Every business should be looking out for opportunities to rebrand. The successful brands you see around are as a result of great branding efforts. Did you know that Coca Cola has gone through over 50 rebrands since its inception? And we can all agree that it is one of the most memorable and prosperous companies out there. Think about any other big brand. They definitely have undertaken rebranding to reach where they are.
Rebranding has a long-term impact on your investment. It can revamp your marketing efforts, help separate you from the crowd, help you charge more, plus attract audiences and talent. Identifying when to rebrand can be difficult but here are the signs you should look out for to contact a branding firm.
The Current Branding Doesn’t Reflect the Vision
The name, theme, and logo of your business could have been the greatest idea ten years ago but might not reflect what you stand for today. Some of these changes result from shifts in culture and outgrowing the initial vision. It is important for your branding to represent your dream. Change it to suit the current business vision.
You Have a New Audience
With time you will expand your business and offer products in various packages for different audiences. Perhaps part of your initial audience might have dwindled over time, you want to reach out more to a particular group of people, or your company has gone through a negative scandal and want to appeal to a new customer base, rebranding is what to do.
Competitors Look Better
When you started your business, maybe no one else was operating a similar one around. In response, your consumers did not care much about branding. But recently the competition is stiff and your competitors are representing their products in the best light possible. This stand of things is a warning of losing your audience but also an opportunity to rebrand to add flair and value to your company.
You Want to Influence Your Team
Rebranding does not the only impact customer choices, but also your team. Your staff also stands to benefit when you change the philosophies, management, and offerings. They get a new view and motivation to conduct their duties and know better ways to represent the company.
New Clients are not Forthcoming
When you don’t seem to acquire new clients, it is one of the top indicators that you need rebranding. Even worse, you might be losing the existing clientele. The probable reason behind this drop could be that you are irrelevant or outdated. If you ignore rebranding, then there are chances that everyone will ignore your business. Rebranding can help you retain your current audience and gain new ones.
You Are Changing the Business Model
How your customers and staff perceive you should be the same way the company operates behind the scenes. When you change the model of the business, you need to rebrand as well. Taking advantage of the industry opportunities might mean adopting new tools and technology, thus demanding a rebrand.
If you see any of these signs, it is an opportunity to call a branding agency and share your vision. By the end of the day, your investment in rebranding will pay off multiple times.