It is common for business owners to tunnel-vision on company logistics; generating revenue is of utmost priority, and often smaller details can be left ignored. Yet, it is vital to market one’s brand identity and brand image correctly if one is to drive consistent business and be a successful brand.

An effective brand strategy can potentially give time back, as it passively creates traffic – but staying on your toes and having a rebranding strategy in place can truly help a business thrive and stay current. These are five reasons to rebrand your business, plus some rebranding strategy tips.

Firstly, what is rebranding?

Rebranding is essentially a brand refresh. It is when a company rethinks and changes parts of its existing brand identity such as its brand name, brand logo, brand aesthetic, or other types of brand messaging. However, it does not necessarily mean a complete brand overhaul.

This practice should be kept in mind when developing any marketing strategy and is usually to keep up with evolving trends, achieve new business objectives, and/or appeal to a new group of target consumers. This effectively increases market competition and keeps a company identity fresh in an oversaturated, ever-changing landscape.

What is a rebranding strategy?

There are typically 3 most common ways to successfully rebrand:

Brand Refresh – updates brand messaging, brand identity, and brand guidelines to ensure the brand’s relevance to a new audience, such as creating a new logo.
Brand Merger – connects the existing brand to a new parent company following an acquisition or when companies merge.
Brand Reinvention – modifies the brand image to overcome negative sentiment or combat issues such as a public relations crisis.

The type of rebranding strategy a company chooses is dependent on its ultimate end goals.

So, why rebranding? And when rebranding, what to consider?

1) Your Current Brand Identity Is Out Of Date

With the speed at which the modern world is advancing, trends go out of popularity rapidly. Designs that were once fashionable may not even be relevant after several months, let alone years. In order to stay on trend, businesses must consider their rebranding efforts and business model every so often to retain their spot in the market.

2) You’re Losing Customers

The decline in existing customers is typically due to a decrease in brand popularity, which happens naturally as time goes by. In turn, this directly impacts the brand’s marketing and brand identity. Coming up with a rebranding strategy and new marketing materials may give new life to your company brand, attracting a new audience and increasing brand loyalty, simultaneously enhancing brand reputation and brand recognition.

3) Your Company Scope Has Changed

As a brand undergoes business growth, the scope of the business changes. Whether it be due to a change in target demographic or an opportunity to expand into a new market, a rebranding process is necessary to better attract the target audience with a new brand. As your business evolves, a new brand identity should be considered in order to adapt concurrently.

4) The Market Is Becoming Saturated

When there is an increase in demand, competition follows. To stand out from the crowd, it may be necessary to rebrand your business with a new appearance to provide your company with an edge over the existing market or have a rebranding strategy in place to ensure the brand identity keeps evolving with current trends and stays competitive amongst new brands.

5) Your Business Is Growing

When a brand grows, it’s important to also redefine the company’s values; strengths should be retained, and weaknesses shed away. This further strengthens your brand identity, guaranteeing safe growth as your business attracts a new and larger target audience. It is also vital to streamline your values across teams as the company’s vision grows.

Want more tips on rebranding strategies?

If your company is still unsure of the rebranding process or how to do rebranding, House of Forme offers free consultations as part of our branding company service. Feel free to reach out to us to discuss your brand strategy, marketing strategy, business strategy, and more.

Is It Time To Rebrand?