Rebranding a business is a common move for companies both big and small. Your brand is something that is on every client facing touch point so it plays a very important part in how your business is perceived.
A brand is more than just a logo, it’s a visual representation of your company so it’s important that you are always reviewing your over all brand presence to ensure it is representing your company in an effective and positive way.
Below we detail 5 signs that may indicate that perhaps, your brand is not performing as good as it could for your company.
Your customers or potential customers are confused about what you sell
Ok so say your brand clearly shows that you sell temporary fencing to the construction industry, but on top of that you now also sell crowd control barriers, and road safety equipment. If your brand is not currently showing that you sell more than just temporary fencing then perhaps it’s time to start looking at a rebrand.
By rebranding you could help your existing customers become more aware of your other offerings and that they can come to you for more than just temporary fencing. It also ensures your not missing out on potential new customers who were not aware that you sold more than just temporary fencing.
You’re looking to engage with a new demographic
Sometimes, in order to keep your business moving forward, you need to reach out to new demographics.
Let’s look at the wine industry in Australia for example; depending on the generation, the label design of your wine is going to appeal to a certain group. Baby Boomers are generally brand loyal and will stick to what they know and trust, Generation X-ers are idealists and love to buy into brands that generally benefit the greater good, Millennials are driven by innovation, social media and reviews.
So, to appeal to a newer Millennial generation of wine drinkers, you may want to consider rebranding your wine to appear more innovative. Millennials love the next big thing so following the latest trends and lingo will get you far. Focus more on social media initiatives, encourage positive reviews of your product and engage in brand loyalty programs.
Your current brand is preventing growth
Your brand can prevent you from moving forward into new sectors if it is solely focused on one area. Similar to the point raised above regarding customer confusion, if your brand name and design represents only one sector but you want to move into other sectors, then of course you will need to look at rebranding to appeal to a broader customer base.
The market is moving fast
If you’re in a fast moving market, sometimes a rebrand is required just to keep up with the competition. Even if a company’s services or products are superior, it can often be the case that they’re left behind, particularly in an industry dominated by cutting edge marketing.
The fast moving technology industry is a perfect example of this, Apple has dominated for a long time and not necessarily because their product is superior but more so because their marketing and brand is always on point.
Your brand is cliché
When first starting out, many companies make the mistake of creating ready-made, “clip art logos” to avoid high costs. This gives the brand no chance of standing out, especially when competing in a crowded market.
To ensure you have a great brand, it must stand out amongst all the other generic branding rather than “fit in”. Invest the money in a great designer or marketing company to really create a brand that stands out and it very well may make the difference between longevity and failure.