Is It Time?
As business owners, we know the common business philosophy ‘adapt or die.’ We are pretty confident most business owners don’t work very hard just to watch their company perish. So, adapting seems like the only logical direction!
So how do you know when your business should rebrand? There are a few key indicators that signal it’s time for you to look at rebranding.
DO YOU NEED TO DIFFERENTIATE FROM YOUR COMPETITION?
Is your company memorable? Do you stand out from your competitors? If not, then it might be time for a rebrand. Utilizing stock imagery or a generic logo can hurt your brand through lost credibility or by simply being forgettable. Let there be no confusion between you and your competition.
DOES YOUR BRAND STILL REFLECT YOUR VISION?
Times change and if you are running a thriving business, your vision will change too. A great example of this in action is the evolution of the Apple logo. When they began, the Apple logo included the famous rainbow that was intended to humanize the tech company. Over time as the company’s focus changed to minimalistic and modern design, so did their logo to the monochromatic design we know today. It may be time to follow Apple’s example to ensure your vision aligns with your brand!
IS YOUR BRAND OUTDATED OR NOT WORKING?
Bland and unoriginal design can lead to a stagnant business. Occasionally, your brand might flat-out not work at all! Some might not realize that the now tech giant Google actually started out as BackRub. The name wasn’t sticking, so the company rebranded into what is now literally a noun and a verb known as Google! That’s what you might call a successful rebrand.
ARE YOU EXPERIENCING SIGNIFICANT GROWTH OR MATURITY?
Updates to technology, products and services can strengthen your brand’s relevance. This maturity can certainly grow your business, but it might not fit your original branding. If the scope of your products or services evolves, then so should your brand!
DO YOU NEED TO CONNECT WITH A NEW AUDIENCE?
Staying on top of demographic shifts is essential in business. You need to know who is spending money in your industry. Have you researched your target audience (if not, you should) and found your brand isn’t a good fit? Take a cue from the successful Coca-Cola who reenergized their Diet Coke product aimed at Millennials and their ‘thirst for adventure.’ They introduced four new flavors of the beverage which brings bold, refreshing flavors and sleek new packaging. The new look goes hand-in-hand with Millennials need for a dynamic and uplifting experience.
A CAUTIOUS REMINDER!
A rebrand can represent a big risk, especially if it’s not implemented correctly. Don’t confuse your customers and enter only after careful consideration. Know why you are rebranding and have a well-developed plan in place before proceeding!