How Do You Know When It’s Time To Rebrand Your Business?
If you are currently thinking about whether it’s time to rebrand your business, the chances are that you are probably already aware of the benefits of dusting away a few cobwebs. If you haven’t given this any thought and you have owned your business for a while, it could benefit you to read on and see whether you should consider a rebrand.
Why is brand important?
You might say that, having been in business a number of years, you already have a significant client base built up and you’re continuing to make money. As a small business, perhaps you don’t consider “brand” applicable: that’s a marketing world reserved for the big guns.
Brand is so important. Brand defines your company from what you do to why you do it and who you do it for. It helps your customers identify with you and it helps clearly define who your target audience is.
Without a clear brand identity, you almost lose direction. You also lose clarity. Find your voice and define your message to target new customers and keep your existing ones interested.
Take a look at our tips to help you decide if you should think about rebranding.
Your logo is not your brand. But it is almost the pinnacle of your brand. Your logo should encapsulate what you do and who you are targeting.
If your current logo was designed a number of years ago and your current business has moved on or altered its services since then, perhaps you might think that your existing logo is no longer fit for purpose.
It could be that your business no longer identifies with what it represents, or it’s not professional enough.
Your logo should encapsulate your brand so that when people see it, they understand what you do. The colours and shapes you incorporate to your logo should reflect your audience and your purpose. If your logo does not do this, it could be time to think about a rebrand.
You’re just like everyone else.
If you’re operating in an overcrowded market, you need to stand out from the crowd. Your business might be keeping its head above water, but are you excelling in your field?
If the answer to that question is no, this could be because you don’t stand out enough from your competition. Branding is about market differentiation and accessibility: you have to stand out in the minds of consumers.
Recognise that your brand is inherently linked to your overall marketing strategy. What is the message that you’re putting out there? Where are you spreading the word? Articles in magazines, ads in the local paper, social media? Are you investing enough time in your marketing?
Marketing is an essential component to help you build your brand image. If you’re fading into the background because your marketing efforts aren’t generating the right leads from the right people, you might want to think about rebranding.
You try to market to everyone.
Seth Godin is the biggest proponent of picking your niche. He argues that mass media is dead and that gone are the days when adverts would try to market to everyone.
Products that everyone wants have already been invented. Your goal is not to produce one of these, but to target your product at specific audiences. Pick your niche and stay there.
This makes the branding exercise much easier. Suddenly, you don’t have to please everyone. Your branding efforts will become much more structured and effective when you focus on your niche.
By focusing on a smaller audience, you can build a brand that focuses on a personalised, more exclusive product. Make something that people will love and market wisely.
If you’re trying to market your product to everyone, chances are you should think about rebranding.
Let us know what you think.
Got any other suggestions? Leave a comment below and let us know when else a business might require a rebrand.