Is It Time to Rebrand Your Business?

Rebranding is a major milestone in any business. If successful, it will propel your endeavor to growth. But if it fails, it will bleed your company dry in resources (and good reputation). This is the reason it’s important to know if it’s really time for a rebrand. If you see the following signs, then you know it’s worthwhile to take the risk.

You’re trying to hit a new market.

A brand’s success depends on its market appeal. Your current image and identity probably made a hit on the audience you’ve been catering to for the last few years, but it probably won’t on the new market segment you’re planning to branch out to.

In this case, your brand has to reflect this new direction, evolving in such a way that includes your new target. For example, a restaurant that serves professionals with a luxurious lifestyle will have to undergo a makeover to appeal to millennials who have “budgetarian” and minimalist attitudes.

Before you take the plunge completely, do a thorough market research. Create buyer personas. You should be able to know your new market well. That is, beyond the age, gender, job information. You need to identify what their interests are, what makes them frustrated, which online platforms they use, among many others.

You’ve outgrown your brand.

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Sometimes, it just feels like your brand has gone left behind by the modern times. If a person jumps on a time-travelling machine, they probably won’t see any difference in your image and identity now from what it was 10 years ago. If you feel like your brand has become obsolete, then yes, that’s a good time to rebrand.

As you do the overhaul, take this good opportunity to re-ignite and re-establish your core values and business philosophy to your employees, as well. Let them be involved in the conceptualization of your new logo. Ask them which brand touchpoints have to be “retouched.”

For example, advertising and marketing materials, including flyers, television or radio commercials. And then the online materials too, like blogs, social media posts, and web design. Communications specialists recommend working with agencies specializing in digital marketing and website design in Utah to make the entire rebranding process less overwhelming.

You have a new competitor in the field.

An emerging competitor in the industry should also make you consider a rebranding. This is especially true when the new player is strikingly similar to you in image and business proposition. You want to differentiate yourself in appearance and more importantly, brand promise, so you can maintain your strong presence on your customers.

Maximize available platforms to announce your rebranding. Your target audience needs to know your new, set-apart image from the new competitor. If the new player is a bit different from you though, take notes at how they position themselves. See how it resonates to the audience. Perhaps you can learn a thing or two in your rebranding later.

Rebranding is no simple business move. It can either make or break your company’s growth. So, be very careful in treading along this decision. And just before taking the plunge, consult mentors if indeed it’s the right thing to do.

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