Wondering if it’s time to invest in a rebrand? It can be a tough call deciding whether it’s worth it to spend the time and money to update your brand. When you’re in this position, first remember to ask yourself, “what is my company mission?” Is your current brand reflective of that mission? What are your long-term goals? Is your outdated brand holding you back from achieving them?
Here are some clear signs that it’s time to invest in a rebranding:
Your current brand isn’t working
There are a lot of ways to tell if your current brand isn’t working. If you struggle to maintain a loyal customer base, form relationships with your customers or get the customers you really want, it could be because your brand simply isn’t telling the right story to the right people. Think about your mission statement. Does each of your brand communications reflect and reiterate that mission?
Your goals have changed
Are your goals different now than they were when you started your business? Your brand may have worked for what you originally intended, but now that you’re reaching for the sky, it may be time for an update. Your brand shouldn’t limit you. It should enable you to reach the audience you want to reach, and achieve the goals you want to achieve.
If your company is growing faster than you thought, or your offerings have changed to adapt to the market, you may need to rethink the message your brand is conveying.
Your audience has changed
This is the most common reason for a rebrand. Companies will often change their look and messaging to welcome a new generation into their consumer base. This can also happen when your offerings are appealing to an unexpected group.
Are you starting to notice a change in your audience? Your original brand may have been developed with the wrong audience in mind. Make sure that your brand is inclusive and can speak to both old and new audiences.
You aren’t sure what you stand for
The cornerstone of your brand should be your mission statement. Did you have that in mind when you did your original branding? Has that mission changed? Do you struggle to come up with “why” your company exists or what problems you solve for your customers?
If you don’t know who you are or what you stand for, your customers definitely don’t know. In 2019, customers don’t just want a stellar product or service. They want to be supporting companies they believe in or can relate to. Their purchasing choices reflect back on them.
Does your company support the causes they support, practice in an ethical way, or reinforce their identity? Your brand should not only say something about who you are, but who your buyers are.
For example: Someone who buys from Toms is consisdered a good, giving person. Someone who buys from ModCloth might be a different, feminist, body-positive person. Someone who buys from Nike is a cool, urban, athletic person.
Think about who your ideal audience is, and make sure you not only ARE a company that they can respect, but that your brand is telling them why you are.
You’re losing your “ideal” clients to your competitors
Do you see your “ideal” clients choosing your competitors over you when you offer something better, cheaper, or more convenient? The reason is your brand. Either they haven’t heard of you, or they haven’t heard the right things from you. It’s time to see what you can do to get their attention.
Want advice on whether it’s time for your company to invest in a rebrand? We’d be happy to talk with you.
