Rebranding: When To Take The Plunge
Business like anything else is constantly changing – your client’s needs evolve, other players come into the marketplace, and technology continuously leaps forward. Put simply, the market is in constant flux and what worked yesterday may not yield the same results today and certainly won’t tomorrow. So, how do you know when it’s time to rebrand?
Signs it may be time to rebrand
First, you have the obvious: your company is merging or acquiring a different company, or breaking apart, etc. Basically it is changing from what it was to something else, and the way the company is perceived should follow suit.
Or, it may be that you are entering a new market or introducing significantly new services. If this is the case, study that market and the companies that offer similar services. See what brands have influence, and try to pinpoint why, and if your brand is appropriate for this new market. How does it measure up to the existing competitors in terms of perception?
Then there are the less obvious signs.
Growth has stopped, you are losing bids and struggling to attract both clients and talent, sales are in a plateau, etc. The underlying reasons for these things may in fact be a poor business plan or weak customer service; but, if you are running a tight ship and things are just not carrying the same momentum as before, it may be time to reassess how your brand is perceived. As things change so does the visual language of your audience. In fact, your audience will inevitably change over time and what was able to convey a meaning 10 years ago may be completely obsolete today.
Keep an eye out for next week’s blog on things to watch out for when rebranding.