There is always that period in the life of a business when the allure and charm will seem to have worn off its branding. It is at this point when managers huddle and decide if rebranding is the wisest move.
Rebranding is an exciting endeavour, which would give you an opportunity to change the direction of your company. Some of the most successful brands — Starbucks, Apple, Microsoft, and Pepsi — jumped into the rebranding bandwagon and took their business success to the next level.
Exciting as the thought of rebranding might be, many organisations face the dilemma of knowing exactly when it becomes appropriate. To guide you with the decision, advertising experts from The Room Design Studio shares some signs hinting that rebranding is the right move.
1. You need to reposition.
Your business is growing and you probably have added new products and services over the years. If you’ve been branding yourself as “the number one nail salon in the country” but now offer other beauty treatments, it definitely is the time to rebrand. Evaluate if your current positioning complements your reality.
2. Your target market has shifted.
Target markets change. You may have been catering exclusively to locals two years ago, but now you have clients from different regions or countries. A shift in target market is a clear sign of the need to rebrand. It is important to portray the present vision of the business and the market you are trying to influence, so that customers will understand what your business is about.
3. Your brand is outdated.
The first thing that comes to mind when people think about your brand is the logo. Is your logo appealing? Think about other branding factors, too — the appearance of your store, the aesthetics of your advertising and marketing materials, and more. Conduct a research and determine how you can make your brand more relevant.
Rebranding is a great opportunity to transform your company and the way you are perceived by the market. Yes, it is risky, but with careful planning and the right timing, you can nail it just like the most successful brands.