Your brand is crucial to the success of your business and when you get it right, your business will go from strength to strength. However, there may come a time when you are unsure whether a rebranding is right for your business. With that in mind, what are the reasons for rebranding?
The business changes position in the market
If the business has been known for selling or producing a certain product for some time, then it will already have a respected brand that has been built up over time. However, if sales have dropped and things are not working out, it might mean that the business has to take a different approach and begin offering different products. This might leave you wondering whether you need to rebrand or not
In this position, it would be likely that a rebranding would be required. This would begin with a change in the logo and the tagline all the way through to the design of the website and the marketing strategy you use. What might have worked for one type of audience will not necessarily work for another audience.
The idea behind your branding is that it should showcase your values as well as your identity.
The business is going global
If you own a business that operates in a local market then there is every chance that rebranding will be required when your business goes global. A business might have a local name or slogan that simply does not work in a wider, international market and so, it will not fit. In an example such as this, the business will need to be completely rebranded and that means changing the visual image, the core values as well as the message that it sends out to a global market.
A negative brand reputation
Often, a brand can have a negative reputation and so, that can severely impact the business. Therefore, a rebrand can improve or completely remove the negativity that surrounds the brand and can give a business the chance to rebuild itself and its brand.
An evolving company
Over time, businesses and brands change and evolve. They may reach out to a new market and so, they need to adapt the way in which they send messages to these new markets. A small business, for example, will grow and mature and so, the identity that it has may no longer be sufficient for the direction that the business is heading.
The brand is not easily identifiable
It can prove difficult for businesses to stand out from a crowd of competitors. This can often be true with new businesses that intend to create a business plan and marketing strategy that helps the brand get noticed. However, this is not always the case. Often, business owners can make errors and misjudgements, which means that they have to go back to the drawing board and go through a rebranding in order to be noticed.
The brand doesn’t attract the best talent
It is not just customers that buy into a brand because the top talent will also believe in that brand. The brand has to be attractive to the top talent and if it is not, then a rebranding might be the right decision. However, the name of the brand that is crucial at this point. The identity, as well as the visual image and the way in which the values of the business are conveyed to the world, is of huge importance to those individuals who you want working for your business.
Leadership can change
Small businesses and companies that are held privately are often tied to someone who leads the business. This person is often the one who owns the business.
However, as time passes, the owner might decide that they want someone else to take over and run the business or the owner might even pass away. Whatever the case might be, if the business is taken over by a new leader, then they may choose to make some changes and go through a rebranding in order to take the business into a new era.
Is it time for your business to rebrand?
When someone starts a business, rebranding is more than likely one of the last things on their mind. However, markets change, customers change and many other things change and so, rebranding is often the best option in order to help the business to grow and evolve.
A rebranding can take a number of different forms but identifying the best way of rebranding for your business can help it to make strides in the right direction.
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