Nobody wants to rebrand their company or business too frequently. It can be expensive, time consuming and also risky as it may alienate your existing customer base. However, there are undoubtedly times when it makes sense to look at rebranding your business and invest money in your brand.
So what indicators should you look out for when considering whether or not to rebrand? Here are 4 definite signs it might be timely:
1. Your branding is outdated.
Although branding should ideally be timeless and avoid following current trends to prevent rapid dating, the reality is that even the biggest and most iconic brands see the need to update and tweak what they do from time to time. Your brand may not need major surgery but a typeface that felt fresh in 2004 may be looking a little tired in 2014.
2. Your branding is no longer distinctive.
Is your brand still unique or is it now indistinguishable from your competitors? Maybe what was different about your brand is now commonplace or overused. If your customers cannot distinguish between you and your competition then it might be a good time to think about reinventing your brand.
3. Your business model has changed.
Many businesses start out selling one product or service and eventually end up in completely different markets. Google is no longer just a search engine, Amazon sells more than just books, McDonalds now do a lot more than just burgers. The point is if your business has evolved and developed, has your brand kept pace with it? Does your brand now reflect the primary offering of your business?
4. Rebranding offers the opportunity to increase your market or enter new ones.
It is also possible that as a business develops it will enter new and more lucrative markets but its brand may hinder its attempts to break new ground. If a business with strong branding is known in primarily one market it may not treated seriously if it attempts to move into new and unfamiliar territory. Tesco has been a long established supermarket but when it began to sell mobile phones and insurance it may not have seemed an obvious fit initially. If you plan to break into a new market that is radically different from your current one, it may be a good time to rethink your brand.