Rebranding is always something that business owners dread because it means that they need to be able to make something better. Even big brands like Hershey and Airbnb have trouble with it. However, there really are times when rebranding is the only option left on the table.
How do you know whether you really need to rebrand or not? Take note of some of these signs:
The Market is Evolving
Since the market continually evolving, it’s common for some brands to struggle in staying relevant. Even trends become obsolete. When there are better alternatives introduced, there will be products and services that will no longer be needed. In order to stay in the competition, your brand needs to evolve along with the market. It does not mean that you have to flip your brand into something completely different. What it means is that you need to be able to grow your brand through rebranding.
Your Brand Got a Bad Reputation
One of the worst things that can happen to a brand would be getting a bad reputation. Getting a bad reputation stems out from bad service, a defective product, a legal suit, or a bad PR stunt. In any case, a bad reputation could escalate into something much bigger and affect the sales of the company. When this happens, it’s best to rebrand. This way, you can start anew.
One good example for this is Go Compare. You’ll remember that they released an annoying ad back in 2012. The ad features an opera singer chanting an addictive but irritating song. When they realized that they’re losing customers because of it, they personally “killed” the opera singer and used the situation to their advantage.
You Want to Target a New Demographic
Targeting customers via demographic profile usually starts with a trial and error. Your first attempt may not work and you’ll be prompted to make some adjustments. If you want to target a whole new different demographic, then you may have to rebrand. The logic behind that is that your brand is tailored fit to your customer’s profile. This means that your brand name, logo, etc. have to revolve around what your target market likes. If you’re targeting a whole new demographic, then you have to adjust your brand to what your new target market likes.
Take Burberry, for example. It used to be known as a gang wear. However, gangs are no longer a huge market. So what does the brand do? It shifts. Now, it’s worn by Kate Moss and Emma Watson.
You want to Expand Globally
Global expansion is a big move. You have to think about many factors before doing it. When you expand past your locality, you have to make your brand more versatile to cater to the people that come from the different countries.
Those are some of the signs that you need rebrand your existing brand. If you’re having a hard time with rebranding, then a brand agency San Francisco will be able to help you with that. Brand agencies are experts when it comes to brand handling and they can definitely give you good advice on how to go about.
Rebranding is actually a very big and bold move for any company. Make sure you’re ready for it before you start the project.