5 Signs It’s Time to Rebrand
Branding is so much more than a logo and colour palette. It is the total impression and feeling that people have about you – in essence, your reputation both on the ground and in cyberspace. If your profits are stagnant or slowly declining, obviously, something is not right. And it might very well be that you need a re-brand.
The value of rebranding as a long-term investment is born of brand metrics. It can infuse your marketing efforts with relevance and vigour, separate you from the pack, enable you to reach new audiences, attract top industry talent – even allow you to charge more for your products or services.
Your Mission or Values Have Changed
Your brand is always a reflection of your identity, so if that identity changes, your branding must do so as well. For example, if you were to change to a more environmentally friendly approach to your business, it would be advisable to mirror said change in values through your visual identity. Whether it be through a new colour palate or even a more down to earth feel to match. Don’t let your values evolve without solidifying the change with the appropriate rebrand.
Targeting a New Demographic or Entering a New Market
The most effective brand is targeted specifically to a target audience giving it relevance and relatability. But like any business, demographics can change along with an evolving mission. As such, your brand will have to evolve alongside as well. What may have been the perfect target audience previously, may not be anymore. In fact, that audience also evolves with you. What may have been teenage boys when you started 10 years ago, are now rapidly becoming professionals with different needs. Consequently, a rebrand will keep you in touch with your audience and naturally maximise your impact.
Your Old Image Is Obsolete
Evolve or die. This haunting statement is a looming burden on any business or brand. So, when is the right time to decide that your old image is obsolete? Design trends change quickly, and in the span of a decade or two, the typography, colour palate and shapes that seemed cool at the time could be laughed at in the modern era as nostalgic leftovers. Perhaps the best way to demonstrate is to use a real-world example. Take a look at the more recent movement in ‘flat design’. Instagram changed their brand accordingly, as did Airbnb, eBay and a multitude of others that you never thought would even do so. In order to stay relevant with the masses as well as drive other companies to follow suit, it’s a brave step every brand must take to admit that their visual clock is ticking. As visual trends iterate through time, it can be difficult to assess whether or not the changes taking place are just fads and though it is true that some brands are timeless, in this day and age it is crucial to be able to be brutally honest with yourself.
A New Competitor Is Threatening You
If you’re lucky enough to be sailing in blue water, this may not be as much as a motivator as it will be to businesses that are battling it out. Ultimately, branding is about competitive differentiation. If you feel like your visual identity is lost in the marketplace and similar to so many others, it may definitely be time to rock the boat. If there are companies out there with an image too similar to yours, your potential customers might be even confused as to who to buy from. You can make your brand exponentially more visible to consumers looking for a solution amongst your competitors and consequently capitalise on that.
Your Original Brand Was Poor
It is of course entirely plausible that your brand was assembled in haste and ineffectively. Whether it was due to a lack of resources to hire a professional, using an amateur or even not paying due attention in order to get up and running as quickly as possible, there is no time like the present to re-adjust your visual identity and strengthen your offering. The longer you wait, the greater the potential for falling further and further behind becomes. Identify your goals, work with a professional and proactively announce your new rollout to make the most of that moment you choose to step out of the shackles of your old brand.
Though these five indicators are strong reasons to rebrand, there are undeniably a multitude of others that are of course worth being aware of. If you are ever struggling with knowing whether or not to take the plunge, get in touch and we’ll be happy to give you some advice to point you in the right direction.