When is it time for a Rebrand?

Running a small business is a dynamic and ever-evolving endeavor. Market trends change, consumer preferences evolve, audiences shift, and product and service offerings expand. The saying “The Only Constant in Life Is Change” is more than true for businesses as well. Often, you are too busy and deep into your own business to step back, take the 10,000-foot view, and adapt strategically. Often, you just go with the flow to stay afloat. So when do you know your brand is no longer relevant and it might be time to breathe new life into your business with a rebrand? Well, let’s find out.

Recognizing the Need for Change

The first step towards assessing whether a rebrand is necessary is identifying the specific pain points that your business is facing. Here are some common signs:

• A decline in sales. It’s in the books and usually easy to detect
• Lack of brand recognition. You might not have a solid brand to start with or inconsistent brand execution despite marketing and advertising efforts. Your potential customers are unfamiliar with or unaware of your brand, products or services, and unique qualities.
• Failure to connect with your target audience. You’ve noticed a shift in your audience, maybe due to changes in the market or your offerings, and your existing brand may no longer resonate with them.
• Outdated or inconsistent visual Identity. If your logo, website, or overall branding looks outdated or fails to convey your business’s current values and offerings, it’s a clear sign that it’s time for a refresh. You know, it’s that embarrassed feeling when you hand out your business card or point someone to your very outdated website.
• Disconnect between your brand identity and the reality of your business. This misalignment can confuse your target audience and hinder your ability to attract and retain customers. 
• Expansion or Diversification. As your small business grows, you may find yourself expanding into new markets or launching new products or services. Ask yourself if your brand still communicates these changes to your customers and positions your business correctly.
• Negative Associations. Have you encountered negative reviews or associations that have tarnished your brand’s reputation? A rebrand can be an opportunity to distance yourself from past challenges and communicate your commitment to improvement, service, and building trust.

Return on Investment (ROI) of a Rebrand

Of course, investing in a rebrand is a big decision in terms of money and time. And it is hard to predict the potential return on investment (ROI). But when done carefully and strategically, it can revitalize your business and yield long-term benefits.

• Gain brand clarity by revisiting your business’s mission, vision, and core values. Ensure that your brand accurately represents who you are and where you’re heading.
• Create internal excitement, and boost team morale. This newfound clarity not only guides your internal decision-making process but also makes you feel confident about your brand again. And that pride will trickle down to your team to create excitement and motivation and drive employee morale and productivity.
• Opportunity to reposition yourself in the market, identify new opportunities, and differentiate your business from the competition
• Increase brand awareness by building a solid brand and ensuring consistency across all customer touchpoints.
• Craft a compelling brand story that resonates with your audience and helps them understand what distinguishes you from your competitors. The result is a strengthened following and boosted customer trust and loyalty.
• And ultimately, see a positive impact on your bottom line.

Challenges to Consider

A rebrand can be both exciting and challenging. It requires careful planning, resources, and time.

• Cost. A rebrand can be a significant investment if done right. A new logo from Fiverr won’t do. The value is in the preliminary discovery process, where you gain a deep understanding of your brand foundation, target audience, and market position. This will accurately establish your brand personality, creating the ideal visual identity, tone, and voice for your brand.
• Time. It’s essential to set aside time for this discovery stage. You are most likely knee-deep in your daily business operations, but make sure you allocate weekly time slots for the rebranding process. You should work with an external brand expert who helps you with the rebranding process and creates a realistic schedule for brand meetings, exercises, and homework.
• Internal Alignment. A rebrand affects your entire organization, from employees to stakeholders. You might want to encourage ownership from the team and allow people to weigh in. Establish open communication and process updates to minimize resistance and set the stage for a smooth transition.
• Courage. A rebrand is not always a completely new look. Often it is more of an evolvement, a refresh, of the past brand since some elements may have a strong brand equity or emotional attachment. It’s important to carefully evaluate which aspects to retain and which to transform. That takes courage, a good amount of letting go, and a certain degree of risk-taking. Be ready for that step.
• Transition. One of the primary obstacles is maintaining continuity while implementing change. “Out with the old and in with the new” needs to be carefully planned and implemented to avoid brand confusion and losing customers and sales. There are many fun ways to announce and roll out a new brand. It should be all part of the rebranding planning process. 

As you can see, many moving parts that need to be managed over just a few weeks. However, these challenges can be overcome with proper planning, a clear roadmap, and effective communication.

Large global companies rebrand all the time. Think about Dunkin’ Donuts (now just Dunkin’), the most recent Burberry rebrand, and the very tasty Burger King rebrand. All very successful rebranding stories that created positive press, excitement, deepened connections, and increased performance. Here are a few more successful before and after logos that you probably already forgot that they changed.

If you’ve identified any signs or challenges mentioned above, a rebrand might be in order. Don’t let an outdated logo or website hold you back. A well-executed rebrand can be a transformative journey for you, your team, and your business. It can revitalize your image, align with your evolving goals, connect with your tribe, and reposition you for growth. For years to come. 

Reach out to us to discuss your unique business needs and discover how we can help you achieve a fresh and compelling brand. If that’s what you need. We’ll find out. Get your rebranding journey started!