When you’ve run a business for quite some time, it can be tempting to update the look and feel of your visual brand identity because you believe it’s the same-old-same-old. By rebranding, you might think that it can freshen your business and even give it a new life.
But rebranding isn’t for always necessary. It’s a long-term process and takes some significant resources to do properly. Also, changing your brand too often can confuse your repeat customers rather than draw them in.
However, some businesses reach a point where they actually need to rebrand. To make sure you’re rebranding for the right reasons, we’ve listed some noticeable signs it’s the perfect time for you to take that step.
Sign #1. You’ve changed your offerings.
The first sign that it’s time to rebrand is that you’ve changed your offerings. We’re not talking about small updates, either. You can’t rebrand a business that’s still selling the same products or services.
Let’s say you started with a fully customized infographic design company. Your brand visuals might even be heavily tied to this offering. But, now you’ve found an opportunity with bigger potential. For example, you can rebrand as a graphic design production company– where you can also produce banners, posters, and website or blog designs. This will help you be seen as the provider of more than one solution.
Do the math. If a rebrand is going to succeed, you have to have a new message to send out based on your new brand, vision and stories. This means that you’ve likely made changes to your products or services, pricing, targeting or marketing. If you’ve added or removed products or services, it’s time for a rebrand.
Sign #2. You and your competitors are identical.
One powerful way to appeal to potential customers is to provide them with what your competitors don’t. Unique selling points are what makes your business different from the rest, making it much easier for your audiences to find reasons to purchase from your business and not anywhere else.
But, if you make your business identical to your competitors’ ventures, how can they see you as “the best” one? If you notice that you have the same look and feel as your competitors, it’s definitely time to rebrand. It’s always a good idea to be aware of what your competitors are doing, but don’t let your visions and overall strategy be too similar to theirs.
Sign #3. You’ve changed your visions.
When you have a vision for your business, you have a specific idea of who you want to serve, what you want them to accomplish, and where you want them to be. When you change your visions, it’s usually because you need to reorient your business to the new challenges in front of you.
For example, when your company started, you might have envisioned it to be the one-stop-shop for people who are interested in blockchain games or cryptocurrencies. As time went on, though, you saw that the majority of your customers weren’t into that. Instead, you found that your business succeeded at helping people invest in stocks and funds. To stay relevant, it’s a good idea to revisit your visions and make sure they’re still the right ones for your target audiences.
Sign #4. Your business is no longer relevant.
As businesses go, yours might be quite old-school if it’s been decades since you’ve launched it.
It’s likely that your target audiences (as well as their preferences and behaviors) are shifting, content strategy has evolved so much, and trends come and go in the blink of an eye. Not to mention that your business representation and overall strategy might be seen as outdated and unattractive to today’s more savvy audiences, causing them to look to more modern competitors.
It’s possible that your business is no longer relevant to the people it used to serve. Business is a fast-paced, ever-evolving environment, after all. Some businesses excel for a time, but time passes. Rebranding can help you appeal to a new set of customers.
Sign #5. Your business model or strategy has changed.
Your business model or strategy is the foundation of rebranding. If you’ve changed your business model, strategy or approach, it’s a good idea to rebrand.
Once rebranded, you might try new product or service offerings to attract a whole new set of customers. There’s also a chance that your old model wasn’t working, thus you need to make some significant changes to try a new one.
Sign #6. Your target audiences have shifted.
Another noteworthy sign that it’s time for a rebrand is that your target audiences have shifted. Younger generations are now dominating the market. Today it’s Millennials, tomorrow it’ll be Gen Z, and next week it might be Gen Alpha. There’s always another generation hot on the heels of those currently spending the most time online and money in the marketplace.
Each of those generations has different needs and world views, so you have to find a way to build a strong connection with them. If your business aims to appeal to a new set of customers, a rebrand is necessary to speak to the right, untapped audience and resonate with them.
Is it the right time to rebrand?
When you see that your business isn’t bringing the expected results, then you might start noticing the abovementioned indicators. When you rebrand at the right time, it breathes new life into your business and keeps you from being overshadowed by the competition. Lastly, don’t forget to inform your current customers about your rebranding by using presentation videos, newsletters or social media.