If you’re thinking about rebranding your business, chances are you’re not alone. It makes sense to consider a redesign if you’ve grown tired of your logo or are having trouble with your existing branding. However, rebranding your business is not a decision to take lightly. Most consider a rebrand part of the natural progression of every strong brand. However, you need to make sure that when rebranding, you’re strengthening, not losing, your brand’s identity.
“Your brand is the single most important investment you can make in your business.”
Steve Forbes, Editor in Chief of Forbes Magazine
But how do you know when it’s time to rebrand your business? We’ll discuss a few surefire indicators that it may be time to update your brand.
Your Business Vision or Model Has Changed
One of the most prominent signs that it’s time for you to rebrand your business is that your company has had a change in vision or mission. Have the customers and clients you serve shifted? Have you found yourself coming out with a new product that doesn’t align with your original mission?
During a rebranding, you can incorporate every aspect of what you do now. Make sure that your branding reflects what you offer at present, not what you offered a decade ago. If your brand does not reflect your business’s focus or strategic direction, you should consider rebranding. You want to send a clear message about who you are and what you do. Just as important, you want to attract the right people to your brand, especially if your brand exists within a crowded marketplace.
Your Branding Doesn’t Stand Out
As a business, you must look for ways to differentiate yourself from the competition. If you have noticed that your branding is similar to other companies that you compete with, it may be time to consider making a change.
During the 1990s and early 2000s, Target was just another discount superstore known for selling cheap goods at low prices, very similar to brands like K-Mart and Walmart. To set themselves apart, Target began selling affordable lines by well-known designers like Anna Sui, Joanna Gaines, and Isaac Mizrahi.
They also revamped their logo, styling in their stores, and ad campaigns to target hipper, more fashion-forward shoppers. Today, the Minneapolis-based Target Corporation is the second-largest discount retailer and has amassed a cult-like following among the younger generation, specifically Millennials. On the flip side, most of us know what has happened to K-Mart.
The 21st-century business landscape is extremely competitive, and new companies are being formed every day. Now is a better time than ever to break free from the crowd.
You Want to Reach a New Audience
If your business is looking to attract bigger clients or a different demographic, rebranding can help accomplish those goals. Trends come and go, but your image should always speak to the people you’re trying to reach. Different colors, fonts, and designs appeal to different audiences. Rebranding, for this reason, can be a delicate balance, as you don’t want to alienate your existing audience to attract a new one.
In addition, if you want to reach fresh talent and are struggling to find quality employees, a rebrand to attract a more modern audience may help.
You’re Undergoing a Merger or Acquisition
Mergers and acquisitions almost always involve rebranding at some level. If multiple brands are coming together, it can be hard to keep things aligned and get a clear view of how it all fits together. Rebranding can help simplify this.
For a merger or acquisition, it is important to minimize the redundant activities and inconsistencies among the newly merged brands, products, and services. A detailed focus on brand structure and architecture is a way to secure the lasting success of all entities involved.
You Need to Leave an Old Image Behind
You may be surprised to learn that your brand can inadvertently be associated with a negative type of consumer or negative perception. If your brand or company has attracted a user base that it never intended to, it may be time for a rebrand. While Old Spice doesn’t quite fit the bill for attracting a negative consumer or perception, they are one of the better examples of leaving an old image behind.
Your branding should evoke “oooo,” not “oof.” Good branding and a strong logo can help you accomplish this. If your website, business cards, or marketing materials do not deliver a sense of pride, they will not keep the interest of your audience.
Knowing when it’s time to rebrand your business can be difficult. Consider the signs above when deciding if now is the right time. If you’re unsure where to start your rebranding journey, the dedicated team at On Target is here to help from concept to implementation and everywhere in between. Give us a call at 407-830-4550 or fill out our contact form.
