Welcome to the topic “SIGNS IT’S TIME FOR YOU TO REBRAND.”
At some point, every brand has to redefine itself whether the brand is grown too big for its britches or became tragically unhip. The brand metrics bear out rebranding value as a long-term investment. This can infuse all your marketing efforts with relevance and vigor, separate you from others, enable you to reach new customers, and attract the top industry talent, thus allowing you to charge more for your products or services.
What is rebranding?
Rebranding is known to be the process of upgrading your company’s corporate image, usually to establish a new identity to the customers, stakeholders, competitors, and investors. A rebrand overhauls your existing brand entirely and replaces it with something more enticing, modern, and worthy of a higher price tag.
Rebranding typically includes a new logo, name, brand style, a redesigned website, a new company slogan, voice and tone, and a cultural overhaul. The degree of change involved mainly depends on the catalyst behind transformation and what you are hoping to accomplish.
Signs that your brand is ready for an update
There is no doubt that rebranding requires a significant amount of energy, time, prior planning, and strategy. If it is done well, it can be beneficial for you to accomplish your ambitious business goals. The following are a few signs that show you are ready to rebrand your business.
Brand name no longer reflects the brand vision
It happens quite naturally that what seemed like a great name in the past is no longer representing now what your brand is about. Sometimes the changes that happen in cultural context can change the meaning of the whole brand name.
We also see that there are times when the name outgrows, and it’s welcomed. Whatever the reason is, you have to make sure that you never let your brand name drag on your brand itself.
You cannot differentiate yourself from the competition
Branding is basically all about competitive differentiation. If you have started to feel that your brand is lost in the sea of marketplace sameness, then it is necessary that you rock the boat a little.
When you reposition your brand and capitalize on your unique value prepositions, your brand could become exponentially more visible to your customers, searching for their unique solutions.
Your brand has become overly complicated
If your brand messaging and design are confusing, then it is evident that your business has become an assortment of the offerings that have no unifying brand narrative. If your messaging tends to make your audience glaze over, then it is the right time to take a step back to simplify things and focus.
When it is about branding, increased complexity means decreased cohesiveness. Rebranding is considered the best possible way to remedy this particular problem.
Your business strategy has changed
Sometimes the strategic objectives on which a business is started do not remain its same goals five years down the road. Whether these are the unforeseen market opportunities or the changes in technology, business models tend to change.
Your brand must change with the change in your business. The way the people perceive your company it has served must always align with how it happens to operate behind the scenes.
You have outgrown your brand
One of the various problems that you have when it comes to business changes is scaling. If your business outgrows your current brand, or you would like to account for sudden and unexpected gains, this means that you have to consider a rebranding. To compete at a higher level with the higher-tier brands, typically, it becomes quite necessary to leave them behind the old brand.
You are struggling to raise prices
If your particular product or service’s market price seems hopelessly fixed to you, then despite the rising costs of materials, you should be doing something that you can about it. As a brand ultimately boils down to the customer perception, then the value of your offerings entrenched in the minds of the ones that you serve. Rebranding helps you reshape how your customers perceive you and raise the asking price of your products and services accordingly.
Rebranding is not something that your business can do in a week or a month. In most cases, thorough rebranding takes a lot more time, but the results of all these efforts are well worth the investment. When you overhaul your brand, you prepare your organization for the next and the most successful chapter.
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Also Read: PLACES TO USE YOUR NEW LOGO DESIGN