If you want your company to stand the test of time, chances are you’ll have to rebrand it at some point. The industry changes, your offering may change, your customers may change, so you have to be willing to adapt. Rebranding isn’t as scary as it seems, and if it’s a carefully thought-through strategy then most of the time it’s a wise move which promotes business growth.
First of all, it’s important to know that there are different types of rebranding and you don’t always have to change EVERYTHING. For example, you might want to keep the business name but your brand vision and goals have evolved. Alternatively, you might feel the urge to completely change your logo design, slogan and other branding, but there’s no major change in business name or products.
If you want to reach out to new international markets or completely change direction, then a rebrand is often necessary. Sometimes there are warning signs that a company needs to change and evolve, but these can go ignored for years. Here are three major indicators that it’s time to refresh your brand, and if you recognise any then it’s time to take action.
1. Your name doesn’t fit anymore
Nobody can predict the future, so perhaps at the start of the business when you chose your name, you picked something which is no longer suitable. If you’re reaching out into new international markets, the brand name may already be taken or worse – it could have negative cultural associations. You might have chosen a local name which doesn’t really resonate with customers on the other side of the country. Maybe the business name is very product-orientated and you might not want to single out one product now that you sell a wider range. If you think your name doesn’t fit the business anymore, then it’s time to choose a new name and decide if anything else needs to change too.
2. You don’t attract top talent
A brand strategy is twofold; it can help attract customers but it also attracts employees. Often it is the personality and essence of the company which persuades people to apply for a job – the brand. If you feel like the vacant positions aren’t attracting the top talent, then you should ask yourself why. What are other businesses doing differently in their branding to make people want to work for them?
3. You need to target a new demographic
A business can grow in many ways, not just geographically. If your company needs to appeal to a new demographic then it may be worth rebranding. Conduct an audit on your brand and see what kind of customer it’s targeting – if it’s the wrong demographic, then it’s time for a refresh.
Where to go from here? Contact a branding or design agency to work towards a fresh image.