Many times, the term “brand” gets associated with the idea of a company logo. However a brand is a lot greater than that. It is a philosophy as well as an attitude. It’s the way you approach product or service development and what pushes one to the next significant idea. Essentially, your own brand is the story, and you’re the narrator. However as with most stories, it does have an end, thus the need to rebrand. So when is the best time to rebrand? What are the reasons why big companies rebrand?
1. You’re not getting the type of customers you want
This is pretty much a classic reason with regards as to why companies rebrand. Despite all your best efforts, you still find yourself getting the profitable work or you are being constantly challenged in terms of pricing. Perhaps, it has even reached a point that your very credibility is questioned. These scenarios can be rather demoralizing. With rebranding, you will be able to reposition your business as well as your offering. You will be given another chance to project the right image and attract the right kind of customers. With a refreshed brand, you will be able to inject confidence into your business.
2. Your current brand identity is downright dated and amateur
Building a brand is not all about the identity, you also need to have personality. An outdated or amateurish brand identity is not going to do you any good. Even if business seems to be successful, you will have a hard time taking the business to the next level. Do you still use taglines like “Best Customer Service”? If yes, then your company desperately needs a rebrand as this doesn’t differentiate you from the competition. By refreshing your brand, you demonstrate to the customers and competition that you really do mean business, and you are at the top of your game.
3. Your company philosophy and vision have changed
If your company has gone through a recent buyout or change in ownership, it is likely that company values and philosophy will change as well. This goes without saying that an immediate rebranding is required. You need to rebrand the business in order to reflect the new values and philosophy accurately. With this, you will be perceived by the customers as someone who has passion for the business.