-adjust your visual identity. The longer you will wait, the greater the possibility of falling further behind. Work with a professional, Identify your main objectives, and announce your new face to make the most of the moment you choose to step out of your old brand.
- If You Current Branding Seems too Generic
Your products and services may be new and unique, but your branding strategies look a lot like those of your competitors.Rebranding is all about making changes in your content marketing strategies, in your presence on social media and your overall design.All these should be showcased as unique.This will help you to stand out and distinguish yourself from the crowd.
- If Your Current Branding Does Not Reflect Who You Are Now
Perfect branding communicates a message to visitors, customers, and potential customers. If you have recently changed the value of your products and services or if you have products that no longer appeal to your target audience, then this is time for a rebrand.
- Your Mission, Vision or Values Have Changed
Your brand is a reflection of your identity, so if your identity changes, then a rebrand is necessary. Let’s take, for example, if you change your approach to business to be more environmentally friendly, it would be best to reflect the changes through your visual identity. A company like British Petroleum rebranded and went on with a new design featuring shades of yellow and green, which was supposed to represent the company’s dedication to being more “green”.
- To Cover Up A Really Bad PR
Sometimes, all it takes is a concept or word to bring devastating effects to a company’s image. Thanks to social media, negative information and rumors can spread like wildfire and thus transform a once trusted brand into “a company that once was”. Rebranding is one of the most effective and simplest tools in these cases.
- A Merger or An Acquisition
A Mergers and an acquisition should be looked at as a sign for a rebrand. However, It is important to look at how one brand fits into the brand of the parent company. Many are times when brands fail to think this through. The outcome is that both brands fail due to the confusion that results from a lack of better brand alignment.
- You Are Struggling to Raise Prices For Your Products
If the prices for your products and services seem fixed, despite the rise in the cost of materials, there is something that you can do about it. A brand ultimately goes down to customer perception, and that being said, the value of your products is firmly established in the minds of those you serve. By rebranding, you will be able to re-establish how the customers perceive you and raise the price of your services accordingly.
The goal of creating a fresh look is to create a pivot in the market that attracts new clients to the company. It should be based on heavy market research data and focus groups to ensure the new message has a better chance of connecting with the audience.
When evaluating a rebrand, look at every aspect of the company from the marketing collateral, company logo, and name to the way customers interact with the company, how they receive the products and the provided customer service. Analyze the competition and talk with key business partners about how changing the image of the company will impact their abilities to support your business in the partnerships you have established.
If times are good and customers are happy, then the old idiom holds true: “If it ain’t broke, don’t fix it!” However, if sales are lagging, an unusual number of complaints are coming in, or if a crisis happens that requires a rebranding, then there are professionals who can help you rebrand your business.
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