7 Questions to Ask Yourself Before You Rebrand
Change is inevitable, and in life, we sometimes experience situations that force us to make a change. The same goes for the branding of your business.
Rebranding is something that many companies go through. As times change and consumers change, rebranding helps your business keep up. By rebranding, you are able to reposition the tone of your business and better differentiate you from your competitors. But before you jump on the “Rebrand Train”, it is important that you think wisely about why rebranding is necessary.
Studies show that 45% of a brand’s image is attributed to what it says and how it says it. Therefore, it is safe to say that rebranding can have a huge impact. Instead of making such an important decision on a whim, ask yourself these seven questions first to ensure your company truly needs to rebrand.
1.) Are your marketing materials outdated?
Your marketing relies on your company’s brand identity. So if you have an outdated logo or website, it can make your business seem old and untrustworthy. Rebranding helps you get rid of the old and create a brand that can compete.
2.) Has your business name changed?
When customers mention your business, do they use a nickname or an acronym? If so, you might consider a name change like Domino’s did last year. Doing so can allow you to streamline your brand recognition and better focus your marketing.
3.) Do you need to shake up your company image?
60 % of consumers search a business online before making a purchase. This proves that online reviews carry a lot of weight with shoppers nowadays. If your business has a lot of unsatisfied customers airing out their grievances on the Internet, a brand overhaul could be useful.
4.) Has your target consumer changed?
Millennials are picky, but they are also a group with a lot of buying power. If your business is one that targets demographics between the ages of 18 and 34, you need to appeal to Millennials. This can be accomplished with a good rebranding campaign.
5.) Have you expanded your business?
If you are a local brand but are planning to expand outside your current area, a rebrand may be beneficial. This is especially true if you are going nationwide because you will now be competing with large brands.
6.) Have you recently merged with another company?
Merging or acquiring another company means your business will grow and welcome customers from the other company. Also during this time, a lot of changes will occur making rebranding imperative to prevent confusion among both customer bases.
7.) Is your brand blending in with your competition?
Competitor differentiation is what branding is all about. If you find that your colors or marketing tagline is similar to a competitor, you need to rebrand.
As changes occur in the industry and your target audience grows, it is important that your business evolves. A rebrand is the best way to strategically retool your company and keep up with times.
Did you answer yes to any of the questions above? If so, we see a rebranding campaign in your future! Lucky for you, shaping brands is what we do!
To learn more about how we can help your brand evolve and innovate, contact Belo Media Group.