When is it a good time to rebrand your business?
WATCH as Bill Kleist walks you through the top five indicators that it’s time to rebrand your business.
“When is it a good time to rebrand and update my logo?” This is an excellent question!
If you are considering rebranding and updating your company logo, here are 5 Indicators that will help you know when it is the right time to rebrand.
Rebranding Indicator #1 – You Are Changing Your Business Name
If the business name changes, the company identity will need to go along for the ride. Rebranding with a new business name can be an exciting change, though you don’t want to take the step of changing your business name lightly. Do some research and avoid common mistakes businesses make when they change their business name.
Why are you considering changing your business name?
Before you jump into changing your business name, is there a way to make your current business name work? Depending on the brand equity you have in the marketplace and your reasons for wanting to change it, it could be to your advantage to keep it. That said, if you do decide to change your business name, it is time to rebrand.
Rebranding Indicator #2 – Your Logo Looks Outdated or Amateurish
After succession with new leadership or when a new marketing director joins the team, there will be fresh eyes on the company’s brand. This transition is a perfect time to review whether your company’s logo is appearing outdated or unprofessional.
New leadership often inspires a rejuvenated vision, direction, and purpose. Communicating this to the world with a fresh look and message will strengthen the brand.
Occasionally, it is common for business owners to fear that people won’t recognize them if they change their logo – but this is not true! Especially if your rebranding is launched successfully.
Rebranding Indicator #3 – Your Offerings or Markets Have Changed
As a company grows and evolves, new product or service offerings can develop. New offerings will lead to new markets, which will require new messaging. This reason to rebrand can be challenging for business owners to see because it can happen slowly over time.
People tend to underestimate the power of their company’s brand and the potential impact it can have, especially on a previously untapped customer base. So, if the business has changed significantly in its offerings or target audience, it is time to rebrand.
Rebranding Indicator #4 – Your Business is Transitioning
When a company is gearing up for a move, merger, sale, rebranding will help increase value and present a clear and compelling story to your customers.
Transitioning to a New location:
Moving to a new location requires updating everything from stationery to signage. This one of the best times to rebrand. Before you invest in everything again with the same old logo, ask yourself, “How do we look?” Go back to Indicator #2 and take a visual inventory. Has it been 10-15 years since you have updated your brand identity? How do you look when placed next to your toughest competitors? If you do look outdated, this is the perfect time to rebrand.
Transitioning Through a Merger:
Depending on the structure of the businesses joining forces, this will likely mandate a need for rebranding. Informing your clients and prospects is critical here, and they will be excited to learn how the new change in your business will impact them for the better. If combining the two entities will result in a bigger, better, or more specialized entity, then now is a perfect time to let the world know through a rebrand.
Transitioning to Selling the Business:
Companies for sale will value higher if the branding is up to date and has a professional brand identity system in place. Everything should be up to par, from the ledger to the logo. “Curb appeal” is a significant piece of the picture, creating an attractive business to buyers.
If your business is facing transitional indicators, updating your company’s brand identity is highly recommended.
Rebranding Indicator #5 – You have an Unprofessional Brand Identity System
An unprofessional or unsuccessful brand identity system is usually the result of starting the business with little professional attention to the brand.
Start-ups are often bootstrapping it and don’t make the vital investment in branding. Then there are those who started their business in the days of the Yellow Pages, before the dawn of the internet. The era when a business could purchase a local ad and the phone would ring has long since passed.
When a business is professionally branded, there is an essential process to identify who they are as a business, what makes them different, and why their prospects should choose them over their competitors.
They will also need an identity system with clear standards, color formulas, font styles, vector and raster logo files, and general guidelines. Brand standards and usage guides equip both the employees and vendors with how to use the company logo correctly and consistently.
For many business owners, there’s a point where the light goes on. They wake-up to see they have a weak brand image. What you look like and what you say is entirely in your control. It is critical that you take that control to build and manage your brand with intention. This is the chrysalis for an authentic brand transformation!
So, if you’ve never professionally branded your business in the first place, and don’t have a solid brand identity system working for you, now would be the time to rebrand.
Take the Logo Challenge
We live in a visual world where people make judgments in the blink of an eye. When a business rebrands and upgrades its messaging and logo, it sends a powerful message into the marketplace.
Rebranding at the right time creates momentum with employees and excitement with clients and prospects. Forward-thinking businesses set the pace for their industry. Rebrand to lead before your competitors do!
If you are a marketing director and the leadership team at your company seems blinded to the need for a rebranding, they may wake up by taking the Logo Challenge. It’s 10 simple questions that will help your company decide if it’s the right time to rebrand. Download it here!
If you have a question or want to talk about branding, let us know, we’d love to hear from you!
And remember, any business that means business will look like it!
Be a Remarkable Brand!
