Every strong brand goes through a rebranding cycle; but how do you know when it's time for your business' next significant change? Often, red flags go unnoticed until too late because we're so busy running our businesses daily (I know I'm guilty here!). So, how do you know when it's to call a branding agency? When you feel like your brand needs more representation.
Reasons to consider a company rebrand.
1. You are failing to set yourself apart from the competition.
Is your brand looking like every other industry brand or your competition?
Branding is all about identifying your key differentiators and communicating them to customers. You'd be surprised how many companies cannot share what makes them unique from other competitors in the market space.
Without a clear set of capabilities, it can be challenging to grow your business. Likewise, your employees and customers need clear reasons why they should choose you over other brands in the marketplace.
Rebranding can help you in identifying and redefining your key differentiators, including competitive advantage: the thing that sets you apart from other brands. Your company's unique selling proposition makes it stand out among competitors and is a selling point for customers who want something better than what they could find before - it defines them against their peers!
2. Your brand has become overly complicated or diffuse
Do you feel like your brand experience is scattered and unorganized? Then, it's time to start working on a new one. Brands are more than a logo and color scheme. You can have an engaging experience that appeals to all your customers with the proper branding. A cohesive brand will make sure everyone feels like they're coming home when interacting with any part associated with it: websites, social media accounts, advertisements, the list goes on forever.
Keeping a brand focused over time and with many stakeholders is not easy. Unfocused brands often resort to diversifying their offerings or outright copying the competition. They're marked by weak and undefined value propositions, giving them a general lack of relevance with no clear message, making it difficult for customers to see your company's strengths. For example, suppose they don't understand your service offerings after a minute or two of listening. In that case, chances are something is wrong with how complicated and confusing things have gotten- which might be a reason to rebrand and simplify too!
3. Your business model or strategy has changed
Suppose you want to stay competitive in a constantly changing market. In that case, it is essential for your company's branding and marketing strategy to match what happens on the outside and be consistent with how things work internally.
When rebranding your company, it's key to start at the foundation: your compass. What are you trying to say about yourself? Your company's purpose, vision, and mission? The first step begins with solidifying these fundamental components.
Why do you exist? Where is your company headed, and how will it get there? Which values define your company culture?
The first step in any successful rebrand is clearly articulating those guiding principles. Your brand compass provides you with a foundation for your other components and charts the course to where it will go next, so keep this thing focused!
4. You're not attracting top talent
If you're looking to bring in more top-tier candidates, it might be time to rebrand. A new employer brand will allow your company to redefine itself on what they sell and how people see them and feel about working at this business.
A strong employer brand will attract the most motivated and talented folks from a competitive job pool. In addition, it ensures you're interviewing candidates who are aligned with your values, so they can deliver on what it means for them in terms of a career opportunity with YOU!
A rebrand is an excellent way to attract candidates who will turn into spirited employees, positively contributing to company culture and fostering trust among coworkers.
Rebranding is a big decision, but it should be one you take seriously. The benefits of rethinking your branding are great, and any investment in this area will likely pay off many times over and for years to come.