For many business owners, the idea of rebranding seems like a time-consuming process and is often pushed down to the bottom of the priority list.
However, rebranding is not always necessary for some businesses, and not only can it be expensive but it could have a negative impact on your sales and marketing efforts overall.
Plus, there’s that age old saying “if it’s not broke, don’t fix it”.
So, how do you actually know when rebranding is the right time for you?
After all, if you’re going to be reshaping the way your whole company is perceived, you want to make sure your efforts pay off; from everything such as your name and logo to the visual identity and website.
Of course you must think about it carefully – look out for the warning signs early on and you could potentially tap into a whole new market segment.
Red Flags to Rebrand
Here are 5 red flags that may be telling you it’s time to rebrand your business.
Your Competitors Look The Same
Take a step back and have a look at what your competitors are doing.
Can you spot any differences?
If you can’t – this is your first red flag and it’s probably time for a rebrand.
With all things said and done, branding is about standing out from the competition and communicating with your audience why you are different (and better!).
So, ask yourself “what is my competitive advantage?”, and when you’ve identified why you’re not the same, help your customers understand this too.
Because if you don’t, your brand will become lost in the jungle, look bland and leave your potential customers feeling uninspired.
You’re Not Attracting The Right Audience
If you started business the “proper” way, then you’ve probably been targeting a specific audience from the beginning.
But you may have reached a point where you feel the audience you once targeted are no longer interested in your products or services.
It could be that now you have become more established, you need to dive into a deeper sub-market that you weren’t aware of before.
So if you’re not attracting the right audience, this could be your sign to launch a rebrand to increase your brand’s awareness and expand your reach to a new target audience.
Keep in mind the motivations, preferences and buying habits of new and existing customers and adjust your brand accordingly.
Your Business Model Has Changed
If your business model or strategy has changed, this could be a warning sign that it’s time to rebrand too.
During these recent times, a lot of businesses were forced to change the way they operate in order to survive and yes – this was an outside force no one can predict.
At the same time, industries are constantly evolving and new competition can force you to react and alter your business model – if this is the case, then your brand must be changed too.
One important reason being, the way your business is perceived by your audience should always be in line with the way it is operating behind closed doors.
There has been a Merger or Acquisition
If there’s a new partnership in your business, it’s definitely a new era.
And so it only makes sense to launch your rebrand now.
Equally, if you have bought the business from someone else, a rebrand is a great way to take ownership if it aligns with your brand strategy.
During this time, a rebrand can represent this change and help to deliver a new message (or an existing one if it’s been missed) of what your business has to offer.
The Wrong Candidates Are Applying
The best talent wants to work with the best brands.
And if you’re not attracting the right recruits for your business, this could be a sign your branding is totally off.
Maybe the people applying to work for you have gotten the wrong idea of what your values and culture is?
If so, perhaps the same goes for your audience too?
Consequently, if your brand doesn’t stand out to the applicants you really want, it may be an indicator that your business is not perceived as a strong force within your industry.
As such, this could be your sign it’s time to rebrand and attract the best talent who are aligned with your business goals.
Is The Time Right?
A question every business will have to answer eventually.
Naturally, as a business grows the branding will change too as it’s not a question of if, but rather a matter of when.
Sometimes, the timing will seem almost obvious or it was just hiding there in plain sight and you just needed to know what the red flags are.
Check our digital marketing services in the meantime.