6 Signs To Know for Figuring Out When to Rebrand

Rebranding means changing the way your company is perceived. It includes everything from a brand's name and tagline to its logo, visual identity, website, marketing collateral, and more.

6 Signs To Know for Figuring Out When to Rebrand

Rebranding can be a daunting process. It's not just about changing the logo and colors of your company, but also rethinking how you present yourself to customers.

A successful rebrand starts with research into your current brand perceptions as well as those of external stakeholders like suppliers and partners.

The data from that research informs the strategy phase, where you reposition your company according to customer needs and marketplace opportunities.

And finally, we'll end by discussing what "new" really means when it comes to branding because sometimes new is better than old!

What is Rebranding?

Rebranding means changing the way your company is perceived. It includes everything from a brand's name and tagline to its logo, visual identity, website, marketing collateral, and more.

It can be an intimidating process because it typically involves changing pretty much every aspect of how you present yourself to customers.

Effective rebranding starts with research into customer perceptions of your current brand as well as external stakeholders like suppliers and partners.

That data then informs the strategy phase, where you reposition your company according to customer needs and marketplace opportunities.

Why is it important?

Rebranding is critical because it gives your company a fresh start. A rebrand can be the difference between retaining customers and losing them, attracting new ones or repelling them, driving sales up or down.

It's also important in order to keep pace with changing landscapes including customer needs, competitors' moves, technology advancements, and more. It plays a role in making your company feel relevant to the people who matter most.

Rebranding can help you stay ahead of the curve when it comes to competing in a rapidly changing marketplace by allowing you to reposition yourself according to customer needs and opportunities.

Let’s say that after doing research into what both external stakeholders like suppliers, partners, and potential customers think about your brand (past & present), you realized that it's time for a fresh start.

Example of Rebranding

Let's say you have a successful business that has been around for 20 years and is well-known by customers, clients, and partners. You've had some great ideas over time and implemented new marketing channels like social media along with changing your logo to fit the times.

But then a few years ago, you decided to add mobile apps and e-commerce features into your website that have been working well for customers who want convenience when buying from you online.

These days it seems everyone has an app or is selling products online in some way, which means more competition than ever for your company.

Rebranding can be the difference between retaining customers and losing them, attracting new ones or repelling them, driving sales up or down. It's also important in order to keep pace with changing landscapes including customer needs, competitors' moves, technology advancements, and more.

When is the time to rebrand?

You should consider brand repositioning if you feel that something is not working with your current identity or positioning.

Some signs are slumping sales, loss of top talent, dwindling profits despite strong revenue growth, and increased customer complaints about service quality. If this sounds familiar to what's going on in your company right now, you may need a rebrand.

1. Incomplete Brand Identity

When your brand is not clear, it's hard to know how you've been perceived by customers and others in your industry.

This can lead to a lack of differentiation from competitors as well as negative customer experiences that result in low-value perception or loss of customers altogether.

You must rebrand if your company's brand identity is not cohesive, which means there are gaps between what you say and do.

2. Not Appealing to the Customers

If you're not attracting new customers or retaining existing ones, it's time to rebrand.  Don't just rely on a good product because people buy into the brand identity and promise that products represent.

They need to believe in what your company stands for as well as how it fulfills its promises before they'll invest their money with you.

Your company’s brand identity needs to be communicated across all touchpoints—including your website, social media channels, and customer service.

Make sure that it's consistent from the beginning of a new relationship with customers until they become repeat buyers or even lifetime fans who recommend you to others in their networks.

3. Drastic shift in Company or Industry

If your company is going through a major shift in business model, technology platform, or market focus, you need to rebrand.

This could be the result of any number of factors like acquiring another company that offers similar products and services (and possibly complicating your brand identity) or deciding to pivot from one industry vertical into another.

If there is a shift in the business model, either to a new industry or in how you do things internally in your company (like going from selling products online only to opening brick and mortar stores), it's time for a rebrand.

4. Outgrown your current identity

If you've outgrown your current identity, it's time to rebrand. A good analogy is that of a teenager who has grown up faster than their peers and needs an update on how they are represented by others in the world around them.

It may be that the language or tone of voice used by your brand isn't appropriate for your audience anymore, or that you are no longer able to compete in the marketplace.

If your company is still growing at a rapid pace with solid growth numbers and prospects for more revenue in future years as well as an equally positive brand sentiment from customers, clients & partners then there may not be any need to go through rebranding yet.

5. Bad Press or Negative Feedback

If people in positions of influence (i.e., top talent like employees as well as customers) have been giving negative feedback about the current state of your brand, it's time to consider a rebrand.

The same thing goes if you are receiving negative press or reviews about your business's performance in the marketplace, especially online on social media platforms like Facebook and Twitter where customers can voice their opinions rather than simply writing a review.

6. A Change in Customer Demographics or Needs

Pivoting is an intentional change in business model, corporate strategy, and direction involving the realignment of resources to pursue new market opportunities.

It can also mean shifting away from what made you successful for a while (e.g., your old customers) into something that will continue to grow with the times and your business.

For example, if you've been in the automotive industry for a while and rebranded to offer complementary services like financing or insurance to boost sales of vehicles from certain dealerships, then it may be time to start offering other products or services that go beyond cars (e.g., home improvement).

Rebranding is not easy, but it can be very rewarding when done right. And if you're ready for a change that will help your business reach the next level of success and achieve its full potential, then rebranding may just be what's needed to get there.

How to rebrand your business

Rebranding is the process of reshaping how a company or product is perceived. A rebrand can include the reinvention of everything from a brand's name and tagline to its logo and visual identity to its website and marketing collateral.

The first step to rebrand is figuring out what exactly needs to change. After that, you can start laying the groundwork for your rebrand by getting buy-in from stakeholders and planning how you will communicate with customers about the changes before they actually happen.

You'll also want to define metrics for measuring success ahead of time so you know when it's time to move on from your rebrand and start working on the next big project.

Lastly, you'll need to follow through with your rebrand and stick around for a while. In short, investing in a good brand is an investment that pays off only when the business continues to invest in it as well.

What does a successful rebrand look like?

A successful rebrand is one that's thoughtfully considered, effectively implemented, and strategically communicated across all channels from your website down to individual pieces of content like blog posts or social media updates.

It is important to take the time to understand what customers and clients expect from your brand—and then exceed their expectations by delivering fully on this promise across everything that makes up how you are perceived.

If done well, a successful rebrand should result in increased revenue growth because it helps you optimize for success in key areas like customer acquisition & engagement as well as brand advocacy.

Conclusion

Rebranding is not easy, but it can be very rewarding when done right. And if you're ready for a change that will help your business reach the next level of success and achieve its full potential, then rebranding may just be what's needed to get there.

You must know when to rebrand and how to go about it effectively. Consider whether a rebrand is right for your business and follow these tips to ensure that you'll see the results of your efforts in no time.