A high-quality brand is key to growing and maintaining a successful business, but at some point in time, all business owners will find themselves pondering the all-important question: do we need to rebrand? There are many reasons companies decide to overhaul their brand identity, but rebranding is a serious undertaking and if not done correctly, could actually do more harm than good. Rebranding is more than updating your logo, it’s altering everything from colors, typography, photography, names, taglines, and messaging. Here are important questions to ask yourself before deciding to dive into a full-on rebrand.
1. Are you experiencing the following issues?
- Stagnant or decreasing sales/revenue
- Drops in engagement
- Noticeably behind-the-times aesthetics
- Negative reactions and reviews to your current brand
- Confusion internally and externally regarding your brand
- Industry shifting in a different direction
All of these issues are valid reasons to consider overhauling your brand identity. These pain points are indicators that something isn’t working with your current brand, and it may be time to make some changes. However, it may take a little more digging to determine the true reason you need to rebrand.
2. Has your audience changed? (Are you still relevant to your current consumers?)
Maybe you’ve moved locations, or have grown to include multiple locations. Maybe you’ve expanded what you offer into new markets or segments, like e-commerce or other industries. If so, your current messaging and imagery may be outdated and no longer applicable to your current target market.
There’s also the matter of keeping up with the changing times. If you’re using outdated lingo on your website and in your marketing materials, it may signal to your audience that you’re unable to keep up with current trends, meaning it’s time to refocus your marketing efforts, and in some cases rebrand. Your brand is how you communicate to your audience; make sure the messages you’re sending are tailored to the right receivers.
3. Does your name fit your identity?
It may be time for a change if your brand name no longer reflects your brand vision. Maybe you’ve outgrown your brand, and the old language and style simply don’t do enough to reflect your company’s current values, goals, and ambitions. Your brand identity will change over time as your business grows, and it’s worth taking the time to ensure that your current brand accurately showcases who you are as an organization, and what it is that you do best.
4. Have you changed your business model?
If the answer to this question is yes, you definitely may need to consider a rebrand, if not, a refresh of your promotional materials. As your company grows, it’s possible that your brand becomes overly complicated and disorganized. In this case, a rebrand might be necessary to simplify and streamline your identity, so that your audience receives an easy-to-digest version of the many capabilities of your organization. Additionally, if you completely overhaul your business model – for example, you now only sell your products online and no longer have a brick-and-mortar location – a rebrand may be necessary to ensure that your audience is aware of the changes and can support your business accordingly.
5. Do you no longer compete in your industry?
Standing out from your competition is one of the biggest goals of a successful brand. It may be time to rebrand if your current brand is not distinct enough to set you apart from the competition. If you’re struggling to raise your prices to match your competitors, that may be a sign that your brand isn’t unique enough to compete in your industry. If your current brand is not communicating your value, or if you find that your customers often confuse you with another business, those are sure signs that you need to rework your brand.
6. Are there new marketplace opportunities?
This question highlights the fact that while your business may be doing well, there’s always room for improvement. Say your current branding is on point for your B2C sales, but you’ve discovered an opportunity to break into the B2B market. If you’re seeking to expand your business, a rebrand might be needed to reflect that change in your organization.
Here at Paperkite, we have experience in brand overhauls, and if you find that you’re answering “yes” to more than a few of these questions, it could be in your best interest to make an appointment. The decision to rebrand should not be taken lightly, as there is a lot of time, research, and work involved in the process. Luckily, our team is ready to tackle these challenges and help you update your branding in a way that highlights your unique identity and allows you to reach your business aspirations.
