Change is something inevitable. Sometimes it is minor enough that your business can just shrug it off, but there are times that the change is big enough that you are forced to rethink your whole business plan. In these times, you should consider reinventing your business. What worked before will not necessarily work in the future.
If that is the case, one of the most effective ways to reinvent your business is to rebrand it. However, it is not simply about changing your name or logo, and then calling it a day. Rebranding is more than just changing the look of your product; it is about differentiating your company not only from competitors but also from your previous image as well.
You can go from being laid back to sexy, or from being a common man’s product to an elite or premium label. If you have an effective rebranding strategy, you can set the image that you want your market to see and forget the previous image that is no longer working for you.
Now the question is when will you know when it is time for a rebrand?
If there is lack of enthusiasm for your product or service
There are a lot of reasons why the market has developed a cold reaction to your product or service. It could range from boring packaging and dull colors, to negative company image that makes people just want to stay away from it. After identifying what causes the lack of love for your product or service, a rebranding campaign can help you steer clear of those and create a new image that will hopefully garner you more customers.
You are not the same company
Your business does not resemble what it was when your first started it. You may have moved to a different address, you may have expanded your product line or service offering, or you may have merged with another business to form a bigger one. Whatever the reason for the changes, it is abundantly clear that you have outgrown your initial brand. If your brand no longer fits the image that your company has at present due to growth, then it is time for a rebrand.
To adjust to new business trends
When you started the business, it was for an entirely different generation. There were still cassette tapes, the walkman was considered a small mobile device, and the floppy disk is still the go-to computing storage device. To say that things have changed since then is a big understatement. From email to VoIP services, the Internet has changed the way we do things. If your brand is still aligned to trends that time has already rendered obsolete, then it is time for a major revamp. Your image can use some modernization to keep up.
To align with new focus
There are times that the business shifts its focus to an entirely different direction from its brand. It could be because the business had changed leaders or it could also be because the business will be targeting a different market. Whatever the reason for the shift in focus aide, it is important to consider whether this focus is still aligned with the current brand or not. If it is not, then you have to rebrand to avoid confusion with the consumers.
Rebranding is sometimes a necessary step if you want to keep your business profitable. The tricky part is finding out when is the right time to do it.