Thinking of Rebranding, but not sure where to start?
Your company’s brand image forms through the sum of the encounters your clients and prospects have with your organization. A great brand shows what your organization does and how it does it for the benefit of its customers.
Additionally, a great brand builds trust with its customers over time by fulfilling promises that they say it will fulfill. Because a brand develops over time, organizations, including the top brands, rebrand when there are changes in direction, or if the brand needs a refresh to meet objectives.
A rebrand can inject your promotions with a renewed purpose both visually and from a business standpoint. It can separate you from the pack, empower you to broaden your customer base, and even allow you to charge more for your products or services.
It can be hard to know when you need to rebrand, especially during the hustle and bustle of day-to-day operations. Here are a few signs that it’s time for a refresh.
Rebrand When Your Brand Identity is Outdated
Are you hesitant to put your logo on your marketing materials, or embarrassed to give out your business cards? If your brand identity looks dated and not at all like what your ideal customers would respond to, it’s time to rebrand. Revisit your logo, color palette, fonts, and photo direction to make sure it’s in line with what your audience and business partners expect.
Your Business Expands
If your business starts to grow or focus on other markets, it’s time to reevaluate your vision statement so that your new opportunities align with where you’re going. If your organization experiences a merger, this is the ideal time to rebrand. If you’re partnering with another company, discover a strategy that works for both parties, including sub-brands. The goal is to present a unified front as one organization.
You Change your Mission and Vision
Perhaps the greatest indicator that it’s time to rebrand is if your organization has had a change in your vision and/or mission. Have you developed another product or service that doesn’t line up with your current strategy? If you’re changing directions in your company, be sure that your marketing reflects the new direction. This can be done gradually to give your audience time to adapt to the direction.
Rebrand When Your Brand Doesn’t Stand Out
If it seems that you’re not that different from your competitors, then it’s time to make a change. Do a competitive audit and look for ways to separate yourself from everyone else in your industry. Sometimes, taking cues from other businesses outside of your space can give you ideas. What can you improve on? What type of messaging can you incorporate to adjust the voice and tone of your marketing to speak directly to potential clients?
While you shouldn’t go drastically different, you should do so in a methodical way that lines up with your vision and stands apart from your competitors.
You’ve Lost Focus
If you’ve started spreading yourself thin by engaging in too many efforts, this can confuse your current customers. It also dilutes your brand messaging. Rebranding can help you focus your energy on what will move the company forward in terms of awareness, efficiency, and revenue.
Look to realign your objectives. A great way to do this is to conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to identify internal and external factors that impact your business. These insights will serve as a roadmap throughout your rebrand.
You’re Not Attracting Great Candidates for Hire
If you’ve been recruiting but are not able to acquire the best talent, you may have an image problem that goes beyond graphics. Are people excited about working with you? Do you give back to your community? Are you seen as a leader in your industry? If your company does not have desirable qualities, top candidates may look somewhere else. Send questionnaires to get feedback on how people perceive your company.
You Want to Attract a Different Type of Customer/Client
If you want to acquire new customers or market to a different segment, do extensive research to uncover what new objectives will help make your product and services more engaging to them. You can start with psychographics to discover the attitudes, beliefs, and preferences of your new target audience.
These are some important considerations when trying to determine if rebranding is right for your company. If you’re considering rebranding and need professional guidance, email email@example.com or contact us here to learn about our 8-week coaching program that will help you refocus your brand efforts and get the right look for your new direction.
For more branding tips, download our free e-book “Secrets to Designing a Luxury Brand.”