Brands often have ways to tell you when it’s time for a rebrand. Sometimes it has grown too big and needs to address its’ audience in another manner or it has become outdated and no longer attracting new and existing customers.
Every brand will have to redefine itself at some point.
So, how do you know when it’s finally time to rebrand your business?
The following few points are signs that your brand is probably ready for an update.
1. Your brand no longer ties together with your brand vision
It happens. As your audience grows so will your brand. The vision you had started out with was targeted towards a smaller portion of the market. Since then you’ve grown, your vision and mission statement can loner address everyone in the same fashion.
2. You feel ashamed to hand out your own brand material
If you cringe when you reach for your business card to hand out, or if you’re repeating the phrase ‘my website does need updating’ after someone asks you, it’s a strong indication that it is time for a rebrand.
3. Can’t differentiate yourself from the competition?
When it comes down to it, branding is all about how you can market yourself differently to your competitors. If you feel like your brand is lost in amongst your market, repositioning and capitalising on your unique features or targeting a different group within the same sector can make your brand become more visible to your audience.
4. Your business model or strategy has changed
Most times the brand objectives when you started out are not the same objectives five years down the line. Some of the factors can be the forever changing market, new ways technology is implemented and/or business models changing. When your business changes, so must your branding. The way you are perceived by your audience should be a reflection on how you as a company operate.
5. You can’t charge more
When you’re looking to expand your business you need to make more revenue but at times it can be hard to do this. Your brand is all about customer perception – how they feel about your business and what value they receive through your products and services. By rebranding, you are able to reshape how your customers perceive you and in turn allowing you to raise the asking price of your products/services.