If you own a business, branding and, umm, rebranding are inevitable procedures you have to undertake, if you want to see your business thriving. If in spite of all your efforts for branding, there is no guarantee to get success, what should you do? And how to know in the first place that your branding has become unsuccessful? Here are some indicators with which you can know that your business needs rebranding.
1. Your Brand Image is Outdated
Just because your brand image has become outdated, you may need to rebrand. Design and advertising trends change more quickly than you can imagine. Within the duration of one or two decades, the shapes, colors and fonts that seemed beautiful at the time when they were originally formed may look old-fashioned now.
In such a condition, your branding and marketing strategy should be to keep the bulk of the brand intact; you just have to update the surface features, e.g. updating your brand voice and tweaking it for modern tastes, and redesigning your logo.
2. While Targetting a New Audience
A brand is effective when it’s built particularly for a certain target audience. Such a brand becomes relatable and relevant. If now you want to turn to a new audience, you will have to rebrand your business along those lines too. If you have built your brand previously for middle-aged women and now you want to target teenage boys too, you will certainly have to rebrand your product so as to appeal your new audience.
3. You are Worried by a New Competitor
The advent of a new competitor may also make it necessary for you to rebrand your business. This can actually be a defensive move to protect your business from the new rival.
For example, if a new company steps in the market that has a striking similarity to yours, you are at risk of confusion of your customers regarding from whom to buy the product. In such a condition, you can rebrand your company with an all new, more enticing standards. And if a brand that is differentiated emerges, you can take lessons from some of their characteristics that made the brand successful.
4. You Want to Change Your Vision, Values or Mission
Your vision, values and mission should decide the development of your brand. If you want to change them, your brand should also be changed. For example, according to today’s trend, you want to make your company more eco-friendly and minimise its harmful effects on the earth. In such a case, you can change your logo to a sleeker one and make your voice more down-to-earth.
Thus whatever change you want to bring to your mission, should reflect in your new branding.
5. Your Brand was Poorly Built
It’s possible that originally you handed the job of brand-building in wrong hands or you on your own did the task unprofessionally without any training or knowledge. And so, the brand was poorly built. It was assembled in haste and therefore poorly developed. In such a case, you can bring about its makeover by rebranding by handing over the job to an efficient and professional rebranding agency like BrandQuest in Sydney.
6. There is a Fast Evolution in the Market
A rebranding is also required just to match the fast evolving market. It often happens with companies whose products or services may be top class but they still are left behind only because their brand is not linked to the cutting edge. Thus, to survive in the ever changing market, rebranding is necessary for a company.
Check if you are in any of the above situations. If you are, rebrand your business to give it a new life.