When should your business consider a rebrand?
“Your brand must communicate the value that you bring to a working relationship.”Idowu Koyenikan
When should you/your business consider a rebrand?
Like fashion, most brand identities eventually reach their sell-by-dates. Trends, styles, and cultures are constantly evolving – what was hot in the ’90s is probably not relevant today. Similarly, what may have been considered a slick, well-crafted image then, may well be seen as outdated and out of touch with modern culture. When your audience can no longer identify with what your brand represents, you know you’re overdue for a much-needed revamp.
Below are a few compelling reasons to help you decide if it’s time to shake off the old image and update your look.
New direction, new you: Changing public perception
Most of us are familiar with the adage ‘it takes 30 seconds to make a good first impression’. Well, according to Forbes, you can cut that number down to seven seconds. You heard right – people’s impression of your business is almost cast in stone within the first seven seconds of their interaction with your brand! Your branding acts as that first seven seconds that determines whether you’re seen as an authority or follower in your industry. So, if you feel you’ve reached the proverbial glass ceiling with regards to your pricing, or might not be attracting the kind of talent you deem worthy of your brand, it may be that the image you’re putting out there, is not aligned with the image you have of your brand and business. Time to change perceptions.
You want to attract a new “fan base”
Fortunately, the need to rebrand is not always the result of some crisis or urgent need to shake off a sudden dose of negative association. Sometimes rebranding is the result of what Millennials refer to, as nice life problems. A good example being, your business doing exceptionally well, to a point where it starts to outgrow its initial audience, raising the need to expand to new demographics. Dazzling your new target audience, will require a change in thinking, and adapting your engagement to a “language” that appeals to your new audience. A “language” that can shape their perception to help them identify with your new, evolved brand, and win them over.
Your values have shifted
People change, ideas change, and so do our values. What may have worked in the past, may not work today. As the saying goes, hindsight is 20/20, and if your current branding no longer reflects your new outlook, it justifies the need to rebrand. To echo Ashley Friedlein, “Your brand is the sum total of how someone perceives your organization.” If your audience no longer identifies with the outdated values communicated by your brand, it’s time for an upgrade.
You’ve become a dime a dozen – you’re blending in with your competition
Lastly, if your industry is saturated with competitors, revamping your image may be just what the doctor has ordered to help give your business the edge it needs to stand out from its competitors and reposition itself as an industry leader.
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