Is it time for a rebrand in 2021?Posted on: December 15, 2020 4:31 pm
Rebranding your business can be a tough decision.
It’s a little bit like when your favourite item of clothing becomes too tight or worn out. You know it’s time for an upgrade, but nostalgia makes it difficult to make the change. Furthermore, if you spend every waking hour managing the day to day aspects of running your business, it’s easy to miss that its time to shake things up.
Rebranding your business at the right time can breathe new life into your marketing, help you to reconnect with lapsed customers and widen your base to reach whole new market segments. Launching a rebrand when it is not necessary, however, can be very expensive and may actually have a negative impact on your marketing and sales.
It is, therefore, important to consider your move carefully and make sure that you launch a rebranding campaign at the right time. Here are some key signs it may be time to rebrand your business;
1. You Aren’t Attracting the Correct Market
If you started your business in the correct way, chances are you were targeting a very specific target market at the start. However, you may have found that this market wasn’t as interested in your products as you thought. Maybe they are, but your price point is wrong for them. Maybe your idea of this target market was too broad, and you actually need to target one of several sub-markets that you are now much more aware of.
Rebranding can be a great way to either increase your brand’s appeal with your original target market, or to change your brand’s identity and target an entirely new one
2. Your Company Feels Stuck and You’re No Longer Excited By It
This is more of a personal point than a business one, but if you don’t feel proud of your business when talking about it to others, or you don’t feel motivated to keep growing it, it may not quite be the right kind of business for you.
This is more important than you might think – you need to be motivated and passionate to do your best work.
If it is possible to rebrand your company to something that will make you excited again, this is one of the most important things you can do – and who knows, it might have the same result for your customers!
3. To Represent a Change of Ownership or Merger
If you have purchased a business from somebody else, then rebranding it to suit your own goals can be a great way to take ownership and align the business with your own goals for it. Equally, in the case of a merger, the goals and objectives of the newly created entity can be quite different from your original targets.A rebranding can represent this change in direction and help get across the message of what your business can offer.
4. The Business is Becoming Unfocused
Maybe scope creep has you offering more for your clients and customers than you originally intended. Maybe you’ve invested in too many different areas and the company’s focus is no longer as narrow as it should be.
You could even be losing sight of the original aims you had when creating the business. This is all too common in business, especially as companies begin to scale and grow. In the busy day-to-day grind of running a business, combined with the pressures of a competitive marketplace, it is easy for your focus to shift so that you suddenly find yourself focusing on services and goals that are completely different from your original intentions.
As you start the rebranding process, begin by returning to your business’ original mission, vision and core goals. Build your new brand strategy so that it is completely instep with these elements and will position your perfectly to meet your goals.
5. The Marketplace has Evolved
Some industries stay the same forever, whereas others are in a constant state of change. Competition can also drive changes in the marketplace and force you to react.
If you feel like customers are looking for something slightly different to what they were when you first began operating, it may be time for a change.
Similarly, if competitors have begun to offer unique propositions that are getting the attention of your target market, it might be time to respond with your own new offerings.
Regular rebranding is a crucial part of staying competitive and appealing in a competitive and changing industry.
6. You Don’t Stand Out Enough
This can be a big problem – if your branding is too similar to your competition, it needs to be adapted to allow you to stand out from the competition and grab your customers’ attention. It may be that competition has grown and developed significantly since your business started, or it could just be that you didn’t give branding as much thought as it deserved.
Either way, blending in with your competition is a strong sign that it is time to rebrand your business. Look for a way to appeal to your ideal customers while being authentic to your brand’s identity and values.
It is important to find a way to differentiate your business from your competitors while not losing sight of who you are. Don’t try to make your business stand out by pretending to be something you are not. Instead, think about your unique selling points (USPs). What are the products or services you offer that your competitors do not? What makes you different from them?
The answers to these questions should form the basis of your rebranding.