Your brand is your business’s most valuable asset. As a business owner, you may wonder when it might be time to rebrand your business.
What is rebranding?
Rebranding is a marketing strategy that involves changing a company's corporate image or organization by developing a new name, symbol, logo, or related visual assets like marketing materials. The goal of rebranding is to create a new and differentiated brand identity in the minds of consumers, investors, competitors, etc.
Companies evolve, to stay competitive, so they must also evolve their brand and branding. I will be telling you the red flags to watch for to know when it's time for a rebrand!
Red Flag #1: Brand is outdated
If you are finding it hard to attract new clients or even maintain the customers you already have, it may be a sign that your branding has become irrelevant and needs a revamp.
Sometimes, change is a good thing! It’s very important to stay on top of trends and style changes in order to gain and retain the attention of your audience. We live in a very fast-paced world where trends are constantly changing, and rebranding is one of the best ways to stay current.
Red Flag #2: Sales have slowed down
If you've seen a steady decline in sales, that is a red flag that your audience has moved on from your message and it's time for a rebrand! A great brand doesn't just generate an image for your company, it gives your customers a reason to sit up and take notice. If customers are no longer noticing your brand, it is a good time to reevaluate and rethink your strategies.
Red Flag #3: Current branding doesn’t represent company
A good brand identity says something about who your organization is and what you stand for. As the business evolves, keep an eye on your brand and take note of any constraints that might make it difficult to branch out into new areas.
A company that wants to be known for its innovation, for example, would probably want to embrace a modern look rather than a retro one. This kind of customization in your marketing strategies will help you send the right message to your target audience and stand out from your competitors.
Red Flag #4: Targeting the wrong audience
Branding may be an export of your company, but it belongs to your audience. Ask yourself, are you still marketing to the right audiences? A vital part of clearly communicating your value proposition to your target audience is aligning your business with your brand. When messaging and deliverables are misaligned, your audience can tell.
The ultimate goal of the rebrand should be refocusing existing messaging to better connect with your target audience. This is your chance to truly understand what your audience needs and confirm your brand is the solution that provides for that need!