Ever look at your wardrobe and realize it’s time for an upgrade? Ever watched a movie from 10 years ago and thought, “How did I ever think that was good?” How about that hatchback you drove in 2005? Things change. Even brands.
Here are signs that it may be time to transition from your current brand to an improved one.
10 Signs It’s time to Rebrand Your Business
Your brand no longer reflects your vision. A lot changes in 15 years. Cultural context, business growth, or the business landscape may have made your brand name obsolete. One great thing about owning a business is you control the vision. And sometimes the vision changes.
Your brand causes embarrassment. If your brand identity feels outdated, stale, boring, or unoriginal, it’s time to find a brand agency and revitalize the brand. To succeed in business you need to let go of what doesn’t work.
Your branding does not differentiate you from the competition. An effective brand makes your business memorable. If your brand does not make you distinct from the competition, the brand is not effective.
Your business model or strategy has changed. Your brand needs to align with your target audience. If that target audience changes, you need to reevaluate the brand to make sure the vision it portrays aligns with the changing audience.
You’ve outgrown your brand. This is a good problem. Your business may have started locally, for example, but now you’re marketing and selling nationwide. Or maybe you started by targeting only a specific segment and now the audience is more diverse. If you’ve outgrown the brand, congratulations and give that brand a vitamin.
You’ve expanded your geography. Very similar to outgrowing your brand, an expanded geography requires expanded branding efforts. Those in the Midwest, for example, aren’t going to look as favorably upon Rocky Mountain Car Sales as they would a less geographic specific brand name.
You need to shed a negative image. It doesn’t take much for negative publicity to spread–think social media, 24-hour news networks, and talk radio. Sometimes the easiest way to rid your business of negative attention is to change the brand name.
You need to raise prices. A business needs to make money or it won’t be a business for long. In order to make money, at times, requires raising prices, which causes a negative perception. By rebranding, you change customer perception, allowing them to see you differently.
You need to connect with a new audience. A new audience means new business. A new brand could mean a new audience. This, of course, requires staying informed of demographic shifts.
You’re not attracting top talent. Talented individuals want to work with the best brands. If you’re not attracting talented individuals, it may be time to reevaluate your brand.
Not sure how to transition from your current brand to an improved one, talk to the branding experts at Link Encounter and see how we can help.