When is it Time to Rebrand?Posted on Nov 6, 2019
We’re all creatures of habit. It can be hard to know when it’s time for a change. Even harder when it applies to your business or organization.
Ask yourself whether or not your current brand is really reflective of where you are today. Often, we discover that our business has evolved and changed over time and our existing brand doesn’t properly reflect the current strengths and differences in the market.
Rebranding requires a commitment to embracing change and the ability to asses whether or not a rebrand of your business will lead to competitive advantage. All sorts of businesses and non-profit organizations benefit from refreshing their brand to be more relevant in today’s market – the key is knowing when to do it.
By rebranding we can open up new opportunities, extend our reach into existing markets, become more relevant to the next generation of our target markets and ensure we are promoting our current products and services. In some cases, rebranding attracts more qualified candidates and assists ongoing recruiting efforts because you are telling a brand story that reflects your current corporate culture.
Are you ready to rebrand? Ask yourself:
- Has my target audience for my products and services changed over time? For example, are they located in the same market or has it grown (ex. from providing local to national solutions)?
- Have I grown the range of products and services that I provide to my customers? Often we evolve our products and services and then don’t clearly articulate them in our website, sales pitches and other outreach messaging. This is a very common problem for businesses that have been in existence for over 10 years.
- Does my logo and supporting messaging make it easy to foster ongoing conversation with my target audiences and clearly convey the value that only my organization can provide? As markets change and evolve, so should your messaging.
- Am I memorable in the market for the right reasons?
- Are you doing the same old things just because “that’s the way we’ve always done them”?
- Am I solving the challenges faced in the market where I compete with my current brand and supporting strategic messaging?
- Can I attract the best job applicants so my organization can grow and thrive?
- Is my brand remaining relevant for the next generation of my customers?
Your brand is critical to your success - it's the first impression you give to new customers and how people remember your services in highly competitive marketplaces over the long term.
Here are some examples of companies that realized it was time to rebrand and what made their evolved brands a success:
Gibbard Group Financial – Mortgage Brokers
Pemberton Insurance – Insurance Company
Drexan Energy Systems – Manufacturer of Trace Heating Cables
In every example, each company had to look at their economic MOAT - their ability to maintain competitive advantages over their competitors - in order to protect their long-term profits and market share from competing firms.
How do you know if it's time for your company or organization to rebrand?
Keep track of your brand perception through your sales channels, social media and competitors. Paying attention to what people say about your organization, products and services not only gives you insight into their perception, but reveals areas where you can improve and evolve. Sometimes tweaking your messaging is all that is required. In other cases, a dramatic update of your logo and supporting imagery is necessary. You won’t know unless you are listening to your target audience.