Whether you are a big corporate or a small start-up, all businesses today need to keep up their game to survive in the market. Your business might be keeping up with the market changes but a question, often unasked is whether your brand is keeping up with your business! Most small businesses outgrow their brand name after a few years, and you will seriously need to start thinking about rebranding. Here are a couple of signs that indicate if it is time to rebrand your business and give it a new brand identity:
1. Business slow down:
If your business is slowing down, while your competitors business is booming, then it is time to rethink the brand positioning. You might be losing out on customers because of your branding. Your competitor might have a more relatable brand positioning that communicates better to your audience, which your brand might be failing to do.
Brands must be able to communicate and entice the customers, if this is not happening, it is definitely time for some change or at least the exploration of the possibility of change.
2. Change in Target Audience:
You might have extensively researched your targeting, branding and the market before you established your business. However, as time passes every business needs to embrace change and so does the targeting of the brand. Your initial target audience might have been a 30 something working individual but after a few years this demographic may have broadened to 20 to 40-year-old individuals. When such a change occurs, rebranding is a must, as people might not be able to connect to your brand otherwise.
3. Brand Confusion:
Most small businesses fall prey to Brand Confusion and lose their customers as a result. It is important that you never confuse your consumers and always have a brand that is distinct from your competitors. This will help you attract the right people to your brand.
4. Communication Failures:
Most often, small businesses fail to explain their business to others. The brands that are not clearly defined, which create confusion and ambiguity about the business fails to communicate properly with consumers. A brand’s main purpose is to make your business more attractive to the consumers. If the existing brand is not doing so, it’s time you rebrand your business.
5. Internal Business Change:
Business expansion or split from a partner is the most obvious time to rebrand. It will help you differentiate your business from the market place and avoid conflicts with your former partner. Rebranding at the right time will help you grow faster in the industry and attract potential customers to your business. If you’ve seen the above signs in your business, it’s time to rebrand!