Businesses consider their brand to be a critical part of their identity. Although brands are intangible, customers can use them to identify companies and recognize their products. People often conflate a company’s brand with its logo; however, logos are simple marketing tools. On the other hand, your company’s brand goes beyond just a logo. The brand is a concept that stands for and represents your entire company. Unfortunately, you may reach a point where you feel that your brand just isn’t working for your company anymore. Thus, here are six signs it’s time to rebrand your business.
1. Your company values have changed
Your company’s core values are usually defined when the company is founded. This is when you should create your mission and vision statement. Although it’s very romantic to think that these things are set in stone and eternal, the truth is that almost everything changes over time. If your business has been around for a while, you could easily reach the point where your brand stands for something that isn’t currently reflected in your company culture.
Even if that does happen, it’s far from a tragedy. The deviation between brand and company value happens more often than you think. And it might be a bit hypocritical to have your brand represent something that doesn’t exist anymore – at least not in that form. But somehow, the brand of a company is considered immutable and frozen in time.
Businesses commonly evaluate various performance metrics yet often omit the brand from evaluation. Thankfully, there are easy solutions to this situation. You can hire professionals to help you develop new branding solutions for your company. A new brand will help your company be relevant again.
2. You have added new products and services
New product launches happen all the time. Sometimes, businesses can strike a goldmine with a new product that proves much more profitable than your previous work. This can shift the entire business model and strategy. Problems may arise if the general audience still associates your business with your old product lines.
This can potentially be problematic in two situations. First of all, if the new products are of a higher quality than your old ones, customers may not realize that your business has improved. Secondly, the new products or services you are now offering may differ entirely from what you previously offered. For example, the Japanese video game company Nintendo started way back in 1889 when they produced playing cards. For people to associate your company with your new products, it might be time to rebrand your business.
3. The business has outgrown your old brand name and logo
There is no shame in having humble beginnings. Some of the largest companies we have today, such as Apple, Google, Amazon, Microsoft, and many more, started out from a garage. You have to start somewhere, and you should be proud of your business’s growth and success. Growth can come in many ways, and success is often reflected in more capital. This could mean that you have more money to hire a graphic designer to rework the logo for your business.
We admit that we initially stated that your brand is much more than just a logo or a name. However, many people will tie a brand to its visual identity. If you want to be taken seriously, you also need to act the part. Suppose you gave your company a name based on something relevant to your local community, and you are now doing business internationally. In that case, you might need to consider a more appropriate, globally recognizable name.
You can also consider reworking your logo even if it wasn’t bad, to begin with. Times change, and so do norms for what is considered aesthetically pleasing. An outdated logo from the ’70s will send a message to your customers whether you want it or not. Modern designs have become sleek and elegant, with a strong preference for simple shapes. Compare that to something designed in the early 2000s when everything was trying to be futuristic. Those designs look dated now, even though they are only 20 years old.
4. The customers have moved on
It’s admirable if your company has loyal customers you can count on for repeat purchases. However, people tend to get bored of the same thing and move on to something new. Sometimes their needs can change, and it has nothing to do with your company. On the other hand, maybe you founded your company around something that went out of fashion. We can frequently see this happen with startups. Even when startups are successful, they might not sustain prolonged interest from a wider audience.
You could end up losing some of your customers once you rebrand. It can happen for several reasons. Perhaps they won’t recognize the new branding, or some might feel alienated by the changes. Thankfully, there are ways to keep your clients even if you rebrand. Just keep the needs of your existing customers in mind, and communicate your intentions. If they are loyal customers, they will probably support you even through the rebranding.
5. Your business has trouble standing out
This can be a hard pill to swallow, so here goes nothing. Maybe your brand isn’t cool. It may have nothing to do with how you run your business; you might just lack the wow factor you need to stand out. Due to remote work possibilities for both companies and individuals and globalization, it has become much harder to get yourself noticed. If your business has trouble getting customer attention, it could be one of the signs it’s time to rebrand your business. The online marketplace is oversaturated with almost infinite companies trying to make a name for themselves.
Rebranding can help you rekindle interest in your business. Even if nothing else changes, customers, will get excited to meet the ‘new you.’ You should make a huge event out of your rebranding. Think of it as a grand reopening, although you never closed. You can use all of the standard digital marketing techniques. Offer discounts to new users, and invite old customers back with a loyalty program. Assemble a digital media kit and reach out to the local press. Use your rebranding as an excuse to build hype and increase your customer base.
6. Recover from negativity
Recovering from a PR disaster is never going to be easy. We don’t recommend ignoring any negative comments or persisting issues. Do your best to address them and correct any mistakes you may have made. Then you can take some time out of the limelight and develop a comeback plan. You can reach out to Political and Digital branding experts who can help you re-invent your image. If you are sincere and make amends, people will usually give you a second chance. Everyone loves a good comeback story. You can pair your comeback with a rebranding to help you wash away some of the negativity surrounding you. Try to learn from your past mistakes and make the most of your fresh start.
In conclusion
A brand is a funny thing. Although it is intangible and cannot be interacted with, it’s still one of the most critical features of your business. Unfortunately, there are some situations where a change is in order. We’ve gone over six signs it’s time to rebrand your business. If you recognize yourself and your company in any of these situations, it’s obvious what you need to do. Meta description: It can be hard to admit that the image and perception of your company could use some work. Here are 6 signs it’s time to rebrand your business.
Author
Lisa Roberts
