Rebranding a Company: 10 Signs its Time for Your Business to Update its Look
Like anyone who has started their own agency ( or business for that matter), my partner and I give everything we have to the business and have so since day 1. And as such, I am aware of the difficult decision to make a change. While we haven't reached that bridge yet, circumstances can arise that will force you to seek out a new look for your company in order for it to survive or thrive well in the market.
Most people have the mentality that the brand of a company consists only of a logo and name. On the contrary, because there is more to a company’s brand than just its name and logo.
An outdated image, new management, and international growth are some of the reasons that may indicated the need to rebrand a company. If it has been a while since your business look was designed, it may be time to take another look. Here are a few signs that should tell you its time for rebranding a company.
When Your Company Name Or Logo Don’t Reflect Your Vision Anymore
One thing is for sure, the world keeps on changing. For your business to thrive you need to adapt and change right along with it. Your business name could have sounded like a great idea five or so years back but now it might not reflect your brand anymore.
This could be the case because your business name could be outdated or maybe society and its cultural changes have contributed to the alteration of the meaning of your brand's name or logo. Whatever the reason is, don’t let it be a burden that will slow your business down in any way.
Embarrassed Of Your Own Business Card
If you find yourself in a situation where you are ashamed to give out your business card or share your website with new people or customers, this is clear evidence that your company is outdated and needs a rebrand. There are so many interesting and clever ways to design a business card that will impress folks. Many times it is the first real piece of communication about your company someone may have.
If you feel that your website address needs a disclaimer or your business card is a little cringe-worthy, boring or stale, well, maybe these are some valid signs your company could benefit from some rebranding.
Be Different From Competitors
You simply can't ignore your competition. You need to take a look at other businesses and compare yourself because they might provide insights as to where you can make changes in your business. This can be the change you need in the process of rebranding. reluctance to adapt to new times has always been one of the company killers.
Change In Business Model
Each company is built on a set of values and objectives but due to unpredicted changes in our world these objectives can transform with time. They could be facilitated by technological variations or unforeseen market opportunities in the market.
The changes experienced in your business models can change your company’s brand. If you find yourself falling victim to this situation, don't shove it aside. Make sure you take necessary measures to rebrand your company.
Outgrowing Your Brand
Scaling is one of the problems experienced in business. In order to compete highly with rival brands, you need to change your old name and logo in order to meet the current needs of the market. Check our article on brand positioning to help you strategize your business for a better market share.
If Your Company Is Undergoing Through a Merger
Sometimes it can be difficult to find the right fit for a new company’s brand to adjust from the parent company. It’s a good opportunity to change your brand when your business is undergoing a merger. And that's because you’ll be able to represent new strategies and objectives of your new company to your users. Failure to change a brand in an acquisition or merger can cause confusion due to poor brand alignment. This will wreak havoc on both brands involved in the merger.
Changing Or Expanding Your Geographical Location
Companies often experience growth in the market and they start to expand. This will force them to relocate to a better location or open another branch in another area to facilitate the expansion of their services. Once your business starts to experience this kind of change, you need to rebrand your company for national and international significance.
Lack Of Attraction For Top Talent
All upper echelon talent wants to associate with top company brands. If your company can’t recruit great employees to boost your business to another level, it’s clear that your brand services are outdated. This could be because of subpar trade standards or clinging to old and outdated market morals. Rebrand your company not only for the sake of the current employees but also for future employees too.
Connection With New Customers
There will always be new generations to utilize their capital in the market. Your company can only satisfy their needs by adapting to the needs and requirements of each generation. Rebranding is a way to recreate your business in order to meet the goals of these new audiences.
A good company is the one that is able to adapt with time and meet its customer's needs. This is because no one is interested in purchasing commodities or services that were previously associated with our parents.
Difficulty In Raising Your Prices
If you’re experiencing problems with fixing your brand's products and service prices in the market despite the high prices of materials, you should try rebranding your business You see, sometimes the way to boost your company’s business is through changing the minds of those you serve.
Rebranding could help to reshape your business and change your customer's perspectives about your products and services. This will in return help you raise the prices of your services accordingly.
Rebranding A Company Helps To Gain Better Chances In The Market
An effective and suitable brand is something difficult for any company to pin down. It’s also important to note that a powerful and sustainable branding is also something that consumers can’t fail to spot. So if you have any strong reason to change the general outlook of your business, take all the essential measures to do it.
Rebranding a company in good time will bring in more capital and help avoid losing customers and employees. Be sure to contact us if you need to redesign your package or forge a new eye-catching brand identity for your business. We'd love to work together.
