Thinking of Rebranding Your Business?
4 Signs It’s the Right Time
Rebranding the company is a daunting task. There’s always concern the rebranding won’t succeed, but staying complacent is not the answer, either. Before a company decides on the best rebranding strategy, a company must decide if one of these four signs fits their current frustration.
Bad reputation ranging from customer complaints to company scandal taints the company image, and the damage is irreversible. It’s becoming a common occurrence for past remarks and statements taken out of context to explode into a big issue thanks to social media. Sadly, it’s not so easy to overcome those errors and move on. If customers cannot separate the company from the scandal months or years later, it’s time to shake things up. Using sentiment-analysis software like NetOwl offers evidence of how customers view a company’s reputation after scandal, making the decision easier.
When a child outgrows their shoes, parents buy new shoes. When a company outgrows, it’s time to rebrand. An evolution is a solution to outdated approaches connected to the brand name, logo, slogan, finances, business model, business plan, or company strategy. Change more than one thing if it’s necessary. It helps to leave the old brand behind to compete with larger names in the industry. A rebranding also lets companies refresh their image and products to fit today’s standards.
Stand Apart from Competitors
If a company cannot separate from competitors, the company will fall short of attracting customers. While it’s important to tell customers how the company differentiates from competitors, a trademarked name, logo, and slogan are monumental starts. The changes will garner media attention about this company, putting competitors on notice. To assist in branding, discover a niche in the industry few solved and be the solution.
Connect with a New Demographic
There’s the core base of loyal customers that stuck with the company. Then, there are the new untapped audience companies want to reach (millennials, Gen Z, etc.). The balance is reaching that new demographic without losing the loyal customers that made the company successful. A rebranding could bridge the gap, welcoming the new audience warmly while keeping the core promise previous generations know and love.
People running successful companies always challenge themselves to try new things and push the limits. Should the rebranding fail, the lessons learned will help them to do a better job rebranding next time. The warning signs signal staleness in a company in desperate need of rebranding. Rebrand as many times as needed to remain relevant.
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her three-year-old husky, Snowball.
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