Ever had the feeling that the jumper you have been wearing for months, now suddenly feels a little snug? Have you looked at yourself closely one morning in the mirror and thought you could do much better with a fashion upgrade? When it comes to brands, they are no different! At some point, brands need to redefine themselves, so that they can once again take the market by storm.
To determine the strength of the brand, we make use of brand metrics, so that our new marketing efforts, those in collaboration with a branding agency such as brandmatters.com.au enable the brand to reach a new target audience. However, you need to know when and how to rebrand your business.
Following are six signs that will help you realise that it’s time to make a call to a branding agency:
1. The Name of Your Brand Is No Longer In Line With Your Brand’s Vision
10 years ago your brand’s name reflected your brand’s mission and vision to a T. It’s possible that as your brand expanded, its cultural context changed and now it has come to a point where your brand isn’t welcome in some markets, which you want to explore. Don’t let the name of your brand drag you down. This is the first sign that tells you it’s time to start your rebranding campaign.
2. It Has Become Difficult to Differentiate Your Brand from the Competition
The difference between yours and the competitor’s brand are three letters: USP. If you feel that your brand has been lost in the sea of sameness, then it’s time to rock the boat. Reposition your unique selling point and make sure that the consumers searching for something different are aware of the change.
3. Your Business Strategy Has Changed
The strategic objectives of a company can change down the road depending on the changes in technology and unforeseen market opportunities. Your brand must always be aligned with how the business operates. It’s time to set new objectives.
4. Your Brand Has Outgrown
There comes a time when the brand reaches its pinnacle. As the world changes, so do the demands of the customers. To compete with your competitors at three levels above, you need to leave the old brand behind. Drum up something new but make sure that it’s in line with the objectives.
5. It’s Taking a Lot of Time to Attract New Audience
A new generation is hot on your heels and these are the people who will be spending more money wherever the market takes them. By redefining your brand, you will be able to reach untapped audiences.
This can be done by staying abreast with demographic shifts.
6. Your Brand Is Being Disassociated with a Negative Image
It only takes a few seconds for a word to take negative connotations, which then gets associated with your brand and destroys its image. Social media spreads news like wildfire and the only way to come out as the victor is by rebranding.
The new image says a lot about the brand and the message passed comes out as stronger.
Signs of rebranding can be anything from unachievable goals to bad word of mouth in the market. Your job is to identify even the smallest of signs and hire a branding agency to work on them.