Rebranding is an essential and oftentimes difficult decision to make as a business. So, how do you know it’s time to rebrand your business?
What is Rebranding?
Rebranding is a marketing strategy that has to do with changing the corporate image of an organization. A business cannot be run the same way forever, like the saying “change is constant”.
According to India Times, Rebranding is:
a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market.
In this article, I’ll be sharing 5 Ways to Know It’s Time to Rebrand Your Business.
1. You don’t feel confident giving people your business cards
Yes! Do you go for business or even casual meetings and you’re not confident giving out your business card? This is a sign that you need to rebrand. What you simply need to do is reach out to a branding agency, they’d take it up from there.
2. People can’t differentiate you and your competitor
When people tend to mistake your brand with your competitor or vice vera, it’s time to rebrand. It is important for your audience to easily remember your brand, so if you use a generic or simple name, logo as your competitor, you might just be hurting yourself.
Remember that branding is all about competitive differentiation. Think about your unique selling point and push it out so you stand out from the competition.
3. Your brand isn’t perceived as credible
If your brand does not consistently meet up to your audience expectation, then your brand lacks credibility. Know what expectations your brand message is creating, and make sure it aligns with what you’re doing. Ensure your brand correctly represents what you do.
4. You’re not appealing to your right audience
Rebranding allows you to redefine yourself with the goal of reaching your exact target audience. So, if you find yourself appealing to the wrong audience, there’s a need for your business to rebrand. It could also mean that there may be a disconnect between your business and your branding.
5. Your business has matured
As your business progresses, your brand may not fully represent what your business has eventually become. Here, rebranding helps to refine the brand to better fit your business.
Your brand should be a reflection of your company’s beliefs and ideas. Also, remember that even the best companies rebrand.
We hope you’ve found this article helpful.
If you need help or guidance in improving your branding, simply Contact Us. We’d be happy to assist.
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