Change is the only constant. And in the world of business, stagnancy is the worst thing that could ever happen to a company. Remember that.
Over time, consumers change. Their preferences, needs, and wants evolve. Brands must adapt to continue to serve ever-changing consumers in the best way possible.
Regardless of the industry, a business should monitor their consumers like they would their own children. In doing so, managers will know exactly when it is time to rebrand. Creating a brand is not a one-time thing that can be put on a shelf and abandoned. Branding strategies are made to be flexible because of the nature of the business world. Things change and brands must adapt to fit those changes at all times.
While circumstances may differ from one business to another, there are certain factors that businesses should not ignore. Instead, they should be considering rebranding when the following things happen:
1. A decrease in sales
If your business is not making enough profit, you know you have an unsolved problem. Sometimes it could be the quality of what you are offering, but most of the time, it probably has to do with a lack of effort to stay connected with your target audience. Maybe the market trends have changed, and your branding doesn’t fit anymore. You must adapt to fit in.
2. Your brand is out of date
If what you’re offering is no longer in demand, it may be time to shift gears. Remember how popular MSN Messenger was back in the day? And how Yahoo was the number-one search engine? If this says anything, it is that no matter how successful a brand is, there’s always a competitor out there who’s working to get to the top. Don’t let your brand fall down the pyramid. Stay in the loop, always.
3. You have strong competitors
As a business, you can hardly ever sit back and relax. Even when you reign in your industry, there is a lot of hard work that must be put into sustaining your position in the marketplace. Rebranding is sometimes essential in the process, especially if a competitor is offering something you’re not. Rebranding doesn’t just have to be about your logo and identity, but involves your products and services, too.
4. Your brand changes
Just as nobody stays the same, neither does a brand. It’s very natural for a brand’s goals to change over time. There is nothing wrong with that. When you do, you must tell your new story—one that’s both sincere and easy to identify with.
5. Your brand’s reputation was harmed
The age of social media has changed the way “customer feedback” takes place. One bad review can send your brand into a dark hole, causing a dramatic loss for the business. If other customers happen to find that they’re not the only ones having issues with your company, this can be an even bigger problem. Sometimes, an apology is never enough. Instead, brands must consider rebranding for the sake of saving all they’ve worked for.
Truth be told…
Branding is no piece of cake. This is why many business owners may feel reluctant to invest in it. However, branding is an inevitable part of a brand’s survival, especially in the digital world. If you want your brand to maintain operations, grow and thrive, then you must work for it. And you must change when change is needed.