Every brand is born with a clean slate. It also has a unique set of strengths, weaknesses, and opportunities. Over time, however, the clean slate gets crowded with all kinds of marks: some of them intentional—like logos and color schemes—and others accidental—like customer confusion and missed opportunities. Here are common warning signs that it’s time to give your brand a fresh start:
- Your vision has changed and your brand name no longer reflects that.
One of the main reasons for a rebrand is when the company's vision changes dramatically from when the company was first launched. The brand name needs to be updated to reflect this shift in focus so current and potential customers see the new purpose of your business. For example, if you're launching a new fitness program you might have previously branded yourself as "John Doe's Gym" but now you want to launch a series of books on healthy living called "John Doe's Fitness Books". As you can imagine this change in focus will need to be reflected in all aspects of the business such as products, the website, and social media channels. If you choose a name that reflects your business and its values, you're more likely to attract and retain customers who align with your brand.
- You are reluctant to give people your business card or website address.
When you are reluctant to give people your business card or website address, then it is a sign that the name does not reflect what you do. If it's confusing, why would someone want to do business with you? The first step is to identify what you don't like about your current brand. Once you've identified what isn't working, think about what does work in your business and start building from there. You can also ask friends and family for honest feedback about the current look of your business card and website. Don't take their criticism personally; chances are they are just trying to help!
- You need to distinguish yourself from your competitors.
If you are failing to differentiate yourself from the competition, it might be time to rebrand. In order to truly understand your customer and how you can best serve them, you need to do some serious digging. The first thing you need to do is ask yourself: What do I want my customers to think of when they hear my company name? Do I want them to think about our products or our services? Or maybe I want them thinking about both! When you know what you want your customer to think about when they hear your company name, it will be easier for you to create messaging and branding around it.
- You made a change to your business model.
If your business model or strategy has changed and you are no longer the same company (or even in the same industry) that you were when you first built your brand, you may want to consider rebranding. Trying to explain a new business, product, or service under your original name can be confusing for customers, who may think you are something that you're not. Rebranding also allows you to more accurately reflect the values of your new business and provides an opportunity to reposition yourself in the market.
- You have outgrown your brand.
If you have outgrown your brand, then it is time to rebrand. When a brand no longer represents the values of a company, rebranding will allow the business to start fresh and reconnect with its consumer base. As simple as this may sound, the reality is that businesses often do not realize they need to rebrand until they are faced with an issue that requires them to do so. This can be due to a product recall or even an inability for customers to identify with the company’s current branding. Once businesses begin to realize their brand has become less than effective, they must act quickly to rebrand before their business is affected by any negative issues that may arise as a result of outdated branding.
- You might want to distance your brand from negative perceptions.
If you have a brand that has negative connotations in the public eye, you might want to consider rebranding. For example, if your brand name is associated with something that is not socially acceptable, or that may garner negative attention for your business, it is time to rebrand. A rebranding gives you the chance to change everything about how you are perceived by your target market. It also allows you to engage in more effective marketing strategies because you will not be held back by old perceptions. And even though rebranding is costly, it will be worth it in the end when potential customers see your new logo and can associate it with a positive image.
- You’re having a hard time figuring out how to raise your prices.
As time goes on, a lot of businesses realize that they need to change how they do things. The most important reason to rebrand is that you are struggling to raise your prices, especially if that means not being able to increase your income. If your services are worth $10 an hour and you can only charge $5 an hour, it is unlikely that they will stay at $10 an hour for long even if you are not willing or able to raise them. If you don’t have the capital, then you might need to turn down certain clients who are looking for cheap options. Do this before your business starts suffering from poor profits and you start losing customers as a result.
If you’re dragging your feet on accepting the fact that it’s time for a rebrand, then hopefully this blog gives you some inspiration and motivation. While rebranding can be a significant undertaking, it’s not something that you need to try to complete quickly. If you’re able to implement one step at a time, then it shouldn’t take much more than about a year to finish the transition. And if you truly take your time with it, then there’s a good chance that you may even enjoy what comes out in the end.