Is your company stuck in the past? If not, do people think it is?
In the rapidly growing marketplace of today, standing out is a continual process of innovation. Rebranding is one way to do that, and it might be the right way if any of the following are true:
Your focus has changed
Your company probably spent a lot of time designing its brand, trying to reach a certain demographic or promote a certain idea through a name, logo, or slogan. But maybe now you have a different set of concerns, a different market to reach, and maybe even a different set of values. If it’s an image that’s holding your company back, it’s time to seriously consider rebranding.
Younger generations are ignoring you
If longevity is something your company values—and it should be—then you can’t afford to ignore the youth. Unfortunately, they can afford to ignore you. You’ll have to work harder to earn the loyalty of young people, who feel less bound to tradition than previous generations, given their range of options in nearly every industry. Don’t abandon your oldest customers, but don’t stake your company’s future on a very loyal few.
You’re becoming irrelevant.
Being irrelevant is more than just being old-fashioned. It means that for whatever reason, you’re not useful anymore. Maybe you built your business model around a technology that’s now obsolete. Maybe your product is great, but not enough people need it to make it commercially viable.
Whatever the reason may be, updating an obsolete brand is a decision best made sooner than later.
You just need a fresh start
There are many reasons a company might want to leave the past behind. Scandal, controversy, and even bankruptcy can leave a lasting mark on your brand. Rebranding doesn’t erase the past, but it does show a willingness to change and grow.
Rebranding is a serious decision that shouldn’t be made for just any reason, but you don’t have to wait for a crisis to breathe new life into an old brand.