Competition is everywhere, and you need more than a great service offering to break through all the noise. You need a strong reputation and a corporate identity – this is your brand. If you’re not being heard in a crowded field of competitors, revamping your identity through strategic branding can help you thrive. But how do you know it’s the right time for a rebrand?
Rebranding typically takes place when there is a significant change within an organization. It can be driven by something as obvious as a name change prompted by a merger, or it could be the result of a change in an organization’s business model, mix of products or target audience. With almost every company, a rebrand is bound to happen eventually, yet a successful rebrand depends on timing. Here are five major signs it might be time for a rebrand:
- You’re Failing to Differentiate Yourself
Branding is all about competitive differentiation. Creating an identity within a niche doesn’t require a revolutionary idea. It simply needs to have one special thing that separates it from the competition. What’s your unique product, service, or selling point? Once you take the time to figure out what that is, you can center your brand around it to gain recognition over time.
- Your Brand is Overly Complicated
What information and feelings does your branding give at first sight? If people are confused about what you’re trying to portray, they won’t stick around to figure it out. The only thing more confusing than not having a unified brand is a brand that sends multiple messages. When it comes to branding, increased complexity means decreased cohesiveness – and for the prospect, that’s confusing. The best way to fix this problem is with a rebrand. Make sure your new message is clear, cohesive and consistent.
- Your Business Strategy Has Changed
When you started your business, you probably established a set of values that served as the foundation for your strategic objectives. However, as your business grew, your values also evolved. Whether it’s unforeseen market opportunities or changes in technology, business models change – and that’s a good thing. The key is making sure your brand keeps up. Whether your company moved away from the original vision or merely expanded on it, your brand needs to reflect these changes. Adapt everything, including your HR policy, customers, products, and identity to be in line with your new philosophy and strategy.
- Your Company Merges with Another
Mergers and acquisitions are always new opportunities for a rebranding. Yet 70 to 90 percent of mergers fail due to poor brand alignment, which ultimately creates confusion. The key to a successful rebrand is uncovering the shared DNA of the two companies. Think about the “why” and “how” two separately successful companies can bring value to your clients and prospects as a single entity. A successful rebrand focuses your company’s vision and portrays who you are now as a unit.
- You’re Struggling to Raise Your Prices
Your brand ultimately boils down to customer perception. An effective brand can influence the market price of its goods or services because of the reputation it has developed in the minds of customers. Why do we pay double for Starbucks coffee when we could get it much cheaper elsewhere? The ingredients may be slightly different, but fundamentally, their reputation and supporting brand are responsible for the premium we’re willing to pay. By rebranding, you can reshape the way your customers perceive you and raise the asking price of your services accordingly.
Building a brand is tough, and repositioning your brand can be even more challenging. However, if you take the time to think about why you need to rebrand, the process will be practically seamless. Remember, your brand is a story that’s always being told. You have the power to not only drive that story but to change it if your message isn’t quite right – the pen is in your hands.