When Should a Company Rebrand?
One stage in a company’s natural lifecycle is its rebrand, even though it’s not always easy for companies to figure out when the right time is to rebrand.
Many times, some of the signs that it’s time for a company to rebrand get lost in the everyday tasks. Then, when a company does notice some of those signs, the decision to actually rebrand is a difficult one to make.
A rebrand entails the process of reshaping or recreating the way a company or its products are perceived by the public.
That can include completely reinventing the brand– including its name and slogan, and its visual identity and marketing efforts.
One of the most effective ways to start a rebranding process is to research how a company is currently perceived by both the public as well as by its internal and external stakeholders.
The data from the research stage will help the brand reposition itself in accordance with the needs of its consumers and the opportunities in the market.
Once the research and strategy stages are over, a company can proceed to the stage of reimagining its verbal and visual identities, such as its name, messaging, colors, photography, and logo.
The final stage is brand activation, which is when the company has finally rebranded and announced its changes to the rest of the world.
Brand Vision and Name
One of the biggest signs that it’s time for a company to rebrand is if it doesn’t have a great name. These kinds of things are natural and can happen to any business as time progresses.
What seemed to be a great name a decade ago might no longer represent what a company is about in the present.
However, deciding to rename a brand is a difficult thing to do because not only does a company have to figure out a new name that’s both meaningful and unique, but it also has to go through URL research and trademark vetting in order to use the new name.
Differentiation from Competitors
Another big sign that it’s time for a business to rebrand is when it starts to look like every other company in the same industry niche.
Since branding is all about differentiation from the competitors of a company, standing out from all the other businesses in a market is what makes consumers more likely to make purchases.
Branding is one of the essential elements that help consumers realize one company is better than all of its other competitors. Not having clearly articulated differentiators can damage business growth and sales.
Change in Business Model
Finally, another big sign that it’s time for a brand to reinvent itself is when its business strategy or business model changes.
It’s not always easy for companies to predict whether or how outside forces are going to create changes inside a business, but when those changes happen, the company should follow along and change too.
The way that a business is perceived by its consumers should always be in alignment with the way that business operates behind the scenes.
The starting point for a rebrand like that should be clearly articulating the company’s vision, purpose, values, and mission.