We’ve said it before, but it’s worth saying again: the decision to rebrand isn’t one that should be taken lightly. A bad (or badly executed) rebranding can destroy trust. But a well-done rebrand can work wonders. So how do you know if it’s worth the risk?
Here are four reasons it might be a good idea to rethink your brand:
Rebrand if your audience has changed
If you’ve been in business long enough, you’re likely not working with the same buyers you did in the beginning. Generational changes may be in play as older decision makers retire and are replaced with a younger workforce. You may find yourself in a position where you need to update your brand to align more closely with the values of millennial buyers instead of baby boomers.
Rebrand if you’ve evolved as a company
Companies naturally evolve through diversification, changes in leadership, mergers and acquisitions or just plain growth. Sometimes these changes cause you to outgrow your brand as well. Take the opportunity to update to branding that fits the company you have become—and maybe even leaves a little room for future growth and expansion.
Rebrand if you’ve narrowed your focus
Another form of evolution that may necessitate rebranding is specialization. If you’ve honed the focus of your operations, consider whether your brand reflects that refined direction.
Rebrand if your brand wasn’t that great to begin with
Starting a business comes with a lot of expenses—it’s tempting to slap together a “good enough” logo so you can check branding off your list of things to do. And you may be able to get away with an amateurish logo for a while…but eventually, it will be time to upgrade.
Rebrand or Refresh?
The term “rebranding” encompasses a broad spectrum of work. Just as a home remodeling project doesn’t necessarily involve razing your home to its foundation, a rebranding project doesn’t mean you have to start completely from scratch. Sometimes, just improving what you currently have can make all the difference.