The choice to rebrand your business does not come easy and involves a lot of thought and planning, hard work, and financial backing to pull off. Rebranding may be an evolution of your brand, or a full-fledged change of brand identity. However, brands should not be hesitant to undergo a rebranding, as many of the world’s biggest brands have also gone through rebranding over the years. The bottom line is that your rebranding must be able to enhance how your customers view your business and, as a result, generate more sales and interest.
Here are some reasons why you might want to think of rebranding your business:
Your business has developed and grown
Many businesses that have been in the market for 2-3 years or more realize the need to rebrand. Many of these look for a marketing or web design agency that can help them with this. This happens because when these businesses may have started operations they did not have a clear idea of how to brand themselves and may have used cheap and free methods to create brand logos and designs. However, after a few years in business, owners may have a better idea of what their business stands for and what its personality is. At that moment in time, it may be a good time to develop a brand image and personality that can give meaning to their business and helps them attract customers.
The brand look is out of date
You may have designed your brand image based on the current trends and fashion when you started, but trends are quick to go out of style. As a result, a design that looked good 2 to 5 years ago may look outdated now. It would be too costly to change your brand image every season, so a timeless design and an image need to be adopted. It may be that your company has introduced new products and services that your old image does not represent now, or it may be that your logo looks old or outdated, or you could be targeting a new audience now and you need to revamp your image to appeal to them. In all these cases, it may be worth it to invest your time and efforts towards rebranding and hire the services of graphics design firms to help you craft a new brand image.
Another reason businesses may want to rebrand themselves is if they are hit with a bad reputation. If customers start seeing the brand as harmful or bad, it can cause the business to burn out completely. Rebranding can help with giving it a fresh look and perception. Bad publicity may cause companies to rebrand, but it is better to rebrand than stick with the same brand message. If you show your customers that you are willing to change, it humanizes the brand, and people are more forgiving as a result.
Merger, acquisitions, or demergers
Companies tend to undergo a complete rebrand when they merge with another company. This is because the newly merged business needs to form its own identity in front of its different audiences. These audiences include employees, stakeholders, and customers. As a result, the business may need an immediate rebrand to make the organizational change visible and to comply with legal requirements.
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Entering new markets
As a business grows, it may look towards acquiring new markets and target audiences. Businesses now have multiple target audiences and to attract these new markets, the business needs to see how it is positioning itself to them. The business owner must reassess the perception and message of the company, and make it relevant to the new market. When entering new markets companies must be able to reflect on current market dynamics to gain an advantage, express the company’s evolution and show that they have improved, and stimulate market growth by improving on the brand.
Legal issues may also cause a business to feel the need to rebrand. The most common one in these is the problem of trademarks. Similar sounding names or logos may cause your business to end up in a lawsuit, and also cause your business to seem uninventive, which may be bad for your business. This is why it is very important to conduct extensive research on trademarks and acquire trademark rights for your brand name before you start your business.
Developing a corporate identity
Companies may also have an incomplete corporate identity, for which they may choose to rebrand. Selecting a few basic elements of design is not enough to have a corporate identity. Corporate identities need to be consistent in their fonts, logos, color palette, and imagery to give a more professional look and feel to their brand.
Acquiring and Developing new brands
Businesses may acquire new brands or create new brands and choose to develop them. As a result, their product portfolio expands and becomes more diverse, and the current branding may be too limited for new brands. As a result, companies may rebrand themselves to fit in all the brands under one parent company, as it is more expensive to promote and maintain multiple different brands together.
Renew the brand
To make your brand seem fresh and new, a rebrand may be necessary. Most companies tend to consider rebranding after they have had the same image for 2 to 3 years, but companies should not exceed the 10-year mark before rebranding. In this case, a rebrand can help give a new life to a well-known brand or refresh it. In this way, the brand shows that it is relevant and is ready to adapt to new changes.
Due to technology and innovation, many business models have undergone drastic changes. A business that is using outdated technology is not likely to last long in this time when being adaptable is the need of the hour. Businesses may have to make changes accordingly and rebrand to keep themselves relevant in this ever-changing world.