Is it Time for a Rebrand? 5 Signs to Look For
Everyone loves a good makeover, and this doesn’t stop at your brand! Even if your company has made quality branding decisions, there comes a point in time when change is needed. Brands evolve, so it may be time to consider a rebrand! This could range from a simple refresh to a complete overhaul. Not sure if you should make the jump? These signs will clear things up!
What is a rebrand?
Rebranding is the process of creating a new brand identity for your customers. Think of a rebrand as a pivot in a new direction. The foundation of your brand will stay the same, but your audience will have a new perception that better aligns with your current goals and values.
Some think rebranding is simply designing a new logo and picking new colors – that’s far from the truth! Parts of a rebrand also include redesigning a website, changing marketing materials, adjusting messaging, and more! This process requires careful planning and execution.
1 . You’re starting to look like everyone else in your industry
While it’s important to consider industry standards and norms, a rebrand can help a company differentiate itself from its competitors. Even if your company looks similar to competitors in terms of products/services offered, a strong and distinct brand can help it stand out and be more successful.
Sometimes without realizing it, brands start to adopt each other’s traits. This leads to no differentiation or originality. If you can spot a trend between your brand and your competitors, it’s time to change things up.
Tech industry… we’re looking at you!
2. You’re going after a new audience
If you’re trying to go after a new group of people, your current branding might now be cutting it. Your brand should always speak to the audience you’re trying to reach. If you’re struggling to do so, it might be time to rethink your branding.
You can’t leave your old audience in the dust, though. An ideal rebrand is something that is appealing to both existing customers and new ones.
Dunkin’ Donuts successfully rebranded themselves in 2019 to just Dunkin’. This modernized their brand AND customer experience.
3. Your brand is outdated
Are you feeling a bit too old school? If your brand is feeling stale and your website is embarrassing to look at, it might be time to think about a rebrand.
When you have this feeling, your first instinct might be to change your brand completely. However, there is a difference between having an old logo and an outdated logo. Depending on how established your brand is, it’s important to do some research on your audience before disposing of your old logo.
Gap paid the price in 2010 when they rebranded. After getting torn apart by customers and the media, they reverted back to their iconic old logo six days later.
4. You’ve had a major merger or acquisition
New ownerships and new partnerships call for a new era. We’re not the only ones who think this… a study looking at the behavior of S&P Global 100 companies found that 74% of all companies rebranded within seven years after an acquisition.
Don’t take this rebrand too far, though. You don’t want people to forget who you are!
Exxon and Mobil did an A+ job by combining their values and logo to become what we now know as ExxonMobil.
5. Your current brand doesn’t reflect your values
People want to align themselves with companies that share the same values as them. Your company’s vision, mission, and values guide every decision you make – this doesn’t exclude brand decisions! As your values change, your brand needs to pivot as well. It is who you are, after all!
Rebranding isn’t something to take lightly. You know what they say… if it ain’t broke, don’t fix it! No decision should be made without doing lots of research, plenty of discussions with your team, and a strong plan to execute.
Not sure if you’re ready to take the leap? Our team of experts can help talk you through it! Fill out the form below and we’ll be in touch.