Once upon a time, brands were created, as we can say, “once and for all.” Companies have existed unchanged for many years, and it was believed that any changes would negatively affect product recognition. But now everything is different, experienced brand managers understand that sometimes companies need to rebrand in order not to give up their positions. In this article, you will find 5 signs that will indicate that it may be the time to rebrand your business. In what cases the business requires changes?
1. Brand positioning is outdated
There is a specific business challenge behind every rebranding. Some companies are using image change as a news feed and launching a new marketing campaign to coincide with it. Someone underlines an important date, for example, the thirtieth anniversary of the company. Others seek to rebrand the customer experience, establishing itself in a new way in the mind of the consumer. Branding agencies can help you to understand which tool to use. This can be especially helpful if you are not a big and experienced company with a huge staff of marketers, but a local brand. Their task is to become at such a moment a connecting link, a translator from the language of business goals into the language of consumer needs.
2. The mission and internal values of the company have changed
Entering a new price segment is the goal of many businesses. And quite a few companies are trying to match big corporations like Apple. But sometimes such a desire can be caused not just by the desire to increase profits, but by an attempt to make the product even better and more unique.
In some cases, prices for goods and services may rise, and changes are necessary in order for the brand to match them in terms of product quality.
3. The target audience has changed and new tasks have appeared
The target audience itself can also change. For example, a franchised coffee shop has improved the quality of its products and services over time. But the price has remained the same, with a design that matches the low budget segment. Redesigning and launching your own, updated brand will help you reach a new audience and further develop qualitatively. When entering another market, the audience can also change, and for this reason, the brand needs a change. Suppose that earlier you were guided by a narrower circle of people and took into account the interests of only the inhabitants of your city. And everything was going well until you decided to expand and increase your sales. New audience – new needs. It is worth thinking carefully about what needs to be changed to successfully enter a new market. Sometimes the targeted market is quite stable, but its needs change over time, or some elements of the corporate identity do not fall into its preferences. In cases when consumers love the product itself, but its advertising and branding campaigns are not appropriate for their chosen market segment, rebranding is also necessary.
4. You faced a stronger competitor
Competitiveness is one of the main criteria for the viability and sustainability of a business. Industries are changing and developing. Detachment from the competition is one of the popular business strategies. It is especially suited to the B2C market, as consumers are more curious and greedy for new offers. Rebranding is an important tool for implementing such a strategy. Update the style on request from the market is much more profitable than launching new product lines or introducing new services. Big franchises often become competitors for local businesses. They can work for years without making a profit, feeding on the general budget of the corporation. In this case, to build up and declare yourself as the best specialist in one narrow direction is one of the most profitable strategies.
5. The design is outdated
By staying loyal to one design, you will not gain a new audience, image and consumer confidence. You can only lose the existing one. Design is not just a picture, but a tool for solving business problems. You need to build your brand strategy consciously. A good web design agency help with this. They do not just work on brands and corporate styles, they offer specific tasks for each individual business. They can help you to create a large brand using the full range of marketing tools available. During your cooperation with such an agency, you will become one team that shares common values and achieves high results.
Today, even a local business can create a strong brand and, with its help, increase its own income. An important feature of a brand is that, with the right approach, it becomes an advantage that cannot be stolen or copied. We hope that this article helped you to understand the point of rebranding and all its benefits.