Your brand stands for your unique value proposition and promise to customers. It encompasses the ideals your company cherishes and promotes. When your values, products, mission, or vision change after several years of growth, your old brand may become irrelevant. Identifying the right time to rebrand and convey a fresh image can help your business retain or establish appeal to modern eyes.
What is Branding?
Branding allows you to create a unique identity for your company in a competitive market. It’s the unique qualities and ideals that customers pick up when they look at your company logo, use your product, or even speak with a customer representative on the phone. The practice enables you to distinguish your product from others on the market. Not only does it make a lasting impression on consumers, but it also lets your customers know what to expect from your business.
If your branding is outdated and irrelevant, it may no longer give you the recognition or identity necessary to differentiate, increase business value, or appeal to modern buyers. You’ll want to upgrade it before you lose out to your competitors. Various factors may force your company to rebrand to retain its market relevance.
You Changed Your Mission
Maybe you initially had specific long-term goals for areas like profitability, sales growth, or social responsibility. While your original mission should stay the same for as long as possible for stability’s sake, it can change under certain circumstances. Any such shift may warrant a strategic rebranding.
Take the example of a carmaker that’s gradually shifting from fossil fuel-powered to 100 percent electric cars. About 10 or 15 years ago, making eco-friendly cars wasn’t part of their core mission. They now incorporate environmental conservation ideals in their long-term objectives. The new values can be a market differentiator, so the company should accurately convey these in its rebrand messaging.
If you similarly changed your mission, you need to update your tagline and motto accordingly. It’s one way to firmly imprint your new ideals on the minds of your existing and prospective customers. If your brand doesn’t accurately reflect what you stand for right now, however impressive it might be, your audience may fail to notice it. That could mean missing out on prospective business.
You’re Offering New Products/Services
New products can have a huge impact on your brand as a new company mission. When you launch a new service or commodity, you’re growing your target market. That might entail changing your brand messaging to convey the qualities and values associated with your new offerings.
For instance, a heavy equipment manufacturer that starts producing sedans or SUVs targeted at families or young adults has to rebrand. Marketing to construction companies isn’t the same as persuading families of a new car model’s safety and comfort features. It pays to rebrand in tandem with your business growth.
Be sure to incorporate your updated branding into advertising your new products or services. Doing so can help spread brand awareness much faster and connect with your new audience. You’ll also want to choose the appropriate advertising channel for the product type and targeted demographic.
Your Market is Saturated
Even industry pioneers can experience this problem. After years of market dominance, competitors begin to pop up from all corners. It’s time to rebrand if your competition caught up with you and your brand no longer looks different.
When the market is saturated this way, you can differentiate by modernizing or embracing cutting-edge technology. These are crucial differentiators you may pinpoint and adopt into your rebrand strategy. By letting your newly-found competitive edge redefine your brand, you may start drawing in new customers or expanding into previously unexplored markets. Consider looking into how marketing agencies help modernize your brand if you’re struggling to differentiate in a saturated market.
Your Reputation is Damaged
A bad online reputation can tarnish any company’s name. It doesn’t even have to be your fault to warrant immediate remedial measures by the damage control team. When negative thoughts or images pop up in consumers’ minds at the mention or sight of your company name, logo, or product, you may need to initiate a rebrand quickly.
Rebranding lets you take charge of the narrative across your entire digital footprint. For example, publishing valuable content on your company blog can help people forget about any negative connotation. It also gives customers resources they may find useful in the future.
Rebrand Before it’s Too Late
When the products and values that customers associate with your company change, your identity changes too. You’ll want to rebrand and incorporate these shifts into your brand messaging. An accurate portrayal of your brand can help satisfy customer expectations, expand into new markets, or beat increasingly stiff competition.