The only thing in life that doesn’t change is change itself. Even as a person, you reach a moment in your life that you reflect on your past and decide to reinvent yourself for the better. Life is all about learning, There is always an opportunity to upgrade if you feel that you are not achieving your best. Business brands are not different.
Rebranding can seem odd at first. Especially for staff, it may be hard to adjust. The fruits, however, are far much valuable. Rebranding your Michigan business helps separate you from the pack to unprecedented levels, enables you to reach the audiences you never thought was possible, allows you to charge more for products and services, and will allow you to attract or retain top talents in the industry.
But not every time is a good time to rebrand. You must first lookout for particular signs that demand one. It may be hard to know the right time. Often, red flags are ubiquitous, but even after you notice them, the decision is not immediate and is often met with skepticism. To make it easier for you, we have summarized some of the most common signs. If you experience them, then you should embark on the rebranding procedure right away.
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A new vision, product, strategy new name
There comes a time when your brand name is no longer the reflection of your vision. Especially with changing technology, your customers subsequently change and their perception of your brand as well. A great vision is the epitome of a successful brand and not necessarily the brand name, so don’t let it drag the brand itself.
In other cases, it’s the objectives that change. Factors such as changing technology and new market opportunities do come into play. These changes consequently force a brand change
The same approach can be applied when you find yourself involved in different products. One brand name may not umbrella the different products at the same time. Often it leaves customers confused. That’s also a sign of a need to rebrand. It can be done creatively to reflect what you are selling and still mirror the parent company.
To differentiate yourself and the competition
Rebranding is all about changing and bringing in a competitive brand. Sometimes you find out that your market is crowded with other people offering the same services as you or worse still, a company with the same name as yours that is taking advantage of confused customers. When this occurs, rebranding should be on your cards. You can never underestimate the value of repositioning and making yourself more visible.
You have outgrown your brand
On a positive, a recent scaling or upgrade as a result of the attainment of set goals and objectives may mean a need to rebrand. It’s necessary, sometimes to rebrand to compete with higher-level brands in the industry, probably in other sectors.
A merger or acquisition
It’s common for businesses to merge. They often do so to make the customer base wide and reach new markets where they wouldn’t have when on their own. These mergers and acquisitions are perfect opportunities for rebranding. It should be carefully done though to make the brand fit the architecture of the parent company.
Disassociation from a negative energy
With the upsurge of technology, negative connotations about your business spread like wildfire. Often it leaves no time for PR and mitigation. Even when the threat is identified early, PR may still recommend a rebrand after the crisis is controlled. Rebranding is the most effective way to prevent the crisis from reaching a point of no return.
Need to connect with the new audience, changing customer needs
Reaching new audiences is always a necessity for the growth of any business. Besides, being in the millennial era means you should actively look for opportunities to tap new audiences and redefining yourself. The millennial audiences often are resistant to associating themselves with brands from their parent’s generation. To make this work for you as an old brand, you can cleverly disguise yourself with a new brand.
Besides the new customer, the existing customer is also likely to change. The factors that once drove him into accepting your brand may have evolved. It wouldn’t hurt if you evolved as well to meet their needs. Besides, there is no alternative, you either adapt or get left behind.
Want to attract top talent
To talents always work for the top brands. If you are struggling to hire a particular caliber of employees, a rebrand may be necessary for the advancement of your firm to attract top talents. Rebranding offers a chance to redefine yourself not only for the customer but the future employee as well.
You never know when the opportunity to rebrand knocks on your door but if any of these signs show up, it’s time to put the rebranding card on the table. However carefully assess the situation before diving into it, consult your public relations manager to get an expert view on whether it’s necessary to jump right in.