The decision to rebrand or not to is a critical one depending on the current situation of your business. It is true that a logo is an important factor in how your target audience relates to your business. However, it is not only about the logo, re-branding is the complete overhaul of your business practices, how you conduct your day-to-day business as well as your packaging, print, and digital marketing, and recognizable standards that make your business what it is.
Re-branding is not a decision that should be arrived upon lightly. Seeing as re-branding requires the complete changing of the very foundation of your business, it is important to understand that a re-brand will affect every other aspect of your business. And if done in the wrong way and at the wrong time, it can adversely, negatively impact your brand loyalty.
So how do you know if re-branding is the right step to take with your business. Below we discuss some of the factors you need to consider and questions you need to ask yourself to enable you to zero in on the right answer.
1. First off, the one question you should ask yourself is whether your brand is communicating what you need it to for your target audience
If not, then it’s about time you considered re-branding. This would help you resonate better with your target audience while at the same time act to open a whole new segment of the market that your previous brand was not able to reach.
2. Will a re-brand affect how your target market identifies with your brand?
As a business, you already have an established brand that maybe you have been using for a couple of years, and that has acquired its brand equity. Do you foresee a situation where, by re-branding, you are more likely to lose your brand equity rather than gain a new market segment? If so then maybe you should rethink the idea to re-brand.
3. Are all your products and services quickly identifiable as being under your brand?
This situation is seen where you have diversified in the products and services you deal with and provide, or you have merged with another business and have thus accepted other products or services under your banner. A change in these may necessitate a re-brand to ensure your target market can connect the new array of products and services as belonging to your brand.
4. Are you able to point out what the exact problem is with your current brand?
Re-branding should not be undertaken just because you think you should. Have you noticed any problems that are adversely affecting your business and that would be solved by a re-brand? If not there is no reason that you should embark on such an expensive affair without cause.
5. Are you experiencing a change in the demographics of your target market different from the one you were targeting with your brand initially?
Have you lost touch with your target audience or are looking to attract more people from the younger demographic? Attracting the younger generations today requires twice as much effort in comparison to a few years ago. A new brand may help you to reconnect with your target market and at the same time attract new demographics to your brand.
6. Have you changed your product and services?
With this change, re-branding would be an excellent step to take to let people know that there has been a shift in the services and products you offer.
Sometimes re-branding is essential in helping you to re-connect with your audience. A dated brand does not give the impression of nor inspire confidence. If you find your brand in this position, then it’s high time you considered re-branding. With an ever-changing environment, it is crucial that your target market knows that you are not left behind by the times.
8. Is your brand understandable at first sight? Is your messaging concise, to the point?
An effective brand should not leave a customer with questions about what is about the moment they see it. It should be easily understandable and to relate to. If your current brand is not accomplishing this for you, a re-brand should be on the horizon to ensure you survive the current business waters.
If two or more of the above-discussed questions resonate with the position your business finds itself in at the moment, then re-branding may be for you.