Rebranding is crucial in any brand’s life. A brand represents core ideals of your company and choosing to rebrand could be a number of reasons.
Many major brands over the period of time have undergone rebranding and it is just not limited to its logo or color. It’s more than that!
As mentioned, a brand carries the overall impression about your business. Whether you are in the manufacturing business or a service-oriented concern, your brand will always speak volumes of the history you carry and the satisfaction you’ve delivered for customers.
So when is the right time to rebrand? Is it when the brand starts to show its age or people do not align themselves with it anymore? We have gathered some signals that will tell when it’s high-time that you ought to rebrand.
1. Your Message Evolved
Evolution is a gradual process but if your brand message hasn’t evolved for some time, it’s probably that you are not growing as a firm. So if your initial intent was to generate sales merely, via your brand, the message was profit maximization.
With time if your item has become an item of extreme importance in the life of people, then the message shouldn’t just be making sales but to draw an association with people’s lifestyle. So a worthy brand would be one that ages gracefully; to what it was and what it has become.
If it does not, then it’s a sign to rebrand.
2. Lacking a Brand Image That Goes With The Current Era
A brand image could be anything that directly affects the perception of your leads. As we progress in this modern day and age, once which was ‘cool’ is now no more. Hence, it is imperative that the change must be made.
So while the integral elements will remain in this case (of the brand), you just have to upgrade it in a way that it stands out of the crowd or become more visible a midst the clutter.You revamp by tweaking around with the above variables, for example, redesigning the logo.
3. Have New Demographics In Sight
Understanding of the target audience is essential and keeping that in mind a brand is developed. No ‘one-size-fits-all, therefore, if you are seeking to move towards a new demographic the brand will naturally have to be tuned that way.
By rebranding, you will now focus on your new demographics. For instance, if previously you had working women aged 30-45 years in your radar the funky side of your brand will not garner their attention. You will have to revisit and target teenage girls or those in their early 20s to synchronize.
4. Threat From A Rival
Not always will rebranding be pre-emptive or offensive move, it can also be defensive. It is when you have a serious threat from the competition that it can drive you away from the market altogether with its product or service offering.
Under such circumstances, consumers normally are bewildered as to whom to buy from. The trust gets shaky and the customer can give in to pressure, in turn, switching to your rival. What you need to do in this case is take a step backward and decide on differentiating your product or service offering.
Once you have pondered and made some additions (subtractions), chime in and you will see the changes, whether or not the brand can sustain the competitive advantage.
To sum up, creating a brand is one thing but to build and maintain its reputation is a whole different ball game. Whatever you decide to do, if it ever comes to rebranding make sure you have the right signs to cling on to or else such strategies can backfire too (in a major way).
Catherine Daisy is currently the brand manager of a leading FMCG firm and loves to blog about the happenings in the brand management world. You can also seek assignment writing help from him.