For businesses that have built some traction in growing the business, a common theme that comes up is whether or not to rebrand. In our experience, after speaking with and working with thousands of businesses, we’ve codified the top three reasons that typically determines whether or not a company should brand or rebrand.
Your business strategy has changed.
If your business strategy changed, ask yourself if your brand is an accurate reflection of your brand and that it will help you fulfill on your new business strategy. Questions to ask yourself:
- Are you expanding into new markets?
- Are you targeting a completely different market?
- Are your offerings changed or are changing?
Your business is not performing as well as you’d like it to.
Let’s say you have the same business strategy, but you’re not attracting the right leads. Or, maybe you don’t have enough leads. Or, maybe you’re not converting prospects into customers as well as you used to. Questions to ask yourself:
- Is your message connecting with your customers?
- Is your message no longer relevant with your customers?
- Is your message simply not compelling enough with your customers to propels them into action?
You’re no longer connected with your brand.
This one is a bit more emotional. A lot of times as entrepreneurs and small business owners, the brand is an extension or an expression of the founder, team or company as a whole. Questions to ask yourself:
- Are you inspired by your brand?
- Do you still love your brand?
- Have you fallen out of love with your brand?
- How can you fall back in love with your brand?
- Is time to evolve your visual, e.g. colors, imagery, or overall look and feel
- Is it time to update your messaging so that it’s current?
- Does your brand speak to who you are and where you are right now in this point in time.
- Does your brand representative of where you’re going?
So, whether your business strategy has changed or you’re no longer inspired by your brand, it might be time for a rebrand.
If you’re still not sure and want to understand how well your brand is performing right now, then a perfect starting point is to get a 90-minute consultation with our team to audit your brand. Check out our Brand Audit service here.