If you’ve been thinking about rebranding your business, you’re not alone. A lot of business owners are opting for a rebrand in today’s economy, whether it’s to create a new visual identity, craft a brand story, or update a website or mobile app. But is it the right move for you? Here are five reasons to consider a rebranding strategy for your business.
1. Your brand is no longer resonating with your target audience
Over time, your customers and client base may change as a result of evolving needs, lifestyle changes, and external demands. When this happens, you may need to adjust your branding efforts to reach them in new and innovative ways, especially if you’ve noticed a decline in overall engagement. Conduct an analysis to determine what changes are needed and how you can improve your connections with your target customers.
Example: Burger King recently shifted to a more natural, minimalistic brand identity to match its commitment to use natural ingredients in its food products.
2. You’ve changed your business model or focus
If your business model, services, or product offerings have changed significantly since the initial launch of your business, a rebrand may be necessary to help capture and tell the story of those changes, how they impact customers, and help target the new customer base you’re trying to reach. Sometimes this requires a complete relauch with a new name. As such, a new brand name and strategy can help establish a new chapter in your business, paving the way for more opportunities to grow and evolve.
Example: SurveyMonkey is now Momentive. Facebook is now Meta.
3. Your competitors have updated their branding and you feel left behind
One key goal that every business shares is to effectively stand out against the competition and branding is one of the tools used to differentiate them within the marketplace. Sometimes industries change as a result of new innovation, the entry of new competitors, and technology. A rebrand can help your business remain competitive as the landscape evolves over time.
4. You want to appear more up-to-date and modern
Most companies eventually see a need to update their branding as styles change. Long lasting brands have to adapt in order to remain relevant with their target customers. While brands should not aim to follow every new trend that hits the market, they must modernize their identity and messaging to attract new customers and grow with current ones.
Example: The Pfizer logo has been modernized over the history of its existence to adjust to new eras and innovations in technology.
5. You’re not getting the results you want from your current branding strategy
The last consideration we recommend is based on the results from your current branding strategy. If your business just isn’t getting the results you’d like and you’ve evaluated your service, pricing, customer base, and other factors that could be contributing, then perhaps a new branding strategy could help re-energize your company or re-engage your customers. As a rule of thumb, regularly evaluate your branding strategy to ensure you’re hitting the business targets you’ve set.
If any of the reasons we just discussed resonate with where your business is currently, it may be time to consider a rebrand. One additional thing to remember is that with any business strategy, patience and time are key. If a rebrand is implemented, allow it time to mature and connect with your target audience.