Businesses are always evolving and so does the way their customers view them. It’s important to consider whether your brand is consistent and speaks to your desired position in the marketplace.
If it doesn’t, it may be time to rebrand.
Reasons to Rebrand
1) You’re Embarrassed to Hand Out Your Business Card
Networking events are great. Sometimes.
We’ve all been there before where you are meeting new contacts. Everything is going well, and you’ve said all the right things. This is looking to be a very promising partnership indeed. But then you hand them your business card.
That one ugly card speaks volumes.
It destroys all of the legitimacy you’ve managed to build up until this point.
All of the sudden you go from someone they couldn’t wait to get a hold of to, “What’s Her Name” with all of the cards in the trash. And that’s a crummy place to be.
2) You’ve Outgrown Your Old Brand
Growth in business is a wonderful thing. But it can come along with its own set of unique challenges and growing pains.
Maybe you are merging with another company in order to better serve a broader audience. Or perhaps your solutions have expanded over time to the point that your original target now encompasses only a small part of your overall customer base.
Either way, you need to reposition yourself in the market and that means rebranding.
3) You Need to Set Yourself Apart
There are certain marketplaces that have a tendency to become oversaturated. Copycats appear, and your brand can become less and less distinct.
A rebrand can send a clear signal to the market that you are the one they are searching for.
4) Your Current Brand Strategy Is A Mess
Do you have a well-organized brand strategy that communicates directly to who you help and why you are the right solution for them? Or is it more a collection of random fonts and images you’ve collected over time?
If you are having trouble pinpointing what your brand is saying, guaranteed your audience has no idea.
5) You Want to Serve A New Demographic
There are times when serving a mass market at a low cost makes the most sense. Then there are times when serving a select few looking for luxury makes the most sense. But trying to accommodate both of those audiences under one brand is never a good idea.
When the market recognizes you as the affordable option, it can be close to impossible to convince them to start paying a premium. Regardless of the many advancements you may have made to your service.
If you are looking to serve a new demographic, the best course of action is typically to develop an entirely new brand that will speak directly to that audience.
Examples of Rebranding
If any of these issues sound familiar to you, you probably have a branding problem. But that’s okay. You’re actually in good company.
Brands like Old Spice, Starbucks and Apple have had similar problems but were able to come back stronger than ever.
Most notably, Steve Jobs was able to revitalize a floundering Apple Computer when he regained control in 1997. It wasn’t necessarily easy, but he had a strategy. And a well-defined brand strategy will pay dividends for years to come.
What A Successful Brand Strategy Looks Like
A Successful Brand Strategy Is More Than A Logo
A successful brand strategy is more than just a logo. It is a promise that you make to those you serve, and it permeates through everything that you do.
In the words of Seth Godin, if Nike were to go into the hotel business, we would have a good idea of what that hotel might look like. But if Hilton were to start making shoes, we would have little to no idea of what to expect. That’s because Nike has a brand – not just a logo.
There Is No Brand Strategy Template
Unfortunately, there is no brand strategy template.
It would make everyone’s life a lot easier if we could just drag and drop our own images and mission statement into an algorithm and then POOF! We have ourselves a new brand.
But while that would be easier to create, it would also be harder to stand out and show why customers should choose you over the other guy.
The truth is every business brings something unique to the table. The key is to get to the heart of what that is and to design a brand that can communicate that to your potential customers in a second.
It’s a daunting task to be sure. But if you would like some help, please reach out. We would love to hear from you.