A brand change can do wonders for your business, but when is a good time to take the plunge?
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There are points in life when it becomes necessary to redefine ourselves as an induvial. Whether it’s down to a change in lifestyle, experiencing trauma or a life changing event or just personal growth; we take the steps that actively redefine us and change the way that we are perceived by others.
The same can be said for businesses; maybe your focus has shifted, or you have (dare I say it) become outdated? The trouble is when you are in the business, day in day out it’s easy to be subjective…..not so easy to be objective and recognise when a rebrand is needed to remedy the issues. Below we list some of the tell-tale signs that mean’s it’s time to contact a creative branding agency.
You’ve Outgrown Your Brand
If you had to scale up – kudos to you, what a great position to find yourself in. A position that perhaps could lead to a rebrand? If you are competing with businesses that are ‘high tier’ then perhaps a slick rebrand to position yourself as serious competition is in order to leave an old image in the past.
As the business grows, you may be reluctant to rebrand your image but rather stay with the original brand that’s taken them many years to build; to an extent some owners may even become too attached to their original brand and be unwilling to change, even if it’s for the best!
However, when operating a business, it is important to consider what is really in your business interests. If you are competing in a crowded market place, you constantly need to stand out and continue to appeal to both existing and new customers... sometimes you need to keep up with change to continue to survive in the business world and rebranding your business is a way to achieve this in creating competitive advantage.
You Want to Attract New Talent
Can’t understand why your recruiting efforts aren’t yielding the expected quality of applicants? In order to drive your business forward, you will need creative, forward thinking individuals of a certain calibre.
Ask yourself -Is your brand appealing to these high calibre individuals? If not then guess what, it’s also time for a rebrand because to have the best talent working for you, you need to be an attractive option. What messages do you want to send about you as an employer? Does your current brand reflect this?
Your brand must attract the right kind of people
To attract top talent to your company you should seek them out and engage with them where they reside; namely online. Create a compelling online presence and manage your company website with diligence.
Appealing to a New Audience
We can’t get through the daily news without being bombarded with the term ‘millennials’; they are the ones saturating the job market and spending a large amount of money in the marketplace. So perhaps tapping into the millennial audience is the direction you are going to take?
Great move, it makes good business sense to stay on top of demographic shifts. If your brand doesn’t reflect the bold, innovative, ethical stance that millennials stand for, then you should consider a rebrand that appeals to their values. A revitalised brand can reposition your business, project the right brand and attract your desired clients.
You've undergone a Merger
We all strive for business growth, and if doesn’t occur naturally, it’s common for SMEs to undergo mergers or acquisitions to accelerate this. When this happens, new identities are formed naturally but require the identity to be defined.
Failing to clearly define the identity with a rebrand means that clients and prospects become confused because the two brands have not been aligned – and profits can suffer.
To rebrand effectively, think about the purpose of the merge and what the new business wants to provide or achieve. Choose five core values at the heart of the new identity and work from there.
The Company Name Doesn’t Reflect the Brand Vision
The way that modern culture is constantly reinventing itself, it’s no wonder that brands and business names can quickly lose their impact and intended perception. Your brand name was probably perfect….10 years ago, but has the cultural context of it changed?
Popular and prosperous brands come with an abundance of personality; it’s a wise decision to form a personality that is compatible with the target market and is aligned with the company vision. A rebrand that reflects current times communicate to customers, investors and competitors that you have fostered a culture of innovation and strive to continuously take your business to the next level.
Even in the digital world, a business card must look good
Your Business Card Leaves You Cringing
This actually occurs more commonly than you think. Maybe it isn’t your business card (but if you have been using the same template for a number of years then opting for a refresh is never a bad idea), maybe it’s your website?
Website design now is all about the user experience. A modern site is bold, easy to navigate, innovate and aesthetically pleasing, preferably with interesting content that is easy to comprehend and an active blog. If your website serves as nothing more than a way for your audience to find your contact number than your website should be a focus when rebranding.
You Want To Command Higher Prices
Do you believe that your work holds more value than your current prices communicate? Does your current brand also reflect the quality and value of your work? Ultimately, the customer perception of your brand will reflect the prices they are willing to pay.
If your brand is a bit tired and lacklustre, it will be hard to convince customers that they should part with more money for work that may also be a bit….lacking in energy and commitment. Think of a rebrand like a re-invention of yourself, re-shape the preconceived ideas and perceptions and increase your prices in accordance with this.
Increased prices = increased revenue.
You Want To Set Yourself Apart
Your industry may have become saturated, or stagnated a little – causing you to become lost among ALL the other businesses out there.
It is absolutely imperative, and a critical long-term strategy to position yourself as the business that is ‘different’. You want to create a brand that has a buzz and that people talk about, but to do this, you need to establish the unique areas that differentiate you from the competition. Once these have been acknowledged and defined, you can capitalise on them.
Rebranding can help you rise above the competition
You need To Remove Yourself from Negativity
It was once thought that “all press is good press”; maybe that WAS the case – it is far from the case now.
The rise of social media means that you are vulnerable to the masses, and boy, can their opinion spread like wildfire. If you have been unfortunate enough to receive some negative press that has stemmed from a disgruntled employee, unhappy customer or even a comment taken out of context then rebranding may be a way to give your business a fresh start with a clean slate, leaving behind any negative connotations.
You’ve Expanded Geographically
Regional businesses often find themselves in need of a rebrand when they expand beyond their previous geographical location. In the majority of cases they also opt to undergo re-naming too; often through fear that being linked geographically will prevent them from entering new locations, due to mistrust or strong local support.
When you first set up, having a name linked to a geographical location can reinforce positive images and connotations that people have to those locations, meaning that your brand can also be associated in a positive way. The trouble is when you expand, other locations may not find you so endearing.
One way to combat this of course, is to have a strong brand story, detailing the reason the business name was chosen and engaging with your audience on a deeper level. In order to build a relationship, your audience need to know your reason for existing, how you came about and what you are striving to achieve.
Some of the biggest brands we know opted for a rename when they expanded from their original locations; for instance Sony was originally called Tokyo Tsushin Kogyo.
A company rebrand should not stop at external branding, but should also include internal branding also. This involves creating a company culture that also reflects your brand vision and core values that are driving you; this will enable your employees to fully understand what the business is all about. This process should involve a continual cycle of consultation, liaison and training with your team.
Finally, in order to successfully rebrand your business, we have created some steps to take:
Define your company mission
Create a brand story
Create brand guidelines to ensure consistency
Seek feedback from industry influencers, your audience, current customers and employees
Research your competition and target audience thoroughly
Create a compelling, comprehensive online presence using multiple channels