Good branding is crucial for businesses because it enables you to distinguish yourself from your competitors and make a positive, lasting impression on your potential customers. In line with this, it is important to recognize that in today’s ever-changing world every company will need to rebrand at some point in order to stay fresh and maintain or boost their appeal. It can be tricky to choose the right time to do this, because you do not want to spend money and effort on an unnecessary rebrand and yet waiting too long can damage your profits. To help you out, here are four reasons why your business might need a rebrand.
1. To fit the times
Design trends change over time, and if you are still using a style from a decade ago then it will make your business look outdated and out of touch. Take a look at any company that has been around for many years, and you will see that the successful ones will have revamped their branding several times over the course of their history. So, if your current branding has fallen out of fashion by the standards of your industry, this is a key sign that it is time for an update. Doing so will ensure that your company continues to feel relevant.
2. To reflect your evolving vision
Your business is probably very different to what it was when you first started out. Perhaps you have moved in a new direction, have a new focus, or have updated your values. For instance you might have broadened the range of products and services that you offer, want to escape a negative reputation and change the way you are perceived, or maybe you have removed some old product lines that no longer fit with your business ethics. Alternatively, you might have merged with another business and want to rebrand in order to reflect this change.
3. To stand out from the crowd
Every business wants to stand out. This is one of the main ways that you can get the attention of potential customers, and ensure they choose you over your competitors. If your branding is too similar to other companies – even those in a completely different industry – this can also cause confusion and potentially even result in a lawsuit. A rebrand can be an effective way to differentiate yourself, however it must be authentic. Standing out for the wrong reasons can be worse than blending in! If you have concerns about getting it right, working with an agency such as anthembranding.com is advisable.
4. To attract a different audience
Another great reason to rebrand is to get the attention of a new audience. For example you might be considering entering international markets and need to change your branding to suit different cultural contexts, or perhaps your current branding is not optimized for mobile devices. Alternatively, you might be hoping to attract younger customers or a more upscale audience who will pay a higher price for your products or services. Whatever your plans, your branding needs to be appropriate for them and a rebrand can be the most effective way to achieve this.
