Rebranding is a common business move for long standing companies which need a refreshing shake up. As your business grows and evolves, why shouldn’t your branding move with it? After all when a company starts out they might not have had the budget for a high end branding agency – but if you now understand the importance of branding and wish to upgrade, then it could be a smart move to attract more custom.
Rebranding is difficult to execute, as you still need to be recognisable to your loyal customers while opening up to a wider market. A branding refresh can be a change of name, logo, tagline or even a new direction in the products and services that are sold or the way they are marketed. Don’t be afraid of changing the company name – many big players including Google, eBay and Subway all started out as something different.
If you’re wondering whether a rebrand is in order, take a look at these top signs. If they sound too familiar, then get ready to take the leap.
- You need to replace a negative image
For whatever reason, sometimes brands get a bad reputation and there’s nothing to repair it. Perhaps you have the wrong sort of clientele which is drawing other customers away, or a PR disaster has left the business dwindling rapidly. The only way to remove negative association is with a rebranding effort. To succeed, make sure you understand what went wrong last time and vow to correct it with your new image.
- You’ve outgrown your original business aims and values
Sometimes businesses experience rapid growth and move faster than you can keep up. If you’ve moved in a different direction since starting up, your branding should reflect this. For example if you only had one product line to begin with and the company name portrayed this, it might be no longer appropriate if you sell hundreds more product ranges. Similarly, if your business values or personal mission has changed you need to let your customers know.
- To adapt to the market
Certain markets are constantly changing, so if your logo isn’t current or interesting, your company could become outdated. If you feel like competition is increasing from new, quirky start-ups then you may also need to adapt to appear new and current. Alternatively, you may wish to tap into a new market or demographic which a rebrand could help with.