Rebranding is a process of reshaping how a company or product is perceived, but how does anyone know when it’s time to rebrand? Rebranding involves changing of brand’s name, logo, visual identity, website and marketing strategy.
Strong brands attract more customers, at a lower cost per acquisition, who are willing to pay more and will buy more often. So, how do you know when it’s finally time to pick up the phone and call a Branding Agency?
Let’s look at five red flags to look out for to know its time to Rebrand your your business.
1. Your brand name no longer reflects your brand’s vision
The most obvious sign that indicate that you need to rebrand is a brand name. It happens, what seemed like a great name no longer represent what your brand is about. Sometimes changes in cultural context can change the meaning of a name.
Whatever the reason, you shouldn’t let your brand’s name be a drag on the brand itself. A strong name is the foundation of your brand story. Your brand’s name should be unique, differentiating, and, above all, memorable.
2. Your brand is attracting the wrong people
After running your business for years, your audience may change, your offers may change, and the way you deliver them may change. This is because you cannot predict the market forces that will oblige changes to your business. But when your business model or strategy changes, your brand must too.
The way your company operates behind the scenes should align with how it is perceived by those it serves. A comprehensive rebrand starts with reinforcing your company’s purpose, vision, mission, and values. It must reflect what you are doing currently. If your brand does not speak to what you do now, it’s time for a change.
If your brand doesn’t say what YOUR business does, start fresh. Who do you help and how can you describe that?
3. You are embarrassed to hand out your business card or website address
One of the ways to tell it’s time to rebrand your business is when you feel uncomfortable giving out your business card, or your website address. This is because you feel the customer may not be impressed with what they will see.
But being embarrassed about your brand does not always indicate the need for a comprehensive rebrand. It could be that your brand’s visual and or verbal identities simply need a refresh.
4. Your brand is outdated and irrelevant
Sometimes a rebrand is necessary to keep your company competitive in an ever-changing and evolving market. It’s very often the case that companies whose services may be top notch simply get left behind because their brand is not associated with the cutting edge.
Brands don’t have an expiration date, but if it has been a while since you looked at your brand, it might be time to take a second look. What are the new trends in your industry, are you applying them?
You might not need a total rebrand; you just need a new tagline that reflects what your business offers.
TIP: You can ask for reviews or feedback from customers, friends, or colleagues on what they think your brand is all about. If it’s saying what you want it to say, good for you.
But if it’s communicating something else entirely, that’s a red flag that means it’s time to rebrand your business.
Does your new ideal customer have more money to spend or more interesting problems you can solve?
Rebranding your business can be tough but it allows you to step back from your online presence and re-evaluate what was working and what changes you need to apply.
5. You’re struggling to raise your prices
Finally, if the price for your products or services seems hopelessly fixed, despite the rising costs of materials, a rebrand can be an effective way to break free.
This is because brands ultimately boil down to customer perception, the value of your offerings is entrenched in the minds of those you serve.
Rebranding gives you the power to redefine the value customers place on your services and raise your asking price accordingly. Strong brands are more profitable, build more equity, and sell at higher rates.
When you decide to reach out to a branding firm, you should be rest assured you’re making the right decisions. We at Dstar Marketing Agency are willing to help you lift your business to higher heights. With the amount of measurable benefits that come with rebranding, the investment will definitely pay off.
ALSO READ: WHY IS BRANDING IMPORTANT?
Abigail Bodo| Dstar Marketing Agency
