First off, rebranding involves a lot more than a simple change to your company logo. True rebranding involves “a change in the way you do business, the way you communicate with your customers, a change in your company values,” says Danielle Stephens of The Darkly. True rebranding might include changing your company’s name and mission, selling different products, offering different services, or choosing a new audience to target.
4 Reasons To Rebrand Your Business
1. You’re Not Attracting The Right Customers
Perhaps you constantly have to compete with your prices or maybe your company’s trustworthiness and competence are being questioned—both of which can lead to a disconnect between you and your target audience, meaning a lot of work for only a little bit of gain.
A revitalized brand, however, can “reposition your business and offering, projecting exactly the right image and attracting the right sort of customers,” says Sarah Simpkins of Evolution Funding.
Rebranding doesn’t have to involve a name or logo change, though.
Take McDonald’s, for example. The fast-food chain started “referring to itself as Micky D’s in commercials to target a different demographic from its traditional family audience.”
2. Your Brand Personality Doesn’t Fit Or You Can’t Reach #1
Tyler Ellison: “Successful brands come with personality. It’s entirely possible to create a brand personality that is a mismatch with your target market and to fall flat. The formation of a new brand that is much more compatible in personality to the target market can save the business in that case.
It’s also possible that a brand may find itself too outmatched in its current category to be #1 but it still can be extremely profitable. In this case, it would make sense to create a new brand in a new category that the company can be #1 in without compromising the existing brand’s success in the current category.”
3. Your Brand Hasn’t Evolved With The Times
Like landlines, palm pilots, and movie rental stores, your brand identity can become dated and fall out of vogue. Over the last few years, if your company has changed at all, then rebranding can help keep your company aligned with the present, not the past.
Rebranding your business to reflect the times shows customers, competitors, and potential investors that your company is cutting edge and you are continuously working to take your business to the next level by fostering a “culture of innovation.”
You’re No Longer Growing
Danielle Stephens: “There is a whole new wave of consumers hitting the market, the Millennial. Yes, that social media, blogging, internet-addicted generation that is starting to look for your products and services.
Well, if your brand is Baby Boomer bound, you might not be relating [to] this new generation that is taking over the market. Thus, stalling your growth and your business.
A company rebranding will help you understand and communicate with this generation. Rebranding can help you find a new customer base that you did not even know existed.”
Your Company’s Philosophy Or Core Values Have Changed
Seeing as your company’s core values are the driving force behind your brand, if the reason you’re in business, or your company’s “why,” has changed, then rebranding is likely in order.
And this goes for your company’s internal branding as well, meaning you also need to create a company culture that reflects your brand and enables your employees to fully understand what your business is all about. You can accomplish this through a “process of consultation, liaison, and training with your team.”
How To Successfully Rebrand Your Business
If you decide that a company rebranding is in order, follow these suggestions to make sure you do it right:
- Establish your mission
- Create a story for your brand
- Get feedback from employees, customers, partners, and industry experts
- Assess the total market in your industry
- Know your competition and build relationships with other retailers
- Appeal to a broader audience base
- Make your product available on multiple channels
- Come up with an actionable plan of attack
What do you think—does your business need rebranding? If so, what’s your strategy?