How Do You Know It is Time to Rebrand?
It can be risky. It can be expensive in time and money. It can boost your business to heights unimagined. It can flop spectacularly.
How do you know it is time to rebrand?
Here are some business situations that may arise that suggest the time for rebranding has arrived.
You aren’t attracting the customers you need or expect.
You think your audience should be younger, hipper, more millennial, but all you see are seniors. That’s fine if that mature market demographic is driving growth at your enterprise that meets your projections. Maybe you just don’t understand your product’s appeal. Maybe you don’t have the right product, period.
But whether your enterprise is in decline, delivering flat sales or simply growing at a rate below your expectations, you may not be attracting the right audience. Who is your target? What message are you aiming at them? Now’s the time for some soul-searching, bolstered by significant research, to see how to tap into a new demographic.
Your focus has changed.
You launched your brand with a commitment to market a particular product or service that was the core of your business. But your product offerings changed.
Say you built the best brick homes in the market. Nobody could hold a candle to your skilled craftsmen and women. Business was growing steadily. Brick homes were hot.
Some customers asked you to build wood homes, too. You added workers, took on new projects and sales for wood homes picked up. You know you can do better, but your “Ben’s Brick Homes” brand is a drag on your company. It is holding you back. You’ve changed. Your target market has changed. The time may be right for a brand overhaul.
The market shifted.
Tastes change. Competitors keep coming after you. Technology renders your product less valuable. Prices increase and you can’t afford to produce your goods with the same quality. As you work to differentiate yourself, you may have to change your product mix to stay relevant. When you do, you need to reintroduce yourself to your customers and tell them that you still have what they really need.
You look old.
It is no crime to mature and grow old. But you don’t have to look old. Perhaps your product line hasn’t changed and you’ve maintained a good customer base across the years. Step back, look in the mirror and see what you might do to refresh your look. Don’t promise “New and Improved” if you’re not. But see if you can spiff things up, refresh your brand and show customers that you are just as relevant as ever.
A bonus tip: Create a realistic plan, one with a realistic budget.
So, you want to change your logo. Organizations love to create or redesign their logos. The process can be enlightening, retrospective, inspirational and aspirational. But, this reality check: Don’t underestimate the costs of a rebranding.
In addition to supporting the research-development-execution process, you’ll need new signage, print materials, website design, social media presentation, and on and on. Anything associated with your brand will have to change. That’s exciting! And that can be expensive!
Oh, don’t forget to budget for the launch party! Everyone loves a launch party!