11 Nov ‘19
Rebranding a Company: 10 Warning Signs You Should Rebrand
11 Nov ‘19
In: Branding & Visual Design, / By: Ripe Media
Consistently presenting your brand can bolster your revenue sales by up to 25 percent per year.
Your brand is your first impression. You cannot afford to ruin your opportunity to win over another customer.
And yet, you cannot depend on the same branding forever. You may need to expand your business overseas or adapt to the new marketplace.
Nevertheless, there are always warning signs that you should rebrand your company before it’s too late.
Do you want to know more? Check out how to know when rebranding a company is urgently needed.
1. Your Brand Name is Out of Date
The name of your brand is a really important part of your business. You can probably recall brand names that have been around forever.
However, sometimes, your brand name doesn’t represent your values or products anymore. You might have changed your business model a lot over the past years.
Over the years, there could have been cultural shifts that make your name no longer relevant. You can quickly outgrow your brand name!
If you start to feel embarrassed or awkward about handing out your business card, that’s a sign that you need to rebrand your company quickly.
2. You Need to Stand Out From the Crowd
Anything that can make you appear different from your competition is worth considering in your brand.
You may have been different once. But, most good ideas quickly get adopted by everyone else in the same market.
The unique selling point (USP) you may have invented previously is no longer working. Nobody knows what makes you different anymore.
You need to rebrand your business with a new logo, name, and color scheme to allow you to look and feel different among your customer base.
3. Need to Go Back to Basics
Have you gradually become a much more complicated and confusing company. You never intended to confuse your audience so much.
You started with a simple product sold in a simple way. But, over time you introduced numerous products and services without any coherent message.
If you feel that you need to go back to basics. A rebrand can help you cut away any slack in your business to leave the essence of your company even stronger.
4. Your Business Has Transformed
You might have started selling a particular product to a certain audience that doesn’t exist anymore.
If you have significantly changed your business model over the years, you may want to rebrand your company to reflect your new enterprise.
You may have begun selling photography equipment. But, now you focus on smartphones. And yet, if your logo is still a camera, that’s not going to serve your marketing needs any longer.
5. You’re Bigger Than Your Logo
Did you start off with smaller ambitions that you’ve since outgrown?
You may have included the name of your location in the brand name or you may be about to go global with a localized name.
Your brand name may have been effective for your launch and early years. But, now it’s time to think bigger by rebranding your company.
6. Experiencing a Merger or Acquisition
The value of mergers and acquisitions reached up to $4 trillion in 2018.
Are you an energetic startup? Have you just joined a multinational company? You could have come together with your competition to form a bigger whole.
Your new company may need a new name. If you’re changing the name of your company altogether, you need a rebrand to announce your new brand to the world.
There are many methods of rebranding following a merger or acquisition. You may join two names together, or come up with a fresh name.
7. Recover Your Company After Negative Image
Does your brand share connotations with something negative? Have you recently undergone a scandal that has ruined your brand name? That’s bad luck!
You may attempt to address your company’s problems without changing anything.
But, if it becomes clear that bigger changes are needed, it’s time for a fresh start by rebranding your company.
8. Your Customers Won’t Pay More
You might have entered the market with a promise of “high quality for low prices.”
It may be a struggle to branch out of this once you have established yourself as a budget-friendly company.
Now that you have launched your brand, your customers won’t be willing to spend more on your products and services.
If you want to attract another client base, you may need to rebrand as a luxury brand with the price tag to match.
9. You Cannot Reach Another Audience
There are always untapped audiences that you need to appeal to if you want to continue to grow your company.
You might have been successful with Generation X. But, have you failed to attract millennials to your company?
It may not be demographics either. If you launched a sustainable, eco-company, you may be struggling to enter the mainstream.
By rebranding your company you can try to broaden your audience base without losing your core customers at the same time.
10. Unable to Recruit the Best Talent
You may be steadily developing your customer base and growing your business. But, you could simply be unable to recruit the best talent to come to work for you.
You shouldn’t simply focus on adding more to your new employees’ salaries or giving them extra bonuses.
By branding your company as sustainable and socially responsible, you could win over the most talented and hard-working young people.
Over 70 percent of millennials say that they would rather work for a company with a strong environmental agenda.
Is It Time For Rebranding a Company?
You know that you need to rebrand your company now and then. But, how do you know when is the right time to drive your rebrand?
You need to be aware of the above signs that your company is due to be rebranded immediately. You cannot afford to allow your business to plummet because you didn’t act quickly enough.
Did you find this blog on rebranding a company helpful? Check out more marketing advice on our website.