How does a Fortune 500 company know it’s the right time to rebrand their company? Why do businesses rebrand if they’re successful? I promise you, It’s not just on a whim or because they got “bored” of their look. But
Your brand is the face of your business. It’s what comes to mind when someone thinks of your company. The personality of your company and your brand identity should always be in sync, so if they feel out of alignment or not a good fit, it’s time to revisit your branding.
A quick brand “refresh” makes sense if you’re an entrepreneur, tired of your look or it feels outdated. The reason so many new entrepreneurs rebrand every year or so is because they’re still trying to figure out who they are. This is a good thing. You want to stay fresh, you want to capture more of who you are so your brand is a fuller expression of you.
The big dogs do it differently.
Larger companies and startups take the time to really sit down and discuss their vision, direction, and impact from all angles. This is not a one-time meeting. It’s called brand “development” because it takes time to really think about what you’re creating. This could be several months in the making, with tweaks, multiple discussions and opposing points of view. Why? Because it’s intangible and you’re creating a feeling, an experience, building a sense of trust and a reputation with the outside world.
There’s nothing about that I would take lightly. So if you’re thinking you can spout a few ideas to a designer and get a full brand back that you LOVE, think again.
This leads to the next question – if you take all that time to initially nail down your brand, why rebrand at all? How do you know when it’s time?
A few ways to know if you need a rebrand:
1. Your product offerings have changed.
We all have 100 creative ideas that don’t all go together. You might be a business consultant that also likes to build finance apps. Selling both under a single umbrella can be confusing and muddle your brand image. Not to mention, it’s probably a slightly different customer base.
Instead of mashing them together and hoping you reach a niche audience, separate them into 2 brands or rebrand the umbrella company to expand clientele and re-engage existing customers.
2. Your company objectives have changed.
If you’re not doing the same kind of business you used to do, or you’re branching out in new directions to expand your clientele, it’s probably time for a rebrand.
This is a common occurrence and should happen naturally as you expand and grow beyond your initial goals. This can feel like the original brand doesn’t align, doesn’t quite fit, feels too small, and is overall limiting your direction.
A rebrand can help you reposition yourself in the community, refocus your mission, and give you more expansive tools to accomplish what your new mission is.
3. The market has changed.
I’ll use technology as an example – if you don’t adapt to the radical evolution of what’s going on around you in the world of tech, you’ll get left behind. Sometimes your company will be forced to change because of market shifts like this.
No one needs VCRs anymore and if you were still trying to sell them, you’d be struggling. So while you still might be in the same vein of offering electronic equipment, a rebrand to show that you’re keeping up with the times and tech is key to continue serving the market.
Rebranding is often the simpler choice versus spending a massive marketing budget to convince people to stick with the same old company.
4. The competition has changed.
If you’re noticing the market is getting crowded with more companies similar to your own, finding you becomes more difficult. This could be a name, a look or how you position a product or service.
Rebranding a name or a style can eliminate confusion and boost your traffic. You don’t have to compromise on quality in order to set yourself apart. Sometimes it just means a shift in perspective or presentation to grab the right attention.
These are the biggest shifts that can trigger a rebrand for your business, and if one or more of these is happening, it’s probably time for a rebrand.
Don’t rush this process.
Spend time and resources revisiting your plan and vision for your company.
Develop a brand strategy that feels good, and get the designers and marketing support you truly require to make this a success.
Need help? Let’s chat. Brand kits are booking now for 2022.
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