The New Year is a great time to step back and reevaluate all you accomplished the year prior and make goals for the coming year. Performance goals for the year are a great way to stay accountable and keep business going – but when was the last time you looked at your branding?
Your brand is not only your name, but your first impression. It identifies and sets you apart from the competition. The perception your company gives off should be strong and positive, from your logo to your mission statement and throughout all marketing communications. A fresh, consistent style that represents the brand’s unique character will help to attract customers and build trust. Think about it: if you had to choose between two vendors, would you go with the one whose website is stuck in the past, or the one with a more contemporary look and feel? Even if the first company outperforms the latter, the lack of update will make anyone think twice. Updated and consistent branding increases how professional your business appears.
“The real power of a good brand identity is when it speaks to your brand’s personality, mission, and value in your market, making your business more memorable in the minds of consumers.”
Michael Keesee, Art Director, Martin Communications
Most businesses rebrand every seven to ten years. A rebrand is more than just updating your logo; and there are several items to consider if it’s the right time to do so.
1. Audience
- Has your audience changed since you started your business?
- Your main customer group could have started as one demographic, but through the years changed to another entirely. From age ranges to customer values, purchasing habits can change over time, transforming your core demographic along with them.
- If you are concerned your brand isn’t resonating with your audience, you’ll want to figure out a better way to connect to them. From design elements to your brand voice, minor tweaks can help you better speak to your target demographics.
2. Change
- Has your business changed its core offerings since it began?
- If your business is in a different place from where you started, you might need to reposition yourself in the market to meet the expectations of potential buyers.
- Maybe you need to change your name to something more inclusive or update your messaging so customers coming across your business better understand all you offer.
3. Growth
- Have you outgrown your brand – not just looking at where you are today – but where you want to be in the future? Are you trying to expand or target a new customer group?
- When expanding, be sure to ask yourself: Does my brand resonate with a wider demo group? Will it make sense outside of my current market?
- Rebranding can help you prepare your business for a new target market, allow you room for your business to grow, and ultimately earn trust from new customers.
4. Outdated
- How long ago was your last rebrand? The most obvious sign that it’s time is if your brand is outdated.
- Unfortunately, in our fast-paced world, things get old quickly. Industries evolve, and you want to avoid being considered lackluster and outdated, especially compared to your competitors.
- To stay on top of what your competitors are doing, keep an eye on the latest news in your industry and on occasion, what your competitors’ branding looks like – have they updated anything lately? If you feel like you’re falling behind, rebranding can help you regain ground.
5. Reputation
- Scandals or bad reviews can be hard blemishes to remove from the public eye. If there’s no reasonable way of righting the situation, a rebrand may offer an easier way to start over than trying to sort out the existing problems.
- Smaller brands can also unknowingly infringe on more prominent brands with similar names or logo designs . As a small company grows, it can catch the attention of larger brands that may claim ownership of certain graphics, colors, or wording. Rebranding can save you from the fees and time commitment of going through the legal process.
If one or more of the items above apply, chances are it’s time to rebrand. However, a complete rebrand may not be necessary. Sometimes a few simple updates are just what your company needs. Consult a marketing agency to find out what’s best for you and your company’s situation.
Tell us about your challenges, your hopes, and your expectations. We’d love to help you better connect with your audience, so schedule a rebranding meeting with us today!