Is now the right time for a rebrand?

Summary

Like most things, your business is constantly changing as it journeys through its growth cycles; Which is good, that’s what it’s supposed to do. Whether you are expanding your market reach, adding new or better products to your line-up, or just simply honing in on your ideal customer, you will at some point have to deal with the potential of rebranding. 

This doesn’t mean you did it wrong the first time, or you have to completely overhaul your current branding for something flashier. It just means that your business has entered into a new stage; and like everything else, your branding will have to evolve as you continue to grow.

Rebranding isn’t a task that should that should be taken lightly. There are several risks involved, such as time, money, resources, and most importantly your brands reputation. 

What is a rebrand?

Before we get into whether or not you should consider rebranding your business, we should probably go over what a rebrand even is. Simply put, a rebrand is when a company improves any of its branding elements, the logo, color palette, imagery, ect. It can range from completely reinventing your brand, to changing a minor detail such as your slogan. Usually, a rebrand can be classified into one of three categories:

  • Brand refresh- Changing minor details in your brand. For example, modernizing your current logo, or slightly altering the hues of your color palette. 
  • Partial rebrand- Changing certain elements within your current brand identity, such as, changing the design of your packaging, or adding a new brand element.
  • Full rebrand- You change almost everything as if you were a new company. A great example of this would be the rebrand of Instagram.

When deciding to move forward with a rebrand, however, you need to be aware of some of the risks involved. It will take time, cost money, eat up some human resources, and potentially fall flat, not performing as well as your old brand. Luckly some of this risk can be mitigated with proper planning, and understanding if the time is right for your company rebrand.

Is it time to rebrand? 

There are several reasons you may be considering a rebrand. Below are some common signals, indicating its time to consider a rebrand.

Changing products or services

This isn’t adding a new product to your line-up or including a new service to your company. If you are trying to break into a new or different market, a rebrand can help bring some attention to the recent changes. 

For example, if you own a landscaping business that managed landscaping duties like mowing lawns, pulling weeds, ect., and want to change your focus to designing new landscapes, a rebrand will help with the transition into a new market. A complete rebrand allows you to offer your new services, and leave your old services behind, preventing potential confusion.

Serving a different market

Much like offering a new product or service, expanding your services to a new demographic or changing your target demographic entirely may illicit some changes to your current branding. Different demographics interact with brands in different ways. They have different expectations, different preferences, or may only interact with brands that reflect the lifestyle they choose to live. If your customer base changes, you can use a rebrand to help optimize your brand elements to suit your new markets needs.

Expanding your business reach

This falls in line with serving a new market, but I have seen it enough, that I felt it warranted its own section. Expanding your reach beyond the city, state, or region you are located in will most likely need a full rebrand if your name or logo ties you to that specific city, state, or region. For example, if you recently decided to expand your pest extermination business (lets call it Scorpion Gone) from only serving the Southwest to serving the Pacific Northwest, you may need to consider a rebrand. In the Southwest this name probably fit perfectly. It spoke to a problem that your customers could relate to. However in the Pacific Northwest, people may assume you only get rid of scorpions, which isn’t a common problem. 

Current brand isn’t performing

What we think our brand should be before launch could be worlds apart from what it needs to be when you start serving customers. It’s a reasonable misjudgment- but you don’t have to stick with it if it’s hurting your businesses performance. It could only be a minor flaw that could be changed with a quick brand refresh.

A shift in trends

“Time makes fools of us all” -Eric Temple Bell

Over time, trends will shift. What once was hip and cool, may become outdated and bland. At some point, every company should consider a rebrand to help maintain relevancy in a continually changing world. This doesn’t mean you have to consider rebranding every year, but you should consider it if you notice trends shifting, or you have had the same branding for decades. Specific time intervals vary dependent on your company, target market, and industry; but it is an important conversation to have every few years. 

Conclusion

Sometimes we need a bit of a refresh to our current brand, but the right time to do it varies business to business. Using some of the considerations discussed in this blog, hopefully you will be able to assess if now is the right time to rebrand your business, or if it isn’t necessarily a concern at this point in time.