Having a successful brand image is incredibly important. Successful businesses spend a lot of time, money, and managerial bandwidth to make sure that their brand is well received and well recognized. While it’s tempting to eventually settle down and stick with one brand image for your company, it’s not recommended. Rebranding is a common business tactic used in today’s modern market in order to stay fresh and competitive. The modern market is constantly shifting thanks to the highly connected world in which we live and rebranding is an excellent way to stay on top of that changing market.
Rebrandings don’t always have to be major overhauls and rarely are. In fact, rebranding is usually a slow process because it’s a safer way to ensure that customers don’t get confused at any sudden changes. As powerful of a tool as rebranding is, it should be carefully used. In fact, one of the most common difficulties encountered in a rebranding effort is to decide when the rebranding should happen. In this article, we’ll discuss several factors to consider carefully to decide when it’s an appropriate time to rebrand your company.
A good reason to give your brand a visual makeover is to shake up your image in order to shake off an old image. For instance, if your branding is starting to look outdated compared to your competitors in a graphical design sense, then that’s a sure sign that a rebranding may be of benefit. Regularly consulting with designers that are on the cutting edge of modern logo and brand design is a good idea. For instance, if you’re starting a new video campaign, you should consult professionals regarding training video production, brand video or social media video production and then follow the best practices. This way you can gey an idea of how long your branding can stand before being overshadowed by the competition.
An excellent reason to rebrand and shake up your image is to tap into a new demographic of customers. All businesses try to grow in size and profitability and an excellent way to do this is to tap into new customer bases to increase sales and profit. Rebranding your product to expand its appeal is an excellent way to do this. For example, a company concerned with the development and sale of computers for gaming may decide they want to tap into the industrial computing market. A rebrand that changes their primary image from something garish and appealing mostly to gamers, into a more slick and understated brand will aid the company in its sales. Of course, it’s always important to remember when rebranding to tap into a new demographic that you don’t alienate the previous demographic that provided success in the past!
Beyond growth in tapping into new demographics to sell to, company growth can be a factor to consider when deciding to pull the trigger on rebranding. If your company has begun to acquire competition and has expanded operations in ways that are outside the original scope of your company, a rebranding should occur in order to accurately reflect that. For instance, you own a company that offers a simple point of sales service. However, recently your hard work has paid off and you can now offer your customers point of sales and basic IT security services. This growth should be reflected in your branding to make new customers aware of all the new services that you offer.
It’s important that your company and brand appeals to the current market and customer base. Tastes change over time and more importantly, the meaning behind certain imagery changes as well. It’s important to keep a close eye on your brand and any associations it may garner intentionally or unintentionally. Especially with the rise of internet meme culture, it’s more important than ever to carefully research the market and make sure that your brand is not projecting any new negative stereotypes that may be rising.
Ultimately, deciding when to push through a rebranding is reliant on the market that you’re selling to. Your brand should be a reflection of current design sensibilities, your target demographic, growth, and the market itself. By keeping these four basic factors in mind, it should be much easier to decide when to pull the trigger on a rebranding effort. Stay ahead of your competition and keep that image fresh! Sales and profit are sure to follow those that stay topical and modern.