When to Rebrand Your Company
Sometimes, you might consider rebranding to keep your company relevant to the market. Occasionally your customers and the society will have a change in tastes and preferences. This will need you to adapt to new changes. The rebranding will be a great solution during such a time.
Below are some of the times you should consider rebranding your company:
When your company’s mission has changed.
You find sometimes the company’s mission shifts or grows beyond the initial set goals. When this happens, the company needs to rebrand in order to align their brand to suit with their new mission and product offerings.
When you do not stand out from competitors.
It becomes difficult for customers to find you if you are in a market with companies that offer products that have messaging that is closely similar to your own. Changing the name of your product or repackaging could be a solution for you. This will help end the confusion customers get when searching for your website or e-commerce thus increasing traffic for you.
If the needs of your customers change.
This is mainly a result of technological innovation, which in turn changes the market habits. Change in market habits forces a business either to adapt or become irrelevant. Rebranding becomes a quick fix in times like this, the faster the company notices the change in customers’ needs and adapts to it, and the better it is for the company.
If you are struggling to raise your prices.
If the market price of your products or services seems to remain fixed despite the high cost of materials, it probably would be a good time for you are to rebrand. This will work wonders because customers have a perception for the brands they use. The rebranding will reshape how customers perceive you, thus makes it flexible for you to increase prices.
If your logo was designed a long time ago.
You could consider hiring new designers to look at your logo and see what ideas they have. This also helps you have a clearer view from the outside, to enable you to understand how others view you. Consider rebranding your logo and make it one that people find pleasing and easy to remember.
When you need to disassociate your brand from a negative image.
Thanks to social media, information spreads over like bushfire and especially negative information. This may lead to a high ranked brand ranked to zero in a matter of seconds. A simple and effective remedy for such a situation is to rebrand.
When you hire a new company boss or marketing head.
This may result in new rebranding strategies because of the objectives they may have for the company. Also maybe they have ideas of what changes would better improve their new place of work.
Your brand is the face and voice of your business. It is what customers think about when they hear your company’s name. Thus, close alignment of your brand identity and company is crucial.