5 Signs That It's Time to Rebrand
In our social media-centric world, it is so easy to compare yourself to others. Are they more successful? Are they cooler? The same applies to businesses. Are you curious about your competitors' latest promotion? Search them on Google, Facebook, Instagram, and Pinterest. How does your marketing compare?
Without admitting it, you may be unconsciously judging your business all the time.
Some of these constant comparisons only hurt your confidence and make you see your brand in a worse light than it objectively is.
However, these five signs that your brand could be losing its luster may be worth taking seriously.
5 Signs You Should Take Seriously
You apologize when you hand out your business card. If you give a lengthy explanation about why your logo looks dated or your brand name does not reflect your new you, take it as an early warning sign that your brand might have lost its usefulness. A brand can be a valuable tool in a particular environment. However, if circumstances change, a brand can look stale.
You struggle to connect with a new demographic. When you have a hard time engaging with a new audience, it can be that your brand does not appeal to this segment. The tastes and values of Gen Z and Baby Boomers may be too far apart to bridge with a single brand. Instead, by introducing a second brand, you could tailor each brand to its target audience, one focused on Gen Z and the other on Baby Boomers.
Your brand does not resonate in a new market. A brand may work well in your home market, but in other cities, regions, or countries, customers might find your brand out of place. For example, the meaning of your brand could be very different in another region, country, or language. If you are considering expanding into other states or abroad, do your research and choose a brand name with broad appeal.
You face resistance to price increases. There can be many reasons why your customers are reluctant to accept higher prices. However, sometimes, the pushback could come only from a single customer segment. In that case, consider a rebranding that could make your brand more attractive to less price-sensitive customer segments that are willing to pay a little more for particular product attributes.
► What Is Price Elasticity?You have difficulties hiring new employees. Top talents often gravitate towards brands whose purpose they share. For them, being employed is more than getting paid. They want to make a difference. Strong brands with a clear brand compass have a much higher chance of attracting highly motivated candidates because these brands can clearly articulate their values. That way, future employees can compare their values with those of the company and, in case of a match, decide accordingly. If your brand as an employer does not have enough pulling power, a rebrand could help strengthen it, improve your corporate culture, and increase your company's attractiveness as a great place to work.
► What Is a Brand Compass and Why Your Business Should Have One
You Have Outgrown Your Brand — Time to Rebrand
The marketplace constantly evolves. New technologies are emerging, new demographics are becoming customers, and fashions are changing. By aligning your company with new trends, your business adapts, often slowly but sometimes also abruptly.
Success is the result of embracing change. As incremental as each step may seem, they could accumulate over the years into a substantial transformation. If your brand does not keep up with these changes, it can mean something very different in the marketplace than what your business now represents.
Aligning your brand with what your business currently stands for is the purpose of rebranding.
Rebranding is a normal step that many successful companies go through when they realize they are outgrowing their brand.
Therefore, heeding these five early warning signs and considering rebranding is critical to the long-term success of your business.
