5 Indicators that it is time to think about rebranding your business. This episode explains the 5 most common stages businesses consider rebranding and why rebranding often happens at these points. Rebranding is something that takes time, effort, money and thought but the alternative often costs more in the long run.
These questions are the ones we use at Elements Brand Management when someone comes to us for a rebrand. If you need help with a rebranding project you can schedule a call here – https://www.elementsbrandmanagement.co.uk/schedule-a-call
In order to make sure your rebrand is a success you first need to have a good understanding of your brand, what it stands for, why it exists and the things that make you unique. If you need help defining this you can download our FREE Workbook that will help you go through this process.
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Are you struggling to differentiate from the competition? Are you thinking about refreshing your brand identity or maybe you’re looking to do a complete brand overhaul, then you might be ready for a rebrand. And in this episode, I’m going to go over. When is a good time to think about rebranding your business.Welcome to the Unified Brand Podcast brought to you by Elements, Brand Management. A weekly brand building and brand strategy podcast to help you unlock your brand’s potential, stand out from the competition and create impact
Elements, Brand Management. We know that timing is key when it comes to a rebrand. And in order to know when the time is right to rebrand, it depends on the following factors.
Most people, when they think about rebranding, think about a change visual identity. Now this might play a part in the majority of rebrands.
But to what degree depends on the particular project and the particular type of rebrand. And in some cases is actually the internal brand that needs the most work. And depending on that will depend on what type of rebrand you need and when is a good time to rebrand. So what are some indicators that you can look out for the might determine that a rebrand is best for your business?
Number one, you’re struggling to stand out from the competition. When businesses start out, the majority of them don’t spend enough time on branding. They’ll pick a generic logo or they’ll use similar brand names or visual identity to their competition. And I don’t spend that time, really honing their brand and differentiating it from the competition.
And this is something that more often than not a couple of years down the line, two to three, sometimes longer, will come back to haunt them when they’re failing to build their audience, grow that trust and loyalty, and actually stand out from their immediate competition. And this can be a really good indicator that a rebrand would help you to stand out from the competition. Give you that differentiation you need and allow you to have your brand developed and portrayed in a unique way.
Number two, does your brand feel outdated? Is your brand outdated and failing to represent the direction and offering that you provide? Have you had the same branding for a long time, even though the company has changed considerably?
Now this isn’t to say that you can’t have the same branding over a long period of time, a lot of the best brands do, but they don’t change a lot from their internal brand. Over that time, they generally stay pretty close to what the brand stands for. But if your brand has changed considerably from what it was initially, so it’s changed direction it’s changed offering.
And the brand that you currently have is not a reflection of the brand where it is today. Then a rebrand could be something worth considering. Comment below. And let me know if you’ve been considering a rebrand and the main reason why.
Number three, has your business recently changed direction. This can happen with a shift in markets, technology, or management, and sometimes your hand get forced with that to do with outside factors from the business.
And you’ve had to pivot quickly. And what happens sometimes is it might have started, the rebranding process might have started on a strategic and business development level to a point. So you’ve shifted, you’ve changed direction. But the rest of the brand hasn’t caught up. So the brand hasn’t actually changed at all.
You’ve just pivoted slightly into a new direction. Now, if the rest of the brand didn’t catch up, what could happen is you start to have this chasm between what the brand was and where it is now, and that can not only alienate, your existing customers, it can affect your internal team. It can affect the new market that maybe you’re shifting into with a different offering or an upgrade on the offering that you had to use technology.
And if your brand doesn’t catch up, you run the risk of all these problems kind of continuing and progressing over time. So if that’s a situation you’ve had to do recently, you’ve pivoted you’ve changed. Market technology or management changes have forced your brand to differentiate yourself or change directions slightly than a rebrand could be a really good thing to think about right now.
Number four, has your brand merged with another, been acquired. or changed its internal structure? If your brand has recently merged with another or been acquired. A rebrand can be a really good thing to Mark this new change in the company. And a way to sort of explain to your audience there has been a change and that it sort of gives them a chance to take that on board and understand that there’s a new era for this particular company.
So it’s a good way to Mark that. It’s a good way to let your audience know it’s a good way to repackage that brand. Reevaluate what it means that Brand, now that it’s been either there’s been a merger or it’s been acquired by another company. And how that changes the brand from an internal structure or the internal core of the brand.
So the values, the mission, the purpose, have they stayed the same or are they changing with the merger? Are you bringing another set of values in, is there a collaboration there in the middle? Whatever’s happening with that merger or acquisition. It can be a good way to Mark that point as the start of a new era moving forwards, you might also have a change to the internal business structure.
So changing from say a branded house like Apple or Google to a house of brands like P and G or Nestle, or maybe a hybrid of the two, like Coca Cola. If you’ve had this sort of internal business sort of structure change, a rebrand can be a really good way to Mark that. It’s also, it might be necessary in order to reevaluate how the brands sit in that hierarchy, how that brand extensions, how they flow and how they work together.
And sometimes a rebrand can really help to kind of clear that up. Focus the mind, get the team behind, behind the brand, get all the departments working together and reevaluate what it means to be that company.
Number five, has your business outgrown his old branding and its brand. Now everything grows and evolves over time and hopefully your brand will be the same. A lot of times the brand that you started off as is no longer a reflection of what the brand is today. And now it’s so much more than what it was when you started. Your vision is bigger, your mission is more clear and you’re more on track with it. And essentially you’ve just evolved and grown past that initial brand that you had in place.
And this is a good point to think about rebranding. Because what you might start to find is you internally are thinking of your brand as being over here in terms of scale, size, vision, mission. But what you’re projecting is over here. So you’re still as that entry level brand that you started off as now, what a rebrand can do is it can help you match what you’re internally thinking and where you’re trying to reach and what your goals and ambitions and your visions are and your purpose.
It can match that with the rest of the brand. So you can catch that up, whether that’s the visual identity, the messaging, just defining those core values, the vision, the purpose, the mission, aligning it with your audience. And what that will do is it will signal to your audience that you are now sort of taking a next step in your businesses progression.
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Have a great week, catch up soon. Keep those brands unified.