When it’s time for a change
How do you know when it’s time to rebrand your business? Rebranding is quite common for major companies but can help any business which might want to appeal to a new demographic or in an attempt to combat a drop in sales. Most consumers won’t notice a rebranding unless it’s significant and a logo has changed but rebranding carries a serious message and shows that your company is committed to evolving and upward growth. So how do you know when it’s the right time to take the leap?
When you want to attract a new target audience – sometimes for growth it’s necessary to reach out to someone new who might be interested in what you’re doing. In a saturated market, it’s helpful for people to have an immediate image in their mind as soon as they hear your company name and that can achieved by targeting specific groups in society. Doing your research and finding a new market to capitalize on can be essential for your business growth.
When you’ve outgrown your original statement or mission – a rebranding exercise can be vital for giving your company’s services or products the maximum amount of exposure in a very demanding market. The purpose that you started with will have evolved and with it, your customers will have evolved too. If you want to remain edgy and competitive then you need to keep up with the times, put your customers at the heart of what you do and evolve to match their needs. Don’t get left behind because your brand is not associated with cutting edge. For a Brand and Strategy Innovation Agency, visit www.lightbulbinnovation.com/.
When you want to get rid of an old image – brands like Skoda and Burberry will know all about poor brand association and how rebranding really can save your bacon. Many pubs in the UK had banned Burberry due to it’s association with football hooliganism and gang related behaviour. Burberry had a major problem on their hands as their name became the choice for every troublemaker in the nation. They commenced on an aggressive rebranding campaign with sophisticated celebrities such as Emma Watson modelling their clothing. The prices and look remained the same, as they didn’t want to lose their heritage but they successfully managed to focus on artistry and presentation in changing people’s perceptions of the brand.
Sometimes nothing has changed but things just go a bit stale. Maybe sales are lagging and your creativity has hit a brick wall. You don’t have to go for a dramatic rebrand but maybe just changing the colours of your logo can rejuvenate you and the style of your business. Partial rebrand are quite common with a full rebranding only being done once or twice in a company’s lifetime. Whatever you opt for, make sure to introduce changes gradually so as not to confuse existing customers too much. It might be helpful to warn your customer base before it happens.