While consistent brand delivery is key to improving awareness and loyalty, there will also come a time when your brand would benefit from an update. If your business has an outdated look and feel, it'll likely be one that your consumers tend to move away from as they start to second guess whether your brand is able to keep up with their present-day challenges.
Read on to find out the benefits of rebranding and tell-tale signs that it's time to do this for your business.
What is Rebranding?
First, let's talk about what rebranding actually means.
Rebranding is the act of updating or changing your current branding to address shortcomings and new opportunities. It's used to reframe how your customers perceive your brand.
Rebranding isn't a bad thing — even the biggest brands do it to remain relevant. It's a normal part of operating a business. As trends and the direction of your business adapts to new opportunities, your branding will need periodic changes to keep up.
Typically, rebranding is done under the guidance of a consultant who has conducted a brand audit of your current assets. This equips you to make smart decisions about your brand's direction.
Signs You Need to Update Your Brand
Your current branding doesn't stand out from the competition
Plain branding that tries to appeal to everyone ends up appealing to very few people. Strong, unique branding will attract the right customers, which will help keep your acquisition costs low.
You need to strike a balance between uniqueness, timelessness, and relevance to what you offer. It's challenging, but the end result is something your employees and customers can connect to.
You've got a bad rap and need to change consumer opinion
Bad publicity happens, and sometimes it's challenging to come back from. A rebrand can demonstrate that you are committed to making amends and moving forward. It'll also distance itself from the old branding, which can help consumers form a new opinion of the updated branding.
Your branding misses the mark
Perhaps your existing branding has never performed the way you wanted or you feel it's missing something you can't quite put your finger on. Updating your branding can fix this.
You'll need to collaborate with your internal teams and external specialists to rebrand successfully, but more salient branding is worth the investment. You'll first need to get to the root cause of the problem with your current branding before making a plan for the new branding.
Your branding isn't growing with you
As your brand grows, it needs a strong visual identity to grow with it. There may come a time when your logo, colour scheme, tagline, or other assets aren't doing enough to keep up with your expanding reach, and that's okay.
Rebranding allows you to address your growth and pivot your identity to something stronger that can keep up with your journey.
Conclusion
Rebranding your business isn't a sign of weakness; it's a sign that you're in tune with your future and what will put you in the best position within your target market.
The main reasons you should strongly consider rebranding are when your branding doesn't stand out from the competition, is associated with negative publicity, misses the mark, or isn't growing with the business.
Getting an external brand audit or working with a marketing consultant can give you valuable insights into your rebrand's course and what to include in your new brand guide. When done right, rebrands can reap extensive benefits for your business.
