Much like any other business decision, the question of whether or not to rebrand a company or product should be done with proper research, discussion, and equipped with a strategic plan. The quest to rebrand is an intensive business commitment. Read on to discover a few insights that signal that it’s time for your company to take on a brand revamp.
In the dynamics of business when companies evolve and grow over time, their brands may no longer be embodied in their existing brand identity, mission, vision, values, market position and target audience. When this happens companies need to be competitive to stay in the game. The option to rebrand presents itself in order to create a redefined and stronger brand for customers, investors, competitors, staff and the community as a whole. Here are some tips when determining if it’s time to rebrand:
When a business has expanded, services have grown and targets have changed
When a business pivots to meet the changing demands of the market by repositioning itself its brand can be left behind, a rebrand can create that much-needed realignment in order to calibrate the brand and its trajectory forward.
Differentiate from competitors
When the competition is stiff, setting your brand apart from your competitors in order to build brand recognition is key. This is especially true when brands rush through their initial brand identity development and over the years end up looking, talking, acting and offering the same products as everyone else in their industry.
Energise an outdated brand
When your company’s brand looks and feels like it stepped out of a time machine you can be holding back your brand’s potential growth. A modernised brand that meets the challenges of today can work wonders for a company and how people choose to do business with it.