As scary and dramatic as it sounds… rebranding is a common move for businesses of all shapes and sizes.
When we think of rebranding we expect a major overhaul: like the latest news regarding iHop in America becoming iHob (switching their focus from pancakes to burgers).
The change brought about confusion, fury and excitement on social media – but iHob decided that a rebrand was needed.
But what drives business owners to make this decision?
Rebranding Doesn’t Have To Be Extreme
Actually, most rebrands are subtle. Small changes and tweaks are made to colour schemes and logos.
The reason for this is to show intent that your business wants to be progressive, doesn’t fear change and is ready to evolve and improve as time goes on.
It indicates that your business is serious about its new change in direction and that’s proven because you’ve decided to alter something that others would say is integral.
So when should you rebrand? Here are 3 times when it makes sense to rebrand your business:
1. You Want To Attract A Different Audience
Perhaps the time has come where your current target demographic is stagnant or dwindling. You feel like your business is required to switch its strategy and a rebrand might be the answer?
You’d be right! This is a great time to rebrand.
Most businesses take the step to rebrand at this point because targeting a new audience is necessary to grow, or simply survive!
A subtle rebrand to your image that caters specifically to your new target audience could be helpful. It would be a move that would help convey your desire to change and attract a new audience.
2. You’ve Outgrown Your Mission
The vision you have when you start your business can be very different from the vision you have a few years down the line.
When starting your business, your logo and branding (hopefully) will have tied into the vision for your company, so naturally, if this vision changes – so too should your branding.
These are the times where a full rebrand is often favourable, like in iHob’s case, however it isn’t always the case.
3. Your Competition Have Evolved
Sometimes you should rebrand, simply because there is a new wave of competition. Perhaps your competitors have all evolved and left your business in the past. Either way, a rebrand is vital in this instance.
Businesses in this situation are forced to rebrand in order to keep up with the rest of the pack and remain relevant.
It’s up to you when it comes to how much you change, nobody likes being forced into this decision: but be wary of losing any positive reputation associated with your brand in these instances.
Use it as an opportunity to springboard some new ideas and find out what your audience really wants.
The world keeps on spinning, but we can be sure that things are always changing.
Running a business is no exception… and there will be many occasions when your business will be called to evolve, grow and improve the way that you present your brand.
These are the times to rebrand, and they are not to be feared: but welcomed.
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