Rebranding is something every company goes through, even more than once sometimes! Although change can be scary, especially a big change like rebranding your whole business appearance and structure, it is necessary in some cases and can really push your brand to be bigger and better.
When is it the ‘right’ time to rebrand your business? It is hard to pinpoint the perfect time but to make the process a little easier on you, we compiled a list of “signs” to look out for when you’ve got rebranding on the brain.
5 Signs You Need to Rebrand Your Business
1. Your Business’ Main Values have Changed
Most businesses are created when there is a ‘need’ for it. What happens when that ‘need’ is fulfilled by new technology or inventions? You and your business need to adjust to stay ahead of the curve. This means your business’ initial values and purpose need to shift as well to match with the on-going change that is society. If your business’ values have evolved and is far from what it used to be, it is safe to say you need to rebrand.
A great example of a larger scale business rebranding from changes in value is, eBay! eBay started off solely offering online auctions for used-goods. Now, eBay has evolved in to something much more grand, offering unique new items and even designer products. They needed to make this change to stay relevant in their industry.
2. Your Target Audience has Changed or has Grown
This is a good thing! So first, before we discuss the next steps here, let’s celebrate your growth and change in audience. Hooray!
Okay, now back to the original topic. Let’s say your business started off with messaging targeted towards a specific audience like men but has since moved towards teenage boys and men of all ages – what is the next step for your brand? A rebrand. Because your business is growing and attracting a whole new target, your goal should be to keep that growth going strong! Whether this means new products or a new pricing structure to fit your audience’s ideal budget is needed – changes need to be made somewhere to keep up with your brand’s growth. Don’t forget to adjust your marketing strategy accordingly too!
3. Your Products, Services, or Pricing has Changed
This can go hand in hand with the previous “sign.” With a new audience, comes new products, services and pricing! If you’re finding your business heading in that direction sooner than later, it is safe to assume your business is going to need a rebrand. When bringing in new products or services, it makes sense to rebrand. Not only will those changes fulfill different needs but because each one of those products or services is unique, it may speak to a broader variety of people, further growing your brand. For example, you may sell a product for men and now want to add women to your target demographic – you will need to look in to new ways of marketing through different language, tone of voice, imagery, and colours to appeal to both audiences. You need to decide whether 2 separate campaigns need to take place or one giant one with marketing appealing to both demos.
4. Your Customers’ Needs have Changed
Again, this goes hand in hand with the previous topic we just talked about. New products or services = new needs in our society. You need to constantly adapt to peoples’ needs if you want to remain relevant. This goes for any industry. A great example of a company evolving with their clientele’s needs and wants is J Crew.
J Crew needed to meet the demands of their customers. To make sure all J Crew shoppers are satisfied, they opened up a bunch of different lines to meet their needs. They started up a bridal line, an evening wear line, and an accessory line to stay relevant in the industry while touching on all walks of life with their variety of merchandise. They kept their target the same (in terms of age and income) but they broadened it by bringing more to the table.
5. Trends are Changing
Last but not least – is your brand still relevant? Are you keeping up with the trends? We’re not saying every business needs to look hip and modern but there is definitely a difference between cool and retro vs. just plain outdated. If you are using outdated lingo, language and marketing material, it is time to revamp your brand! Even chic, timeless brands need a refresher eventually.
If you said yes to all the “signs” listed above – congratulations! Your business is growing and you’re going to kick butt in this next phase! We know this rebranding thing is intimidating and time consuming but we can assure you that every company, even the big successful ones like Walmart or McDonald’s, need to go through this phase to stay relevant and to keep up with with society’s aesthetics and needs. If you’re already looking in to an internal revamp, count on us to help you with your marketing and website revamp! We want to help you better your brand with fresh material to work with.