10 Signs It’s Time For Your Business to Rebrand

First, What IS a Rebrand?

If you search for this online, you’ll get a myriad of different answers. (Sound familiar? This is also the case when trying to understand branding. Don’t worry, we broke it down for you here, in Why is the Term Branding So Confusing?) If your brand is the public’s perception of your business, a rebrand is the process of reshaping that perception. This can be done through a partial rebrand, or a full rebrand, which includes reconstructing everything from the business’s name, slogan, logo and other visual identity components to the mission, values, and offerings.

Why Rebrand At All?

You may love your current branding and can’t imagine a need to ever change it. But no business’s branding should stay the same forever. All brands have a shelf life. Even the strongest brands continue to evolve to meet their customers’ needs and maintain relevance in today’s marketplace. Here are 10 signs a rebrand might be the right choice for your business.

You’ve Outgrown Your Current Visual Branding (Logos Made in Canva)

Sure, Canva is easy and convenient for someone who needs a logo done quickly that looks okay to temporarily get by. But as you build and establish your business, you’ll outgrow the starter logo and need something more professional that doesn’t have a “template look” (and yes, there is a “look”). A new logo can also represent your business better once you understand the positioning of your business in your market space.
(Note: This also applies to websites that started off with a DIY/template builder- Learn why these are detrimental to your business here, in 5 Ways DIY Website Builders Ruin Your Brand.)

Your Current Branding No Longer Reflects Your Mission and Values As A Business

As the world changes, businesses also change, and their values become clearer and adapt to societal evolution. Don’t let your business become the “old stodgy one, stuck in their ways”. When your ideas and values evolve, chances are your branding will also need an update to reflect your current mission.

You No Longer Stand Out From Your Competition

When your brand starts to look like every other one in your industry, it’s time for a change. Even if you started out as the unique option, good ideas often get adopted and become the norm. Branding heavily relies on knowing and promoting what makes you stand out from your competition. If you are unable to effectively communicate what makes you different, you’ll be lost in the crowd. It’s imperative that you, your team, and your customers know what makes you superior. A rebrand can help you highlight your competitive advantage. You can be the best in the business, but only a strong brand allows you to actually compete in the marketplace.

Your Business Model Has Changed

Perhaps the original products/services of your business are no longer available or the primary focus. If your business model or strategy has changed since the initial brand build, you should consider rebranding. It’s important that your branding reflect your business in the present, not the way it was in the past.

You’ve Relocated or Expanded

Your branding may have started off as a reflection of its initial location. But if you’ve expanded or relocated into a new territory, you will be catering to a larger audience and striving to meet their needs, which may differ from those of the business’s birthplace. You’ll need to conduct customer research to uncover potential challenges and gain insight into the needs of customers in your new market. Rebranding can help you appeal to them.

Damage Control – Separating Your Brand from Negativity

This one is controversial, but it happens and should be addressed. Has your business become associated with something negative? Are you facing a PR crisis? A quick rebrand cannot eradicate the problem for you. But it can help you in your journey to rectify the situation and move forward, as well as create distance from the negativity surrounding your business. The key is to handle it in the proper manner. It’s not as simple as removing all your current branding and replacing it with a new name, color palette, and website. You must first acknowledge the situation and the problem at hand to reduce scrutiny as you strive to move forward and do better. Your customers want to know you’re taking ownership of what happened. Next you must outline the new direction your business will take (your plan of action) to prevent the issue from happening again, and what additional steps you are taking. This prepares your existing customers for the changes internally AND externally, and they will be more accepting of new visuals (a portion of your rebranding) when they see it as part of a larger effort to make amends by your business. By handling tough situations this way your business takes ownership rather than misleads your customers. A quick name change and website makeover to “trick” people into thinking you’re someone new who doesn’t have the problems of your previous business is no way to build brand equity.

You’re Looking to Reach New Audience

Once you’ve successfully attracted your initial target audience to your business, you may want to expand into additional untapped demographics and markets who can benefit from your products/services in new ways. Perhaps initial your target audience was originally based on age group, but you have sustainable products or eco-friendly practices that may draw in a customer base beyond your current one. Rebranding can help your business broaden your audience reach without sacrificing your current customers. 

You Want to Charge More for Your Services/Products

If you started your business and advertising approach as “high quality at a low cost”, you may find yourself struggling to increase prices over time, despite any increases in costs of materials. Your existing customers are not willing to spend more on your business’s products and services. To attract an audience who is willing to pay a premium for your product, you may need to rebrand your business to reflect a more luxury brand. Remember, a brand exists only in your customer’s mind. Rebranding in this situation offers you pricing power, which allows you to raise your prices through customers placing higher value on your products/services. When your business has pricing power, you’re able to dominate your markets against competition. Consider any favorite products/services where you choose to pay more for a name brand over a generic one. That brand has pricing power over its competitors and is able to drive more growth because of it.

You’re Experiencing a Merger/Acquisition

When a business experiences an M&A, oftentimes there is a rebrand involved. While some cases result in no change in the two individual companies, or the stronger of the two “absorbing” the second with all branding falling under the stronger brand’s name, there are other instances where branding changes for both companies, including Fusion (Exxon and Mobil becoming ExxonMobil) and a New Brand (Charter Communications and Time Warner Cable/Bright House becoming Spectrum). If your business goes through an M&A, it’s important to consider which rebrand strategy is best for both parties.

Your Current Brand Messaging is Muddled

Is your current branding confusing? Does it reflect multiple ideas or approaches, but no clear unifying story? This is a result of your brand being unfocused. This can happen when business owners try to expand their offerings to cater to too many people or mimic what they see their competition doing. (This is yet another reason why being authentic is crucial to your brand’s success.) Keeping your brand focused will help the messaging remain clear to your audience. When a message becomes too complex or overly complicated, it is lost on your customers. A rebrand can help you refocus the message you want to send and the ways in which you will send it.

The Key Takeaway

Signs of a necessary rebrand can be obvious or hidden in plain sight. It’s crucial that you are aware of the state of your business and the public perception (AKA brand) it has as you grow. Rebrands are a natural part of a business’s evolution. Looking out for these indicators that your business is due for a rebrand will help you stay focused, relevant to your customers, and proactive in ensuring your business becomes (and remains!) a strong brand. 

Do any of these sound like your small business? Are you due for a rebrand? Muse Creative can help.
Contact us today to get started.