Building a brand isn’t an easy task. Chances are you’ve put in an immeasurable amount of effort and time to get to where you are. However, a rebrand will soon be necessary as it’s a natural cycle of a strong brand. Most of the time, though, you either miss or choose to ignore the red flags as you carry on with the everyday running of the business.
You might even notice and recognize them, but taking the initiative to rebrand can be challenging. So, how do you know it’s time to take action and rebrand? Look at these five telltale signs:
Your Brand Name No Longer Reflects Your Vision
An obvious sign that it’s time to rebrand is having a name that doesn’t reflect the current state of your brand. When starting, the business idea may haven’t been fully formed, and as the business progresses, the name may no longer work for it. What may have worked when you’re starting may no longer be an accurate representation of what your brand is all about currently.
The business culture, philosophy, and vision can result in an evolution necessitating a change. However, the rebranding process may be more complex than it sounds, and so is changing your business name. You’ll need to find a marketing expert like Caffeine Marketing or any other reputable marketing agency as they can help you create a strategy for the entire rebranding process.
A strong name indicates a strong brand, and you shouldn’t let a name drag the brand you’ve worked so hard to build. Having a strong name creates a foundation for your relationship with your customers. Remember, it appears at every touchpoint where you engage with customers, and it should leave an impact and influence their choices. It should be unique and memorable.
Your Target Audience Has Changed
To promote business growth, sometimes, you’re forced to change your target market. Maybe you had one demographic when starting, and now you need to incorporate another or you need to change the audience altogether.
For whatever reason your target people have changed, it might be an excellent decision to rebrand to match these changes. This will enable the brand to resonate well with the target audience, especially if the audience weren’t originally part of your consumer group.
You Need To Get Rid Of A Bad Reputation
Struggling with a bad reputation can hurt your business and render your marketing efforts futile. The first crucial step is to address the issue that led to consumers labeling your brand that way. After you’ve identified the problems, remedied them, and overcame them, rebranding can give your business a new lease of life.
This can make customers see your brand in a new light, but the emphasis needs to get to the root cause of the bad reputation first. Otherwise, rebranding may turn out to be a waste of resources and time. It’s advisable to consult with professional marketers to get insights on how to shake off a bad reputation effectively by rebranding.
You’re Losing Business To Competitors
If you notice that your competitors are gradually cutting into your market share, something needs to change. This is a clear sign that your brand has lost touch with its customers. You need a comprehensive self-examination to identify why your competitors seem to be gaining customers when you’re losing them. You may find that the problem runs deeper than just branding or that your brand is eerily similar to your competitor.
A self-examination will help you create a strategic plan to go with a rebranding that covers all the issues making your business lose. However, when you can see that your competitors clearly beat you in their branding efforts, a successful rebrand might be a perfect remedy. When your brand is unappealing, it can pull down your internal and external marketing efforts, resulting in you losing your market share to your competitors.
You Had Mergers, Acquisitions, And Change Of Ownership
It’s not all the time that mergers and acquisitions call for rebranding, especially if the company taking over has robust branding in place. However, a change in ownership can also present a perfect opportunity to create a new beginning. The new people coming in might offer terrific insights to help with the rebranding. This helps a lot with internal marketing as the new team will feel like part of the brand and root for its success.
Does Your Business Need To Rebrand?
The signs discussed above are helpful indicators that you need to rebrand your business. But the need to consult a professional in your rebranding efforts can’t be overemphasized to help you come up with an effective brand strategy. This will help you keep your business on the right path after rebranding.