Your brand identity says a lot about your business and product. Colours, fonts, and designs can convey messages, elicit emotions, and encourage people to interact with your company. From time to time, you may need to change or update your brand to align with new strategic directions or simply maintain a fresh look.
On average, most businesses rebrand every 7 to 10 years. Some of these rebranding efforts are simple changes such as updating a logo while others change the entire look and feel of the brand. Here are 7 times where rebranding your business makes sense.
Why You Would Rebrand Your Business
1. Outdated Branding
Over time, design elements such as colours, fonts, and graphical styles become outdated. Having an outdated brand may give your customers the impression that your company is also out of style. A refreshed look can make your brand look hip and trendy.
2. Your Mission Has Changed
Smart companies evolve over time. Many major brands sell very different products than when they were first founded. For example, Nintendo didn’t start selling video games until almost 100 years after it was formed. It’s perfectly fine to chase new product lines or target new audiences. Just make sure that your new brand aligns with your new mission. In many cases, rebranding is required to make sure that customers understand what your company is all about.
3. Mergers And Acquisitions
When two companies come together to form a new entity, it’s critical that their brand strategy aligns. In some cases, one company being acquired conforms to the brand of the other company. Another strategy is to blend the two brands. The third option is to create an entirely new identity for the merged company altogether. Rebranding is a common outcome of a merger or acquisition.
4. Differentiation
If you find yourself in a saturated market with many competitors, you may need to rebrand in order to help your brand stand out from the crowd. This is especially critical if the branding of the other companies is too similar. Customers may start to confuse your company with another. This can be a very bad thing if the other company has a bad reputation.
5. Inconsistency In Existing Branding
Most companies don’t start with a cohesive brand strategy. Over time, some elements of your marketing mix could end up with slightly different brand designs. For example, your website branding may be a little different than what’s on your letterhead. If this is the case, you should rebrand the elements that are not consistent with your latest design.
6. Repair A Poor Reputation
Unfortunately, some companies develop a bad reputation in the marketplace. This could be a result of poor customer service, ecological damage, or political scandal. Whatever the case may be, rebranding can help shift the public’s perception as you work to repair your image.
7. Globalisation
As companies grow, they may want to expand into international markets. When doing this, it’s important to understand how your brand may be perceived in other languages and cultures. Your slogans, company name, and combination of brand colours could translate poorly or into an unintended message.
If you're thinking about rebranding and are looking for some great ways to market your refreshed business be sure to check out our articles on marketing, which have been designed to help entrepreneurs like yourself promote and grow their business.
Protect Your Brand And Your Profits
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