6 Signs You Should Invest in a Rebrand
It can be challenging to validate spending time and money to revamp an existing brand. It can feel like you’re forsaking existing brand equity in starting from scratch, or investing money in a “frivolous” exercise, but there are situations in which a fresh brand identity can jumpstart your company’s existing image.
1. Buyer confusion
Your brand personality doesn’t resonate with your target audience.
If your brand has lost relevancy, it’s important to emotionally reconnect with your target audience. You lose potential customers if your image doesn’t properly match the quality of your product or service, or if your brand is being misperceived.
2. Untapped market
You’ve expanded your market and need to capture the attention of your new audience.
A discovery of untapped markets, whether intended or otherwise, requires a pivot for your brand. In order to maximize your marketing budget, it’s important to appeal to your whole market, and not just one segment.
3. The invisible brand
You’re not clearly differentiating yourself within your market.
You may be missing out on market share if you blend into the crowd and look like another “me too”. If your audience can’t easily separate you from your competition, you’ll go unnoticed. In order to attract and retain customers, it’s important to be unique.
4. Something’s new
You’ve had a change in your product or service offering.
If your company or brand has a new focus, value proposition, or additional or changed feature/benefit, your positioning and personality need to reflect that change. You need to show your customers how you’re adapting and innovating to meet their needs.
5. Outdated look
Your customer base has evolved and your brand needs to keep up with them.
It happens, certain visual looks eventually become outdated and it’s important to keep up with the times. A brand rejuvenation to modernize your look will keep you fresh and relevant to your target audience.
6. Major disruption
There’s been a seismic shift for your company.
It’s important that your brand adapts when there are big internal or market changes, whether that be new leadership, an acquisition or merger, or a market expansion. Major changes require a reinvestment in your brand capital, both to provide an internal morale boost as well as a statement to your customers.