Having a beloved and well know brand, is something all business owners strive to accomplish. Unfortunately, achieving brand recognition like Apple, does not happen overnight, and not many businesses will ever reach that level of public adoration.
However, if your brand is not working for you, your business may never even reach a fraction of Apple’s success.
Perhaps it is time to consider rebranding.
When to Re-brand
Re-branding is not a process that should be taken lightly, it is costly and takes time. There are several scenarios where re-branding should be considered:
● Outdated Image
○ If your business needs some modernization or the brand itself is boring
● Bad Reputation
○ If your business has developed a bad reputation that is impacting operations, it may be time to completely re-brand and remove any associations with the past brand.
● Expanded beyond your original business
○ If your business currently has a geographical name and you have expanded beyond that region. Or if your name is based on a single service, and you offer multiple services now.
● Irrelevant name
○ If the name of your business is irrelevant to the offerings of the company or too similar to the name of another larger company
● No traction with current brand
○ If the established branding currently has no consumer recognition and has not captured an audience
If you decide that the best option for your business is to rebrand, there are several things that need to be considered:
● What worked?
○ What parts of your old brand worked and what did not? Is it possible to implement the parts that worked into your new brand?
● Future Expansion
○ Do you plan on expanding into different regions or countries in the future? What type of branding needs to be done to accomplish this?
○ How long will it take to implement your new brand? When will you launch your new website?
○ Can you afford to rebrand? What will your initial losses be?
● New Core Message
○ What is the core message and value proposition of your new brand?
Rebranding is not a process that happens overnight. It takes a great deal of consideration, research, capital, and time. A new brand image will not capture consumers right away; it takes time to build a reputation. If re-branding is the right strategy for your business, a fresh new look could mean completely turn your company around!
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