Updated: Jan 2, 2019
The term “rebranding” is a scary word for any business. Companies are very set in their ways and for the most part, do not like any significant change. It is a very daunting task to change any aspect of your company, but in the end, it might be one of the most beneficial things for
your business. Sometimes a little rebranding is just the push a brand needs to gain new customers, a larger following, and more revenue.
A strong business stems from a strong brand strategy. If your strategy isn’t aligned with your target audience, your mission statement, or your marketing plan, then your company is going to have to rethink some things. Sometimes little tweaks in visuals, your marketing tactics, or merchandise sold is all the rebranding you need.
So what signs should you be looking for to know your business needs a little facelift? Here are some telltale indications your brand needs some rebranding.
Your target audience has changed or expanded
Sometimes your target audience can change or you WANT it to change. Targeting a new audience can be very beneficial to your company, and your revenue. A new audience means new people interacting with your brand and new money coming into your business. It has also been shown as a successful way to rebrand.
The NFL did some rebranding to expand their audience and reach more women. In their efforts, the NFL put more women in their advertisements and choose media specifically catered towards women. Over the last decade, they saw a 18.7% increase in a female audience. This re-targeting expanded their brand and created a larger following, something every company should strive to do.
Your competition has changed
No matter what industry your company falls into, they are constantly changing and evolving as the world evolves. As your competition is growing and coming up with new and fresh ideas, your brand needs to outthink these concepts. Your business needs to stand out among its competitors and if you feel it is not, time to rebrand.
Competitive differentiation is one of the most important things to focus on when rebranding. Whatever makes your brand standout among competitors needs to be a main focus when advertising and telling consumers why your brand is the best. Look at all the different ways you can start to distinguish yourself when rebranding. Did your number one competitors just come out with a new marketing campaign? Then think of an even bigger and better, even if that means changing your tactics and execution.
Your sales are declining
One of the easiest ways to tell if your company needs to rebrand is a decline in sales. Obviously if you see this drop in numbers, there is a reason behind it, especially if it is sudden. Your customers are ultimately losing interest in your company and no longer interacting with your brand, causing them to no longer buy your products or services. Rebranding can change this decline from a downward spiral to a boost in sales.
Take Burberry for example, their rebranding caused an increase in sales by 27%. Customers started viewing Burberry as gangwear, frumpy, and over-extended. They rebranded to showcase the brands modern yet classic look and show customers that high-profile
celebrities such as Emma Watson wear their clothes. The company changed consumer perception completely with a little rebranding and not only led to a large increase in sales, but also a huge store expansion.
You’re not connecting with customers
Connecting with your customers is vital for any business. You need to have a strong relationship with your customers and make sure they know their voices are being heard. This form of rebranding is a lot more consumer based, whether that is making it easier to connect with your brand through social media or creating a new community connection program. Especially since the digital marketing world is rapidly growing, consumers now more than ever want to feel connected to a brand. The endless possibilities of digital marketing tactics make rebranding an exciting way to connect with consumers even further.
Your brand lost its uniqueness
Going back to standing out among competitors, the main way to do this is from being unique. There are multiple reasons and ways your company is different than your competitors, but if you feel you’re losing that uniqueness, your brand will need to rethink its
strategies. Maybe your company is becoming lost in the mix because your industry has become highly saturated or people are losing interest in your industry. You need to create new buzz for your brand through rebranding. Consider all the things your company has that your competitors do not and hone in on them. What qualities make your brand uniquely you?
You’re not aligning with your brands vision
Think back to when you first started your company, you had a vision for your brand and a mission to go along with it. As years have gone by, do you see your company going in the opposite direction? It is important to stay true to your brands message and vision and if you feel you are straying away, it is time to get back on track.
Rebranding any aspect of your company can bring you back to your original vision for the brand. Maybe a new logo, stronger brand messaging, or changing your current campaign, do whatever you can do to make your business as authentic as possible.
As you can see, rebranding shouldn’t be daunting or scary, it should be welcomed with open arms! It is a great way to gain new customers, increase your revenue, and stay fresh within your industry.
Need expertise in rebranding? We got you covered to make your brand the best it can be! Get in touch today.