3 Signs It May Be Time for a Rebrand

 
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Do you wonder – does my brand have what it takes to keep growing?

There never is a right time, but if you are asking yourself this crucial question, it is likely that you will have to take this leap sooner or later.

While not all rebrand efforts are received well, when done right, implementing a global rebrand will catapult your business into its next growth phase.

Here are a few reasons why you may want to consider rebranding.

 

1.         Business Has Hit a Plateau

When business has slowed, it can be hard to get retailers to stay excited about your brand - let alone being top of mind with customers.

If business has gotten seemingly sluggish, perhaps it is time for you to consider a rebrand. A rebrand can breathe new life into a stale business, it can offer the opportunity to re-position your brand or products, and it can lead to conversations with new partners your brand may not have previously resonated with.

 

Some questions to ask yourself are:

  • Does the brand have sufficient newness to propel the brand for the next 2+ years?

  • Are you looking to get into new markets, but finding it difficult due to your existing marketplace positioning?

  • Is your customer-base evolving? Is your brand still relevant to them?

 

2.             Low Brand Awareness

If you have been able to grow your brand sufficiently, but have discovered that brand name recognition or recollection is poor, rebranding may be your only choice before you can reach the next business phase.

There’s nothing worse than hearing someone say “I think I’ve heard of you guys…” - because if you know us, we need you to know, you know us!

 

Some questions to ask yourself are:

  • Is my logo legible?

  • Is it sufficiently associated with what we do?

  • Do your products consistently receive 5-star reviews - but 5 out of 10 customers wouldn’t remember your brand name?

 

3.             Business Growth Spurt

Ironically, one of the best times to rebrand is when your business is on the up-and-up, and you anticipate a big growth. Why? Because rolling out a rebrand is only going to get harder and complicated when your distribution grows, and your product assortment is bigger.

It may seem like an oxymoron, but the most strategic brands have been able to successfully harness business projections to build brand equity.

 

That being said, this doesn’t mean that all brands need a full rebrand - but many can benefit from a “clean up” in order to streamline branding efforts. This is a great chance to hit re-set and focus on what matters the most.

 

Some questions to ask yourself are:

  • Are you planning to enter a major market in the near future?

  • Is your goal to eventually get acquired?

  • Are you currently in a handful of retail locations, but are in talks for a nation-wide retail roll out?

 
c okubo