An effective attractive brand can be something that's pretty tricky and pretty hard for businesses to get right. After-all, branding isn't just a logo or website design. It's the overall experience for your customer on all the platforms that your company exists. It's how your customers differentiate your company and its products or services from your competitors. Therefore branding is essential to the success of your business.
WHAT IS REBRANDING?
Rebranding is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders.
In essence, rebranding is the act of re-positioning your business to better suit your business needs. It's rarely an easy process but if executed correctly it can propel you into alignment with your business goals. So, how do you know when it's time to rebrand?
Here are three signs that you can use to determine if rebranding your business is a good idea!
1. YOU ARE STRUGGLING TO CONNECT WITH YOUR IDEAL CUSTOMER
Rebranding allows you to redesign your mission, your processes, and your image which will align your business with the type of customers that you want to make a connection with.
2. YOU ARE FAILING TO STAND OUT IN YOUR MARKET
There's nothing worse than feeling like your business is lost at sea in a market full of companies all doing the same thing, the same way. Here is your opportunity to focus on what's unique about your business or what more you can bring to the table for providing your customers with a one of a kind experience.
3. YOUR BUSINESS HAS MATURED + YOU'VE OUTGROWN YOUR CURRENT BRAND
If your website is outdated, your marketing material is stale, or your business name sends the wrong message to customers - it's likely time for an update.
YOUR TAKE AWAY
No matter what stage you are in business if you are experiencing any of these issues it may be an indication that you need to refresh your brand. Start by evaluating your business goals and who you currently serve to get some clarity on your brand before making any big decisions!