Rebranding your company can be a great way to revitalize your business, attract new customers, and reposition yourself in the market place. Take YouTube’s latest rebrand for example. YouTube’s thought-out rebrand strategy shows how important every last detail becomes when you decide to change up your company’s branding and messaging.
Properly branding your business is incredibly important but the term “branding” gets thrown around quite carelessly, and people often assume that a brand is just a logo or just a website. However, your brand is so much more than just your logo and encompasses every touch point of your business. It is how you are positioned in the consumers’ mind, so creating a strong and long-lasting brand is very important.
As your vision and business evolves and changes over the years, you may find yourself wanting to rebrand your company in order to align with new values, new products or even a new base of customers. Before deciding to make any changes, you’ll want to make sure you are prepared to rebrand, however, initiating a rebranding strategy isn’t always in your best interest. Today, we are going to talk about the times when rebranding your company is not a good idea and when you should be looking towards other solutions.
Your Sales Are Down
Seeing your profits go down each month can cause anyone to go into panic mode. When this starts happening, you can find yourself trying to desperately figure out what’s wrong and how you can fix it. You may think a rebrand is necessary, in order to “freshen up” your business and become relevant again. However, if sales are down, do not instantly jump to the idea that you need to rebrand.
Declining sales could be resulting from many different things. Your first step will be to take an in-depth look into your financials to try and determine why your numbers are slipping. Before immediately thinking that a rebrand is the solution, brainstorm all the potential reasons your sales could be down.
Decreasing sales can mean many different things. Perhaps your sales staff aren’t trained properly and are making fewer sales, or maybe the economy has slowed down and you’re just experiencing the natural boom and bust cycle of business.
Your Competition Did a Rebrand
Your competitors may have gotten a fancy new brand, and now all you can think about is how you are going to start falling behind them because they have rebranded themselves. There can be many different reasons why your customers got a rebrand, and they may not have gotten one done for all the right reasons either. Plus, watching how the market reacts to a rebrand done by your competitors can serve as great learning tool for you!
After one of your competitors rebrands, watch to see whether the market reacts positively or negatively to their rebrand. Not all rebrands succeed, take this one from The Gap for example.
Being able to see how your market reacts to your competitor’s rebrand can help you gauge what your customers like, and what they don’t like, which will help you further down the road if you eventually decide that a rebrand is necessary.
You Found a New Style You Like Better
You may want to rebrand your company because you’ve suddenly found something that you like better. Having to distinguish between your personal style and the style that best suits your business can be tricky.
It especially becomes difficult when you start incorporating elements into your brand that you are only incorporating because you like them. Of course, you want your branding to be attractive, but you can’t base your design decisions solely on whether you think something is stylish or pretty.
This is why there are professionals to help guide you through the decision making process who will be able to help you design a brand that is functional, appropriate for your business and cohesive. Styles are always changing and your brand should not be a temporary reflection of what’s currently “in” at the moment. Your brand is a valuable and long-term asset!
Rebranding can be a costly initiative that takes lots of time and research. A proper rebrand strategy for your company can help you attract and retain your ideal customers; however, if your rebrand is done for the wrong reasons, you can damage your business and turn potential and even current customers away.
About Dana Nicole
Dana Nicole is a brand strategist and online educator at dananicoledesigns.com. Her mission is simple: to make standing out online easier for entrepreneurs! Aside from working, Dana enjoys a nice cup of hot tea and traveling around with her husband and their dog, who are expats currently living in Denmark!