Changing your brand identity is something that requires much thought and research. It isn’t a decision that can be based on a whim.
Although a rebrand feels like a fresh start for your company, it’s not always beneficial or even necessary. Remember that just because you start to realize that you don’t like your logo, it doesn’t necessarily mean you should scrap everything and start from the beginning.
More often, businesses require a rebrand due to a change in management, international growth, an outdated image, or even bad publicity. Whatever the case, you need to think it through first before you dive into an entire rebranding project. After all, you’ll be spending time and your company’s valuable resources in the process.
To know for sure that rebranding is indeed what your company needs, here are six signs that you should watch out for:
1. Your Brand Doesn’t Stand Out
Brands need to stand out in order to build authority and clout in any industry. As industries evolve over the years, different companies begin to develop a hivemind. This means they start to adopt each other’s traits subconsciously.
Take YouTube and Netflix, for instance. Both companies offer video streaming services and use a combination of a black, red, and white color scheme. Once Twitch entered the arena with a purple palette, that became the company’s biggest asset since it can easily be differentiated visually.
But there’s one more reason why brands begin to look alike: They attempt to one-up each other to the point of rebranding without the need to. This is often because seeing new looks in competitors tends to incite that urge to rebrand, and when this act is reactionary, it is less likely to be unique, original, and authentic.
2. You’re After a New Market
A brand is carefully tailored to a specific target market. In order to be effective, it has to be relatable and relevant to the audience you chose to cater to.
But when the company decides to target a new market, then it is time to rebrand as well, especially if the new target audience has an entirely different demographic from the previous one. Rebranding allows your company to evolve to accommodate the change. After all, for example, brands that appeal to middle-aged women may not be the best choice when targeting teenage boys.
3. Your Brand Confuses People
Although cleverness is good for a brand, there is a line that you should not cross. And this line can be determined by how much people understand your brand.
Keep in mind that your product name should not require too much thought from your target market to decipher. Like in stand-up comedy, a punchline loses its impact when you have to explain it for the audience to get it.
4. Your Brand Doesn’t Reflect Who You Are As a Whole
Brands are supposed to reflect your company as a whole. When you find that your brand only represents a portion of your company or just some of its capabilities, then it may be a good time for a rebrand.
One good example is The Marketing Squad. Before their rebrand, they were called The Content Squad, which only lets the audience know about their content creation services. However, the company offers more than that and is actually a multi-faceted marketing company. Thus, the new brand name makes more sense.
5. You’re Defending Against a New Market Player
Sometimes, a rebrand is also necessary to defend your position in the market. This means that having a new competitor – someone who has the potential to tip off the balance you’ve established for your brand – may force you to protect your business.
One example is if the new player has a very similar brand to yours. Copycats can confuse your target market, so it may be best to step away from the brand that you’ve built and differentiate yourself with a new image. While you’re at it, make your new brand more appealing and set a new standard to show competitors who the authority in the market is.
Alternatively, new players that offer a different brand image can teach you how the market trends have changed. Study those qualities well to learn what makes them successful, so you can execute the rebrand accordingly.
6. Your Scope Has Expanded
Successful brands require a change in an image when the urge to expand emerges. This is true for companies in just about any industry.
If your scope – the demographics of your target market or the services you offer – expands, you also need to reconsider your brand to reflect those changes. This way, you can make sure that your success is not constrained by your old logos that may not be great for digital marketing or by a brand name that is too specific to just some of your products.
Planning to Rebrand? Call for Help
Rebranding is almost as challenging as thinking of a brand for your company for the very first time. There are plenty of factors you must consider and a lot more work that needs to be done to make sure that it is as effective as it can be.
At Yellow Branding, you can get expert help in coming up with a new brand strategy that would work. Let us know what you aim for, and we’ll be happy to help you get it.