Branding is when you give an identity to your business. It is what you are known for in the marketplace. In simpler terms, branding is how you want the world to perceive your business. This is why big companies invest so much in branding.
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However, over time and space, business owners and entrepreneurs often rebrand their businesses. Various signs inform the business owner that his company is due for rebranding. Companies that fail to brand and rebrand often phase-out in no time. This is why you must identify the right time to rebrand your company. In this article, I suggest 5 signs to spot that your company needs to rebrand.
People often think that because their businesses are booming and growing that they don’t need to rebrand. But this isn’t true. Even big brands rebrand too, especially when they have surpassed their original target. For example, if your company has become too popular, there are possibilities that it might become too familiar and unexciting. This is where rebranding comes in. Moreover, rebranding mustn’t be big. A simple logo redesign, an additional color, and a new slogan are enough rebranding.
You’ve Surpassed Your Original Target
Rebranding is also needed when things aren’t working well with the current crop of customers on your downline. Hence, most brands, when they face difficult times in grabbing the attention of the market, rebrand. Also, there are times when you might enjoy unwavering support, but when the support isn’t consistent, it is a sign that you need to rebrand. By rebranding, you are making a new and better entry into the marketplace. Therefore, it is important to define your brand in such a way that your audience knows what your brand stands for.
You Want To Reach Out To A New Audience
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Ensure that your brand is personalized and emotive enough for your audience to get the message.
Another sign that you need to rebrand is that your present brand is outdated and in need of a facelift. Our present world is an evolving one, and not changing can be counterproductive. For example, brands like Apple Inc. over the past 20 years have remodeled their logo and all its features. Aside from rebranding its logo, it has created new impressions in the hearts and minds of its million users by crafting new messages. The brand you presented to the older generations in the 1980s and 1990s is not the same one you will present to the present Gen-Zers.
You’ve Not Rebranded for a Long Time
Reputation is critical to a company’s success, and when it is bad it can be damaging. Having a bad reputation as a company makes you prone to offline and online attacks. And when ratings are low, it affects the company’s growth. Hence, companies that have been involved in one controversy or the other, often seek rebranding as a medium of redeeming their name.
You Have a Bad Reputation
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For example, the fashion house, Burberry was reputed to be cloth brand worn by hooligans. This brought the brand under fire, thus affecting it negatively. Under new leadership, the company rebranded and transformed into one of the hottest celebrity fashion labels in the UK. Just Burberry, redefining your brand is a way to deal with a bad reputation.
Finally, rebranding is critical when there are brands similar to yours in the market. When there is so much semblance of your brand, you might find yourself struggling to stand out or being likened to others. This can be counterproductive. The only way to kill copycats is to do something different. The best way to rebrand in a situation like this is to understand your customers and offer a unique value proposition alongside a new brand identity.
There Are Several Similar Brands
The Bottom Line
Branding is all about what the market thinks of you. For example, Apple Inc. is known as a category-king in the electronic and gadget industry. In Nigeria, MTN, Africa’s leading telecommunication and Network Company, is known for efficiency, speed, and widespread coverage. It has earned its name. Hence, branding is all about making your mark in the minds of consumers. This is why rebranding is important.
Featured Image Source: Fibre2Fashion
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This article was first published on 4th July 2022