The Top 6 Reasons It Might Be Time to Rebrand Your Business
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If you have a business, then you have a brand.
And brands (just like your business) are in constant evolution.
So, to remain relevant to the people who buy from us, we sometimes have to pivot. And that pivot might create the need to rebrand.
But when is rebranding the right decision for your business?
Let’s look at the top 6 reasons it might be time to rebrand.
What is rebranding?
Broadly speaking, rebranding is changing the image of your business.
More specifically, it’s changing the name, look and feel of your business so that it’s more in alignment with your vision, mission, values, products, services and importantly, your customer.
Strategically, the goal of rebranding is to make sure that your business is differentiated in the right way, and communicates the right message, in order to attract the right clients.
The difference between a Rebrand and a Brand Refresh.
If you’re a regular reader, you’ll know that there’s little consensus in marketing when it comes to terminology.
When I talk about rebranding, I’m talking about a start from scratch process for redeveloping your brand. Think new name, new logo, new colour palette, and likely a new brand story.
But it’s not always about changing everything. Sometimes changing your branding will be enough.
Refreshing or updating your brand, is where you keep your name, but you refresh your look and feel to something that better reflects your brand personality as it is now. This usually involves an updated logo and colour palette.
Sometimes it’s a big refresh (a completely new logo) and sometimes it’s an update to simply modernise what you already have (if you’re still rocking your logo from the 90s then it might be a good time to consider a refresh!)
The Top 6 Reasons it might be time to Rebrand.
There are 6 main reasons it might be time to consider a rebrand in your business.
Your current brand name is no longer in alignment with your brand story
This is the number one reason to rebrand, and it’s also what makes getting clear on your brand story strategy early so important.
When we start out, we choose a brand name that’s in alignment with what we see as important to us in the beginning.
But as you and your business grow, you’ll find that you’ll learn more about your customer, change your product offering, and potentially end up with a very different business than when you started. What’s important to you (and to your customer) might change.
If it’s getting harder to see how your business name represents your brand now, then a rebrand is a good idea.
You started with a generic name, but now think you should move to a personal brand
Lots of people start their business with a name that makes them sound bigger than they are.
And this is perfectly fine! Especially if the name clearly explains your differentiation or the product or service you deliver for your customer.
As you grow though, you might find that you don’t want to be big. It might be strategically better for you to make a shift to a personal brand, and show up under your own name.
Your product or service range has changed
When the products or services you deliver change, this might prompt the need to change your brand name.
One of the most powerful brand names in small business is an experiential descriptive name. But when the descriptive part doesn’t work for what you deliver any more, then a rebrand makes sense so you don’t create confusion for your customer.
You aren’t attracting your ideal client
If the people you serve in your business have changed, or you aren’t attracting the type of people you’d like to work with in our business, a rebrand can help you solve this problem.
A brand name makes up a key part of your brand personality, because it helps to set the tone for your brand. Your logo, fonts, colour palette and other visual elements of your brand personality all help to create a connection with your ideal customer.
It’s this connection that makes them feel like they’re in the right place and that you’re the right product or service for them.
You used a location in your brand name that’s no longer relevant
This is a mistake I see quite a bit, particularly in small business.
You name your brand for the location of your store, or the area you serve. And then suddenly you move, or your business grows and so do your locations.
If you have a location-based name that no longer makes sense, then rebranding is a great move to ensure your business continues to grow and you don’t create confusion for your customers.
Your brand name is based on your founder and they now no longer work there.
While this is one of the reasons you might want to consider a rebrand, it’s definitely a tricky decision.
On the one hand, there’s legacy there. Your customers might feel particularly connected to this person, and it will work in your favour to keep the name (it actually works quite well for car brands - think Ford, Holden, Renault).
If the brand is benefitting from the legacy, then brilliant!
But if it’s not, you should consider a rebrand – you just have to do it with great care.
Rebranding can be great for your business.
And if your brand falls into one of the categories above, then it’s something you should consider.
But it’s not a decision you should take lightly.
There are no hard and fast rules and every scenario will be different. There can also be a lot of work involved: though starting with brand story strategy is the best way to begin the rebranding journey.
If you see rebranding in your future, you can follow me over on Instagram for more on how to get it right.
