Branding is critical to business. It is your identity, sets you apart from the competition and presents a memorable impression. This recognition increases company value, provides insight, sets expectations, and makes acquiring new customers easier.
But as the years go by, design trends change, and if your branding doesn’t keep up, you may start to lose customers. Even the most successful businesses need to rebrand at some point, but it’s not a decision to make lightly. After all, rebranding is an investment of both time and resources.
In this post, I’ll explain what a rebrand is, why a rebrand is so important for your business, and some of the top signs it’s time to rebrand.
What is a rebrand?
A rebrand is the process of changing a company or organizations initial brand. It can be as subtle as making small updates to your logo, color palette and fonts. It can also include extensive changes, such as completely new logo design or even a company name change. The level of rebranding needed will depend on a lot of factors, such as how long it’s been since the brand was last updated or the reason behind the rebranding in the first place.
Why rebrand?
Companies evolve, and often, to stay competitive, they must evolve their brand and branding. Even the most successful and big-name brands such as Pepsi, Nike, and Burger King update their brand on a regular basis in order to stay relevant.
Rebranding helps to ensure that your brand remains strong: that it has a consistent and recognizable identity. A strong brand makes it more likely your customers will choose your product or service over the competition. Strong brands attract more customers, at a lower cost per acquisition, who are willing to pay more, and will buy more often.
So now that you know what a rebrand is, and why it’s important, when do you know the time is right? Let’s go over the biggest signs.
Signs that it’s time for a rebrand:
1. The style is outdated.
Unfortunately, even the strongest brands have a shelf life. Markets evolve, the priorities of customers change, and design trends come and go. And so, a brand is generally only fresh and relevant for five to ten years.
If it’s been a long time since your brand has been refreshed, or if your logo has more in common with logos from decades past rather than modern logos, it might be time for a consultation with a designer.
2. You want to target a more specific audience
Trying to market to everyone is the perfect way to fail. Similarly, if your brand isn’t speaking directly to your target audience, then you also risk failing. In such cases, you need to rebrand to ensure that your brand identity resonates with your audience.
Rebrands done to target a specific audience often turn a neutral-looking brand into something a lot more evocative and relatable, making it easier to effectively communicate your value proposition to your target audience.
3. You’re struggling to stand out from the competition
Another way to know when to rebrand is when your brand starts looking like every other brand. Branding is all about competitive differentiation. Competitive differentiation is how a company’s product or service is distinct from what its competitors offer.
A strong brand will involve a design that is themed appropriately for the target audience, while including unique elements like creative typography or an appealing, memorable logo. You don’t want to stick out like a sore thumb: you want to stand out in the crowd.
4. Your business model or strategy has changed
You can’t always predict the outside forces that will compel changes to your business. But when your business model or strategy changes, so must your brand. The way your company is perceived by those it serves should always align with the way it operates and what it offers.
Any extensive rebrand should begin with solidifying your company’s purpose, vision, mission, and values. If your brand doesn’t reflect the focus or strategic direction of your business, rebranding your company is critical. You don’t want to send mixed messages about who you are or what you do to your target audience.
5. You just don’t like your current brand style
If you feel like your website needs a “New website coming soon!” disclaimer, or you cringe when you go to give someone your business card it might be time for a rebrand. Your brand is your professional identity, and it should never make you feel embarrassed.
Sometimes all it takes is a simple palette change, an updated logo, or a different font choice to make a difference in how you perceive your brand. But if you’re unhappy with your current brand it’s always worth a consultation to chat with a professional about your options.
Now that you’ve considered these factors that signal it’s time to rebrand your business, remember to keep them in mind and stay conscious of your brand moving forward. Rebranding can be difficult for your business, but it’s worth the effort when done correctly.
And if you find yourself wondering if it’s the right time for your business to rebrand, get in touch for a free consultation here. I specialize in brand development/rebranding and would love to help!