It can be difficult to know when the right time to rebrand is.
So, we’ve put together 5 red flags that signal it’s time to rebrand and contact a branding agency.
1. Your brand name is outdated and doesn’t align with your brand’s vision
If what seemed like the perfect brand name when you started your business no longer seems relevant, rebranding could be the answer.
Your brand name is at the centre of everything your customers engage with, so it’s important that it reflects your brand vision.
But deciding to rename your brand isn’t as simple as it sounds. Choosing a name that is meaningful to your brand (and not already trademarked) is a daunting task. It’s important to know which boxes to tick and how to avoid any pitfalls.
2. You have a competitive edge but you look the same as every other business
Your competitive advantage is what will attract customers to your business. But, a strong, interesting brand is what will make them stay. So, if your brand looks like every other brand, it’s time to switch it up!
Your businesses identity is rooted in its branding and the most successful brands, stand out and are memorable. Although articulating your key differentiators can be challenging, it’s rewarding for business growth. A rebrand can help you identify what your competitive edge is and why your brand is superior to its competitors.
3. You’re merging with another business
Ok, this is one less of a red flag but it’s definitely a key signal you need to rebrand.
Generally, a merger or business acquisition needs a rebrand. To do this, it’s important to look at how the new brand fits in with yours. This step is often overlooked by merging businesses and ends up in a confusing mess or war of the brands with one taking precedence over the other. This leads to neglecting one brand which can be costly and undermine the actual value of the deal you’re making.
The best way around this is to rebrand with special attention to detail given to the architecture of the brand. This is probably not something you should attempt yourself if you aren’t experienced in branding. Luckily, there are specialist branding agencies that can take the pressure off and do this for you.
4. Your brand has a negative image
This is possibly one of the biggest red flags there is. If you’ve suffered a PR nightmare you need to disassociate your brand from its negative perception. The most effective way of doing this is rebranding.
Start by performing an internal brand audit to work out where the negative image is prevalent and how deeply it runs. You’ll gain valuable insight into what you need to do and where.
It can feel like the end of the world, (or at least your business) if it suddenly becomes subject to a negative image. But rebranding can help you to untangle your company, dissociate and create growth. And often, it’s the only option.
5. You’re struggling to increase your prices
Research has long proven the ROI of branding. Strong brands are more profitable. So, if you can’t raise your sources despite the increases in material costs, a rebrand can help you to break free of this.
The value of your brands lies with customer perception. They ultimately determine how valuable your offering is. Rebranding returns that power to you and gives you the opportunity to redefine your own value. That way you can adjust your prices and rightfully so. Pricing power drives growth.
Now you’ve decided to rebrand, you need to take the time to get it right.
Start by defining your goals, budget and ideal timeline. This changes from brand to brand and could change as you get started, but it’s better to start with these clear in your mind. Set yourself SMART goals, and be realistic with your timeline and how much you can or are willing to spend.
Next, start looking for an agency to partner with. You’ll need a creative branding agency that also specialises in branding strategy. A good one will require investment, but it’s an investment that will reward you for years to come. The measurable benefits outweigh any costs and if you are willing to rebrand, it’s definitely worth it.
To start your rebranding journey, send a message to one of our specialists.