Posted by Thera on August 21, 2020
Your brand is your reputation in the marketplace. It’s how your organization is perceived by your client partners, so investing in proper branding is important to the success of your business. But how do you know when it’s the right time to rebrand your company? Below are my top ten reasons why your company may need to be rebranded, along with some examples of branding done by Team BTI:
You're trying to connect to a new or larger target market – There is always a new generation coming into the marketplace to spend money. A rebrand allows you to reach these new untapped audiences, be it generational, cultural or any new type of consumer. A rebrand allows you to stay on top of demographic shifts which is great for business. These new audiences want to connect to your brand but if the look and feel or the name doesn’t resonate with them, then a rebrand is definitely a recommendation for your brand.
You're struggling with raising your costs – If your costs are going up and they are fixed in place, and you need to charge more for your product, then a rebrand is something that can help you achieve that goal. Branding comes down to what the customer perceives and what value you offer them. By rebranding, you are able to shape what your customer thinks about your brand allowing you to raise the asking price of your product.
Your business model or strategy has changed – Over time your company grows and changes; sometimes the strategic objectives your company started with are not the same 5 years down the road, and when your business changes, so must your brand. Sometimes it’s unforeseen market changes or changes in technology that can cause your business model to shift. Regardless of the way your company is seen by those it serves, it should always align with the way you operate behind the scenes.
Your brand name no longer reflects your brand vision – This happens a lot, where your business name actually affects the type of business you’re bringing in, or maybe your name made sense 15 years ago but no longer resonates with what your brand is about now. Sometimes changes in cultural context can bring new meaning to your name or sometimes the name just outgrows the company. Whatever the case is, your brand name shouldn’t be causing confusion with customers, so rebranding is the right choice to make.
You’re not differentiating yourself from the competition – Branding is all about competitive differentiation. If you think your brand is too similar to all the other brands out there in your category, maybe it’s time to reposition yourself. Take time to really focus in on what you have to offer that is different from your competition, what unique value do you bring to the table? And then try rebranding to make it visible to your consumers who are looking for a unique solution.
You’re undergoing a merger – Sometimes businesses merge and create a new entity, when this happens it’s always a good opportunity to look at rebranding. You want to figure out how the new brand fits into the brand architecture of the parent company. If this doesn’t happen, the brands can fail, causing brand confusion from lack of brand alignment.
Your brand is overly complicated – Is your messaging and design all over the place with no unified brand narrative? Is your audience confused? If this is the case, then it might be a good time to take a step back and simplify your focus. When it comes to branding it needs to be cohesive and easy for people to understand – a rebrand is the best bet to solving this issue.
You’ve outgrown your brand – This is a great problem to have, it means your brand is getting bigger and scaling up in the world; it’s growing with unexpected gains. When this happens, you should definitely consider a rebrand. If you're competing at a higher level with higher-tiered brands then you need to represent that in your brand look and feel to be able to compete at this new level.
Click logo for case study.
Unable to recruit the best talent – You may be able to steadily grow your customer base and your business, but you might not be able to recruit great talent to come and work for you because your brand is seen as subpar. Branding is not just for your consumer; it can also be used to communicate a cultural shift in your company. If this sounds like an issue you have then it could be time for a rebrand. A rebrand will allow your company to redefine itself, not just for your customers but for your current and future employees.
Staying relevant “with the times” – A lot of company branding stays true to their vision, but over time the outward branding needs to evolve to reflect a more relevant look. It happens to the best of us where the branding just doesn’t reflect the current times. This is when a brand update/rebrand may come in handy to help freshen up the brand.
Click logo for case study.
Usually the first sign that it’s time to rebrand is that you are wondering - should I rebrand?
If you’re looking to rebrand your company, team BTI is here to help. We have successfully rebranded a number of great businesses as you see above. We would love to be part of your company’s growth and success. Feel free to reach out to us to get started.