Building a brand isn’t easy. Sure, you can find a good-looking design and slap your company’s name on it and call it a brand. However, that’s not how memorable and influential brands are made. You have to pick the perfect logo, mission, vision, etc. and structure your website, blog, social media content, etc. according to the tone and language that’s particular to your brand and your brand only.
When you have put so much time and energy into building a unique business identity, it’s natural for you to indulge in self-doubt if someone recommends rebranding. However, change is not always bad. There are times when you seriously need to replace your current brand with a fresh one. That said, you should think long and hard before you make any decision as there are countless examples of rebranding failures that have resulted in enormous costs.
To simplify things, the following are a few reasons why taking the path of rebranding can be a good idea for you:
1. Weakening Market Position
The whole point of building a brand is to create an identity that’s able to attract the target demographic in a particular industry. So, if you are losing your customers or not acquiring new ones at the rate that you once enjoyed, then maybe it’s time to shake things up.
There are many reasons why your brand may start to become ineffective. If your competitors already have brands that resemble yours, or your branding message isn’t relevant anymore, then it’s possible for your brand to lose its position in the market.
2. Major Changes in the Company
It’s not uncommon for brands to start with one product and switch to a different one over a few years. However, when this happens, then rebranding becomes essential. This is because in these situations, the old brand is based on something that the company doesn’t sell anymore. In fact, this category change can change the entire target demographic. For instance, if you are selling apparels for working professionals and now want to cater to young teenagers, then you have no other option but to go back to the drawing board and create a new brand message, tagline, etc. You may also need to redesign the logo itself.
3. Brand Inconsistencies
Here is something you need to remember at all times- consistency is the key to successful branding. So, not only your brand promise should be delivered on all fronts without fail, but the visual and semantic brand elements should also be the same everywhere- your website, blog, social media profiles, etc.
If for whatever reason, you have failed to achieve brand consistency, then you risk becoming a victim of brand dilution in which your brand can no longer generate the kind of impact that you originally aimed for. In that case, rebranding can often be the only solution.
4. New Audience
A brand is always built for a particular audience only that may have a particular location, age bracket, gender, and profession. However, as companies grow and evolve, they may want to attract new audiences. For instance, you may have built a brand that exclusively caters to the elderly. However, as your business grows and you launch new products, you may want to sell to youngsters too. To execute this plan, you have to rethink what you have built and come up with ways to attract the new audience. Even though rebranding can be costly, it’s something that you can’t ignore when you seek better outcomes in the long term.
Has the Time Come?
Just like building a brand from scratch is a time-intensive process that requires tons of resources, rebranding is also an undertaking that requires serious commitment and planning. You can’t take this path on a whim as once you embark, there is no turning back. So, make sure that you evaluate your reasons for brand refreshing carefully. If you think that you can revamp your brand without taking drastic measures that alter brand identity, then it’s better to take that less-direct approach.