4 Reasons to Rebrand Your Business
May 28, 2018
A strong brand identity is an essential part of any business. When done right, it can be seen in every facet of the business, representing the core values and heritage of the company.
Rebranding your business is not a task to be taken lightly. It is necessary to first examine why you are rebranding and how that new identity will be seen in the eyes of your customers; especially so if your business is well established in your market. A well timed rebranding can breathe new life into your business, but it must be done for the right reasons.
"Steady investment in design is rewarded by lasting competitiveness" - Design Council UK
1. Your Business is Growing
The best reason to rebrand. That logo you had your nephew whip up in Photoshop when you started out? Not going to cut it anymore. Your business is growing up now and you want to be taken seriously as a competitor in your market. A professionally developed brand is essential at this stage.
2. Stand Out From Competition
In many industries, mid-tier businesses can all appear very “samey” in the eyes of the consumer. In those situations, consumers tend to go with the most convenient option rather than research the pros and cons of each business. A great way to combat this behavior is to stand out from your competition through branding and marketing. If everyone in your industry has similar branding, a radical redesign can make your business stand out from the crowd.
3. Changing Business Strategy
Throughout the lifecycle of your business, your product, market share, and target market are certain to change, and your brand may need to change along with it. In 2017, Chobani had to reinvent itself. Sales of yogurt fell 4.4% since 2016 so now Chobani is moving away from just yogurt and becoming a “food-focused wellness company”.
4. Damage Control
Mistakes happen. Sometimes those mistakes are big enough to damage the image of your company. When that happens, it may be necessary to alter your brand to make it clear to customers that you've addressed the problems and begin to repair the damage done to your brand.
If any of the above examples sound familiar to you, it may be time for a rebrand. It could be as simple as refreshing your logo, or a total reimagining of your company's image.
Whatever your reason is for rebranding, it should be done thoughtfully, with plenty of research, planning, and consideration.