When do you know it’s time to turn over a new leaf? This is a question plenty of business owners wrestle with. Rebranding is a high-risk, high-reward game that needs careful consideration. After all, it’s time-consuming and expensive. And ultimately, it guarantees neither success nor growth.
Having consulted for many businesses, Digital Offsider understands the key motivations behind a rebrand and why it needs to be done. At the end of the day, it is all about growth. Is the business still growing with the market and its consumers? Is it still relevant in the market?
These are just some of the questions that any business needs to answer if they’re considering a rebranding. In this article, we will help you answer them by giving you 5 telltale signs rebranding is in order for your business.
- Your business strategy has expanded significantly
When you first started your business, you set out goals you wanted to achieve and the strategies that would help you get there. Over time these goals shift. The models and strategies you adapted no longer fit or serve their purpose within your framework. That’s normal. Every business goes through this rite of passage. But if this shift happens on an exponential scale and affects multiple areas of your business model, then it’s a telltale sign rebranding is in order.
- Your branding is outdated compared to your competition
Sometimes it pays to look at what others are doing. When it comes to business, it helps keep you up to date and relevant. Moreover, it’s a good measure of how well (or poorly) you are doing in your market. If your competition consistently outperforms you, that doesn’t necessarily mean rebranding is the answer. However, if this lead is sustained in different aspects of your business, then perhaps a rebrand is a feasible solution.
- When you want to shed a negative image
A rebranding is often meant to solve problems. This is especially true when it comes to your image as a business. A business often trips. That’s part of the process. But sometimes a business messes up big time. This desire to shed a negative brand image is another telltale sign rebranding can help.
- You want to target an entirely different audience
If you want to explore uncharted territories, one way to go about it is acquiring a new target audience. Rebranding can be the answer to this conundrum. After all, your brand should always be a reflection of the audience you want to speak to. Be careful, though! You don’t want to alienate the audience that you already have and ultimately lose them.
- Your brand is not standing out in the market
In some industries, the market is simply too saturated with similar entities. While this is characteristic of the landscape, your brand image should never be drowned out by the rest. True, standing out as a brand poses a significant challenge. But deciding on a rebrand can be very effective in carving out space for your business to be memorable and stand out.