Is It Time for a Rebrand?
You are what you brand; or it should be. A brand isn’t just a statement, it’s the connection between the story, the vision, and the overall ideals of a company. Think about it... are you inspired by your own brand or does it feel stale and overused? You know your target market better than anyone else, because you have created a product or service that others can relate to. When your brand doesn’t provide the value that it used to, it’s time for a rebrand!
Rebranding sounds a bit intimidating, I’m sure. Let’s get to the nitty gritty of what rebranding is and when your time has come to change your current ways.
Change is inevitable. Are you the same person that you were when you were younger? Probably not. The one aspect of yourself that shouldn’t change is the core characteristics that makes you YOU. It’s the same for a brand. Companies experience similar changes, ranging from new objectives, a business model transformation, an organizational structure reconfiguration, etc. If your company is experiencing a branding crisis, ask yourself if your goals from within are transferring to your overarching goals as a company.
A brand is stimulated by engagement, visibility, and awareness. However, times are consistently changing, and branding must follow suit with the upcoming trends of today and tomorrow. Before we get into the when, let’s dive deeper into the why. Have people lost interest? Have you lost sight of your own key performance indicators (KPI)? Know what individuals are seeking, and become familiar with the customer sentiment that follows.
Out with the old; in with the new. Even if you were the pioneer of the industry, you will lose brand equity if you become disconnected from your current market. Recognize if your current campaign strategy is steering you away from your desirable audience.
Rebranding is necessary when your messaging has lost its purpose or value. Remind yourself that your overall message should be educational, inspirational or entertaining, while connecting to the right audience. It’s better to adapt to new ways, then to become complacent with your current approach.
The dreaded conversation always goes back to budget. A marketing budget is very much interconnected with rebranding, as it sets a precedence for the year. Many rebrand when there is a greater marketing budget to work off of. If you’ve outgrown your current brand strategy on a local scale, it’s time to reallocate your time and money to expanding the brand on a regional, national or global level. Whether you are retargeting your current audience, changing your brand line, or adding a brand extension, establish a rebrand that reflects your new vision.
Reputation is everything. There’s a reason why an entire public relations industry exists. A company must maintain rapport and good standing among its competitors. Mergers and acquisitions call for a rebrand so that others don’t recall your company as what it was, rather than what it will be. If your company has lost sight of the principle or lacks the morale of your target audience, you must rebrand to uphold a reputation that you and your employees are proud of.
Rebranding can be intimidating, but it can also make or break your brand. If you are seeking a new identity, verbalizing new objectives, or adapting to a wider audience, rebranding can be a move worth taking. You never know who it will affect along the way.