When Is The Right Time To Re-brand Your Business?
The world is changing at full speed and if you don't catch-up, you'll be out of the market in no time. Branding gives you a stronghold in the market but it is not a one-time investment that you make in your business, it is a process which should be taken care of not frequently but definitely when necessary. Just like the trends change now and then, the same branding strategies might also fail to help your business keep up with the changing preferences and needs of the customers. Rebranding is thus essential after some time if you observe some changes, stagnancy, or declination in your business.
FIRST OF ALL, WHY RE-BRANDING IS IMPORTANT?
After some time the brand reputation and image start slipping off in a business when it fails to meet the changing needs of the customers in terms of their product preference or its appearance. Well, there could be many factors involved. You need to continuously work on the branding of your business or else the brand loyalty of customers will start falling. Rebranding is important because the competition is increasing and people could choose another brand over yours if they find them better and you could even lose your reputation after some time. Rebranding gives you new opportunities to reach out to more audiences and take yourself out of the competition.
But how will a business know that it is time for it to rebrand? Here are some of the factors that tell you that it is time to rebrand.
- When you have to create a new image
Many brands often change their appearance of products or even the type of them. Businesses sometimes start selling different types of products under the same product name. You cannot continue selling the new products by the same branding strategy. When a situation like this comes up, you need to rebrand. Branding strategies should include how you have changed the line of products and how people will benefit from it. This will help people in choosing the new product by your brand just like they preferred your previous products. You can create a new image of your business for people by rebranding.
- When you wish to increase your potential customers
There are a lot of people in the market and everyone has their different needs, to grow your customers you need to serve them what they need better than anyone else in the market but there are some limits to how many people you could reach out to with same branding strategy. To reach out to more customers, to increase your potential customers, and expand the target group, you should rebrand and try different approaches and strategies to meet the needs of the unknown and undealt with consumers. Here the rebranding will take more research and analysis of the needs of the customers.
- When the market is seeing frequent changes
When a branding strategy is formed it is formed for the long term after analyzing the market and the changes that come in it with the new things coming up every day and it should not be changed very frequently. But there are times when the sudden and unexpected changes happen in the market that are unavoidable and to save your business from slipping out of the market, you need to rebrand. The rebranding will include the new strategies that can deal with the changes. You could change your advertising or packaging, the tagline or the logo, the product, or anything else which can help you survive in the changing scenario.
- When the unique factor of your business is lost
All the businesses have some of the unique qualities that make them stand out of the crowd, something that a business is known for but that cannot be your USP for a long time. The rising competition will bring other businesses that will provide the same qualities but with a different and better approach, here the uniqueness of your business could be lost. You need to form new strategies and rebrand so that you don’t start losing the customers. Bring changes in your process and show the customers another new quality of your business that will meet their changing needs.
- When you are taking your brand on an international level
People are different everywhere but when you take your brand internationally, you will deal with people of vast differences in needs and expectations. The strategies of your homeland might not work internationally and that is the time when you know that you need to rebrand. Before rebranding, you need to find out about the trends, customer needs, competitors, etc in the market. You can from a rebranding strategy according to that. Researching and analyzing before entering international boundaries with your business will reduce the chances of unnecessary losses or expenditure that could have been avoided.
- When your branding is no more attractive
Packaging, logo, tagline, these things are not supposed to be changed frequently, or else they will lose their authenticity for the people. The logo designs should be carefully designed because they are what the audience will recognize your brand with but sometimes they fail to make the impact that they were expected to make or that it has been a long time since you've made any changes and now it doesn't go with the trends. At this point in time, you need to rebrand.
Rebranding is a long process that is done after a lot of research and experimenting. You need to study the market thoroughly as well your business to know the changes, the ways to deal with them, and also to find out the mistakes that were being made by your business.