After creating a business, novice entrepreneurs go through different stages, and sometimes, they get to a point where they need to rebrand. This happens due to various reasons but before talking about that, we would like to tell you one thing: rebranding is not a negative phenomenon. Even though reasons of rebranding may indicate failures or certain difficulties in your business, it is still something that leads to growth of your business. For example, you feel that your business doesn’t interest customers, because of which you lose your money and investments. However, you decide to rebrand and suddenly customers start buying your products, using your services, working with you. Why? Because you chose the path of creating something new on the already established bases! This is what victorious people will do!
Some people say that to rebrand yourself you need to delete your old brand and build a new one, but that’s nonsense! If you already have loyal customers, why would you erase everything you did and start from the square one? In other words, use what you already have and move in the same direction. If you needed to delete your old brand, you would create a completely new business and not rebrand yourself!
What is Rebranding?
Rebranding is the process of changing your company’s name, symbols, terms or combination of signs that were initially created for your business. These changes are made in case of difficulties in business, with the intention of developing and growing your company, attracting more customers and so forth.
When to Start Acting?
As we said, some people associate rebranding with failures and mistakes. Even though sometimes it’s partly true, it is still necessary to see the bigger picture.
Version 1: You Want to Stand Out
Well, everyone does! However, if you as a business owner think that your business is the same as its competitors, it’s time to change. When the market is full of brands and companies that are practically the same, where there’s no competitive advantage, it starts to stagnate. This in turn means that your audience and customers will also belong to the festered market. Is this profitable for you? No, of course not!
So rebrand yourself and stand out of the crowd! Life is too short to exist in limits, to follow the “standards!”
Version 2: Your Business is Drastically Growing
Times are changing and your business is growing at a high speed. These two can’t run this race together if your business doesn’t adapt to time! We can’t stop or change the time, but we can make our business more flexible, fresh and new! If you feel that your business starts enjoying its place under the sun, you may need to rebrand it.
For example, if you’re operating an online store and it starts to expand, you can add more colors, dynamics and vigor. As you know, colors are highly appreciated in our days: this way, you will achieve the goals you set for yourself, such as attracting more customers or gaining more money.
Version 3: Your Brand Doesn’t Highlight Your Objective
Imagine you are a company that is producing eco-friendly products for those who want to help our environment and ecology. To expand your business you did everything: you did your research, found your target customers, promoted your products and so forth. However, you feel that something is not working for you. At the same time, you have a black and white logo, a name that is also written in black and a grayish website just because someone said that B&W style looks modern and attracts customers.
What you didn’t know is that the same things work differently for everyone! This is when you have to rebrand, change your colors, highlight the values your company strives to spread and so on.
This is how rebranding works: you find the problem, solve it and operate a successful business!
There are certain things that you need to consider before rebranding your business, and first of them is the research.
In the business world nothing is done without a simple research. Do you know what your clients want? Maybe rebranding will only upset them? You won’t know anything until you ask! What’s more, you need to understand the strategies of your competitors. Even though you want to rebrand and therefore be better than your competitors, you still need to figure out the direction they’re moving in.
In other words, rebrand yourself when you feel that something is simply not working. If you feel that your brand is outdated, doesn’t meet your customers’ needs, misses something important or needs to stand out, you can change it and change it well! Keep an eye on your business, conduct audits and make changes whenever you feel it’s necessary: everything is in your hands!