Table of Contents
- 1. Your Name Doesn’t Align With Your Brand Vision
- 2. You’re Hesitant to Share Your Business Information
- 3. Your Brand Is Too Complicated
- 4. You’re Struggling to Stand Out From the Competition
- 5. You’re About to Merge With Another Company
- 6. You Want to Reach a New Type of Customer
- 7. You’ve Expanded Geographically
- Understand When to Rebrand Your Business
It shouldn’t come as a surprise that businesses need to constantly adapt in order to survive. Companies that don’t often get left behind.
The U.S. Bureau of Labor Statistics found that 50% of brands and businesses go out of business within five years. For many, this comes from an inability to adapt.
The truth is that small business rebranding can be a great way to help give your company a much-needed breath of fresh air. But how do you know when it’s time to rebrand?
Keep reading to learn about seven ways to know that it’s time to rebrand your business.
1. Your Name Doesn’t Align With Your Brand Vision
It’s natural to have second thoughts about the name you gave your business years ago. Instead of grinning and bearing it, consider getting around to changing it altogether.
Most people use Google’s search engine every day—but did you know that Google’s original name was BackRub? If the creators hadn’t decided to change it, it’s unclear whether or not the tech giant would be as popular as it is today.
“Just BackRub it” doesn’t have quite the same ring to it.
Make sure that the name you choose encapsulates everything that your brand represents. It needs to be memorable!
2. You’re Hesitant to Share Your Business Information
When someone asks for your business card, do you cringe a bit when you give it to them? Do you have to provide them with a disclaimer each time you introduce your brand? If so, you might need to rebrand.
If you feel any sort of embarrassment or reservations about your brand, customers and other people will pick up on these feelings. They may be hesitant to work with you if they feel that you’re not passionate.
Keep in mind that rebranding doesn’t always mean that you need to embark on a massive overhaul. You might need to do something as simple as update your company’s visual identity or think of a more creative name.
3. Your Brand Is Too Complicated
Brand consistency is essential for businesses. Everything from your products and services to the fonts you choose on your website should relate back to the central theme of your brand.
If your brand tries to juggle multiple themes and identities at the same time, it might make things too muddled and complex. This sort of identity crisis can hamper the effectiveness of your business.
Rebranding can help give your brand the focus it needs to stand out in the niche that it operates in.
4. You’re Struggling to Stand Out From the Competition
Standing out from the competition is a never-ending struggle for many businesses and brands. If you’re having trouble showing your customers that your company is different from the rest, rebranding might be a solution.
Everyone from your customers to your employees should have an easy time identifying the differentiators that allow your brand to shine. They should have no problem figuring out why your brand is a cut above the rest.
Having a strong brand with a clear and central theme is one of the best ways to give your company the competitive advantage that it needs to thrive.
5. You’re About to Merge With Another Company
If you’ll be merging with or acquiring another company soon, then a business rebranding is an absolute must.
Many businesses don’t think mergers and acquisitions through and end up turning away customers of both companies. These losses can turn an otherwise profitable merger into a financial loss that’s hard to recover from.
Consider how the new company fits into the brand architecture of your business and how you can incorporate it seamlessly. Make sure that your brand evolves in addition to the outside company changing and adapting.
6. You Want to Reach a New Type of Customer
Most business owners know that taking a cookie-cutter approach is almost a never good idea in business. If you’re trying to expand your market reach to a new type of customer, you might need to rebrand to some extent.
Spend some time researching your new target customer to figure out exactly the type of things that they like, as well as what sort of marketing tactics to avoid. You want them to find your company relevant to all of their needs.
Different generations, in particular, don’t want to associate with brands that they view as ‘old’. Rebranding allows you to tap into these new markets as effectively as possible.
7. You’ve Expanded Geographically
If your brand began as a regional entity and has since expanded past its original geographic range, a rebrand may now be necessary. What worked for customers in your local city might not work for those in other regions.
Regardless of whether or not you change your brand name, you’ll most likely have to conduct research on the type of customers that you’ll now have access to.
The information you uncover can help you decide what sorts of brand changes you have to make. You may find that your business mission has since changed, or that you need a new and more professional logo design.
Understand When to Rebrand Your Business
Many companies make the mistake of thinking that they’re stuck with their current business model or image. But that’s not the case.
It’s never too late to rebrand your business, and if one or more of the points mentioned in this guide apply to you, now might be the perfect time to do so.
Do you now have a better understanding of when it’s time for a small business rebranding? If you do, spend some time checking out some of our other posts for more business-related guides and tips.