As a business owner, you may have noticed that some businesses, maybe even your competitors, change their branding from time to time. Why do they do this and what gain could it make? Take a few moments and read about the reasoning behind it and to determine when is the right time to rebrand your business?
There are seven common instances or situations in which it is better for a business to completely change its public view:
- A change in business direction or target audience: If a business undergoes significant changes in its products, services, or target market, rebranding can help align its identity with the new direction. This typically occurs due to expansion, diversification, or a shift in market trends.
- An outdated or negative brand perception: If a business’s current brand image is outdated, no longer connects with an audience, or has generated some negative associations, rebranding can help revitalize its image and improve its reputation.
- Mergers, acquisitions, or partnerships: When two or more companies come together, rebranding can help create a unified, new identity that represents the combined entity. This allows for a more cohesive message.
- Legal or trademark issues: If a business faces legal challenges with its current brand name or trademark, rebranding may be necessary to avoid conflicts and protect its intellectual property.
- International expansion: When a business expands its operations into new markets, a rebranding effort can be valuable to adapt to local cultures, languages, or preferences.
- Stagnation or declining market presence: If a business experiences declining market share or struggles to differentiate itself from competitors, a rebrand can inject new life into the company and help it regain relevance and market position.
- Keeping up with industry trends: Both industries and market trends change over time. A business might consider rebranding to stay current with the latest trends, maintain a competitive edge, or reflect advancements in technology, design, or consumer.
So, these are the reasons why a rebranding campaign is the correct call. However, even if any of the previous scenarios happen to your business, you as a business owner should proceed prudently. Do your homework and evaluate the cost and the potential consequences. Strategy is the key in rebranding and should never be done on the spur of the moment.
If your business branding is in need of some updating, please consider Paul Whittler Graphic Design. Since 2012, we’ve helped business owners just like you with everything from logos to websites. Call to arrange a free consultation at (915) 581-7054. No walk-ins please.