Rebranding a company – when is it needed?
These days, businesses can’t afford to stagnate. Technology moves fast, the competition pool is expanding, and social media has brought a new wave of interest and possibilities. If your brand can no longer keep up with the times then it might be worth considering making some changes.
Rebranding a company can be either a blessing or a curse, depending on how you approach it. Firstly, you have to understand the concept of rebranding. Just changing the name or logo of your business without re-evaluating your products and services won’t work, it will confuse customers. You have to consider your entire brand purpose when looking into rebranding a company. But how do you know if you need to rebrand at all?
Know the signs
Several important things to consider when deciding to rebrand are relevance, unique selling propositions, brand awareness, personality, and market accessibility. Can you improve these areas, and if so, would that in turn improve your relationship with your customers?
If you’ve seen recently that competition is cropping up everywhere offering similar services to you and they’re starting to cut into your market share, it’s time to start looking at rebranding and evaluating your product and service offerings. How can you differentiate yourselves again from the newest competition?
If your customer base is decreasing or stagnating, a clever rebrand can bring in new demographics of customers. This can keep your current customers loyal, and pique their interest with a new wave of services.
Keep ahead of the game
You should try to be the face of innovation in your field. Showing your commitment to keeping ahead of the game will keep your customers coming back to you, especially in this technological age. You don’t want to give the impression that you’re resting on your laurels, especially if competitors are moving forward in this area. Gaining a loyal customer base is something that you should strive for, but keeping that loyalty should also be a top focus. Sometimes rebranding is the best way to do this.
If your brand is quite limiting in its concept, and is preventing you from diversifying into other areas, a rebrand is something you should seriously consider. Consider your logo, your company name; are they malleable, or do they pigeonhole you?
Rebranding your business can be tricky, but it can bring a wealth of benefits; it’s not a decision to be taken lightly and it can’t be done overnight. If you think your business does need to rebrand, then why not contact us and see how we can help you.