Why Do Businesses Rebrand?
Rebranding is a big decision for any business and is often followed by people asking why did they rebrand? Branding can positively or negatively affect your bottom line, so you obviously don’t want to approach a rebrand hastily or without sincere thought. Your brand is far more than your name or logo; it is the culminating blend of everything from your social media presence to your signage, website, marketing collateral, even your customer service philosophy. It is the emotional connection between your customer and the product or service you provide. Your brand is how the public identifies your business visually and psychologically.
So, how is your brand performing right now? Does your brand speak for itself among an increasingly competitive landscape? Is it easy for potential customers to understand who you are and what you do without the need for a verbal exchange?
For many businesses, just the thought of rebranding is a daunting one. Yet it can improve your company in more ways than one.
Here are a few signs that suggest it’s probably time to rebrand…
Your Business or Industry Has Evolved
Companies change as they grow and evolve. If your brand doesn’t adapt alongside these changes, your company might not be receiving the renewed recognition it deserves. You might have your original logo, business cards, and the website you’ve had since you first opened. Perhaps you still use the same marketing messages and stock images. If you think that your brand feels “blah,” your prospective clients likely feel the same way.
If your brand doesn’t fit with your current vision or align with contemporary design principles, there is no harm in revisiting the foundation of your brand to make the changes you need to achieve longevity. As the saying goes, if you’re not moving forward, you’re moving backward.
Brand Stagnation or Decline
When you are the new kid on the block, audiences are curious to discover what you represent. Unfortunately, what initially attracted new clients to your business could even be the very thing that is now pushing them away. One of the most significant advantages of rebranding is the chance to refresh your creative so that it reaches a new audience and reengages your current following. A subtle brand refresh gives customers a reason to check out your product or service if they’ve previously overlooked what you are doing. Overhauling your brand may offer the stimulation your company needs to create new growth in an evolving market.
A rebrand can breathe new life into your business. When you’re excited about your business, your clients are more likely to share that same excitement and enthusiasm for your brand. They’ll want to learn more, support your cause, and feel connected to your brand and business.
To Spotlight New Products, Offers, or Goals
If you’ve recently expanded your offering or have established new goals, a rebrand can show how much your business has progressed. Innovation should be pursued constantly. This includes your products or services and the way you present them, which will help define who you are as a business and can even grow your bottom line.
It Wasn’t Done Thoughtfully In The First Place
The genesis of any brand is one of the most critical times of the business lifespan. There are thousands of cases of overwhelmed but under-recognized brands that didn’t have the help or foresight to pick a strong name, design a quality logo, or develop a brand strategy at the time of conception – and now they feel lost in a sea of sameness. There is no need to completely deconstruct and rebuild your brand, as this is something we only recommend when the benefits to doing so are obvious. It isn’t productive to dwell on things you wish you would have done differently, but the beauty of today’s accelerated marketplace is that it is easier to make corrections when necessary.
Rebrands With Results
CVS pharmacy was the first drug store to stop selling tobacco products, even though it accounted for about 4% of its sales – which is actually pretty significant considering the number of categories and items they sell. Why did they abandon such a profitable product category? The company wanted to demonstrate their commitment to health. The business was rebranded from CVS Caremark to CVS Health. Changing both their name and their logo at the same time as changing their stance on tobacco use did wonders for the brand. In fact, through social media, the brand generated over 100,000 shares and even a Presidential comment. The lesson here is that making a strong statement when you rebrand and standing behind it can work miracles. People remember your dedication and commitment, and that bold new look suddenly becomes your norm.
Perform a Brand Audit
Take a moment to assess your brand. The following is a list of 10 questions to ask yourself honestly and with an open mind:
- Does your branding feel like it has evolved with your company?
- What changes have occurred in the marketplace since you originally branded?
- Have you seen a decrease in new customers or customer retention?
- Do you have new products or innovations to showcase?
- Does your brand speak for itself and represent itself with clarity?
- Is it easy for the customer to understand who you are and what you do without the need of a verbal exchange?
- When doing a Google search, does your brand have findability?
- Are there other brands out there that could be confused with yours?
- Is the look & feel of your brand truly unique?
- Is the quality of your branding up to par with competitors?
If answering any of these questions causes reflection or uncertainty, drop us an email and we’ll find out together if it’s time to embark on a brand refresh.