Every business is unique and every business problem is unique. Even the best brands need a makeover from time to time, and at some point during the life of your company, there will be a need to rebrand. Rebranding can be a daunting prospect and not something to be considered lightly. But the rewards of a successful rebrand are immeasurable and make an outdated company shine under a brand new light.
The question is: when is the best time?
Your reputation has soured
If your brand has garnered a bad reputation, it’s having a major impact on your results. Rebranding mends or reverses negative associations with the former brand, but understand that simply changing your name and identity will not be enough—rebranding is an internal exercise as much as an external one. Unless the change is made and felt throughout, the reversal will be minimal.
Your stakeholders are not aligned
Rebranding is a daunting task. Too many legacy stakeholders with too much involvement are usually too close to the day-to-day. They cannot stand back and take an objective look at the goals and audience perceptions. Hiring an objective, strategic branding agency will prevent this problem.
You have a new CEO
Change in business is inevitable. A new CEO can shake up an organization and undoubtedly influence the course a business takes. They may evaluate the current culture, assess the assets, and likely prioritize the brand of the organization. A new CEO marks a significant change in the trajectory of a company, and a new brand initiative should be considered.
Your image is outdated
One of the most common reasons for undergoing a rebrand is modernization. Over time, brands come across as old-fashioned and even out of touch with current consumers. In order to present your business capabilities as being “with the times,” rebranding your identity and collateral to match a more contemporary aesthetic is a good move forward.
What worked in the past is failing you in the present
A drop in sales or inbound leads could mean your customers no longer identify with your brand. Old Spice was once considered the cologne of old and out-of-touch men. But when Weiden and Kennedy came in to rebrand them for a new audience, the result was a domination of the competition and sales quadrupled for OldSpice’s new products. Considering a rebrand may be the right step for a business to remain relevant. Don’t be intimidated. Instead, embark on the adventure.
Your brand is less relevant because your customer’s needs have changed
Over time, even once considered brand loyalists can shift in their priorities and seek changes in products. When what you do no longer fits with what your audience wants—it’s time to consider rebranding to become a more relevant fit. Depending on your target demographics, finding the right agency partner is key. Don’t hire an agency that has all the answers; instead, choose the agency that asks the right questions and knows how to reach your audience with authenticity and relevance. The right firm will bring fresh insights and continually represent the customer’s perspective.
Your brand needs more components to operate holistically
For a long time, for most small businesses, a corporate identity consisted of just a logo, a color palette and preferred type options. But in order to accurately and successfully communicate your brand, you need more elements. Photographic styles, visual language (think patterns, icons, illustrations), a secondary color palette and even written styles (casual, formal, etc.), present your brand with more nuance and uniformity. The development of an organization’s brand must be comprehensive, unique and recognizable.
The market is evolving faster than you are
Sometimes, changes in the marketplace threaten the existence of older brands. The adoption of digital in particular is making it obvious and certain for some industries and businesses to reinvent themselves. Sometimes you don’t need to completely rebrand as much as just refresh your brand to keep up with a constantly evolving market. Starbucks is a prime example of an industry that was an early disruptor, yet continues to evolve its brand to keep up with an increasingly competitive space and more sophisticated customer.
You’re not attracting top talent to your business
Apple is ranked as one of the most admired companies. Why? Because people connect with their brand on an emotional level. Enough so that people work tirelessly to get hired there. Good branding attracts potential employees to a company and has a tremendous impact on the health and well being of a business in the long term. Rebranding your business not only sets you apart from competitors vying for the same talent pool, but also reinvigorates work culture that is lagging due to low morale.
Your brand no longer aligns with your vision
A company vision should be aspirational, but sometimes, a brand no longer matches the vision that the company is striving toward. A rebrand promotes growth, both internally and externally. Without it, a business has the opposite of vision: it moves without purpose and feels uninspired. In order to realign your vision, bring branding to the forefront. The Catholic Schools in the Archdiocese of Louisville needed a new brand to unify their independent schools under one vision of community education. A rebrand fueled success in bringing the schools together and reversed enrollment decline.
Rebranding is not for the weak-willed. It takes tenacity and a true vision for where you want your company to go. Branding is a long-term effort that never ends and should be reevaluated and scrutinized at every opportunity. As brand and identity experts, we uncover the authenticity of your brand and take it to the next level.
Contact us today for a complimentary brand evaluation.