Rebranding a business is a significant undertaking. It’s something that many people may be wary of doing because it changes their business image. If your target audience is familiar with the branding that you already have, changing it could mean that you lose a lot of brand recognition. You don’t want to make the mistake of rebranding when it’s not necessary, but it can also have plenty of benefits in some circumstances. Deciding whether to rebrand and give your business an image refresh can be tough, but there are some times when it can really make sense to go for a rebrand.
You’re Going Through a Merger/Acquisition
During a merger or acquisition, there are already a lot of changes taking place. You might wonder whether it’s best to try and keep things as similar as possible to avoid too many big changes. However, it can be the perfect time to rebrand and find a fresh new image for the company. Rebranding in these circumstances can indicate a change in ownership and help the newly acquired brand to fit in with the entity that is acquiring it. It can help to prevent confusion and make the relationship between different brands easier to understand.
Your New Business Isn’t Gaining Traction
Launching a new business is always challenging, but sometimes you can find you’re just not getting the traction that you’re looking for. If the response to your new business is lackluster, it could be because your brand isn’t really getting you the attention that you want. It might be time to scrap it and design a new startup logo and other brand elements. If you haven’t taken your business very far yet, it’s not going to have too much of an impact on your reputation. In fact, it gives you an excuse to do a mini relaunch and announce the new look of your brand.
Your Branding Is Outdated
Every company’s branding has the potential to start looking outdated after a while. Some brands might have an enduring image that they don’t want to change, but most will eventually change their branding in some way. If your branding hasn’t been updated in the last 10 years, it could be time to rethink it and consider if it can be made more modern. If you’re not sure what to do, surveying your customers or your target market could be a good way to determine your next steps.
Your Business Is Changing
If your business is changing, it might be time to rebrand. For example, perhaps your business is growing into something that doesn’t quite align with its original mission. Maybe you’re adding a new branch or going into a different market. When your business is evolving, it’s worth thinking about how your brand can evolve with it to ensure it still matches how you want it to be perceived by your target audience.
Rebranding isn’t something you want to do lightly, but it can be the right decision in the right circumstances.