1) Similarity With Others in Your Industry
Industries evolve, and ambitious brands always try to keep up with trends. Nonetheless, at times brands can fall into the subconscious trap of adopting their competition’s traits. This results in no originality, differentiation or standing out. This could be something as basic as similarities in logo colors between two brands.
You will want to rebrand when you notice your brand looks like that of your competitors. Even if it’s only in logo design, web content, marketing punch lines, etc.
2. When Targeting a New Audience
If your company’s new product or marketing strategy is for a different audience from the existing one, you should consider a rebrand. This is more important when what you’re offering is different from what your current customers know you for. Bringing in new products or services that your brand isn’t known for will require a rebrand of some sort, not to confuse your customers.
Your new brand should be able to speak to your audience. It should reflect exactly what you’re offering, which is why you should consider a rebrand from what you’re currently known for.
3. When Your Brand Fails to Reflect Your Values
While you may have a strong and recognisable brand, it can become an issue in the long run if it doesn't reflect your business values. People align and connect with your business when they key into your brand story, values, and product. If your brand has evolved and does not reflect your brand identity, it is important that you consider a rebrand.
4. Family Owned Business
Running a family owned business could mean that time has passed since the branding was created and the ideal audience could have changed over the years. It’s important to consider a new market and audience and branding that speaks directly to them.
5. If Your Brand Expands
As your business grows, it becomes important for you to expand, and when you do, rebranding might be required to reflect the business's new brand offering and strategy. You may need to rebrand because your brand is now covering and reaching a new target audience.
Aside from when you officially expand, if your business has existed for a long time and has seen different generations, you should consider rebranding to fit your audience's evolving taste and perspective. If expanding includes international markets, it’s important to consider international trade and catering a different kind of message as per cross- border trade and international clientele. At Magnetic, we help create unique branding solutions that take brands beyond borders and focus on eCommerce and Instagram shopping to open up to international markets easily.
To keep up with your industry trends and improve customer experience, rebranding might also be the way to go. People tend to get more attracted to something new and refreshing. A simple tweak to a logo can make people feel as though there's been an improvement in your products or services.
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