Thinking of Rebranding? 7 Questions to Ask Yourself.
When was the last time you took a close look at your company’s or organization’s brand? Not just your logo, but asked yourself the hard questions, such as whether it aligns with your current position in the market or is still relevant to your target audience? Maybe it’s simply become outdated, but whatever stage your business is in, making the decision to rebrand should be considered when it starts doing more harm than good.
As you might imagine, there’s a ton of information available on how or when to rebrand, and most business owners, CMO’s, and marketing managers know the cost for creating an updated brand can pale in comparison to the costs for implementation. Aside from the cost implications, a rebranding effort should be looked at as more than just a new logo or color scheme, which are tactical elements, but as an investment. Deep down, it’s a way to reenergize a company in a way that can help influence everything from sales to operations, in addition to a company’s culture. Internally, it can influence hiring and recruiting and on the outside, it can affect the way a company is looked at by existing and prospective customers.
It’s easy to see that a rebranding effort is, in fact, an investment that makes a business stronger by engaging employees and customers in more meaningful ways. This, in turn, leads to being more profitable or sustainable.
If you’ve entertained the thought of gauging the status of your brand and its impact on your bottom line, consider the following:
1. Is your logo dated?
Sure, we’re talking about just your logo, but this has to do with if it’s still as relevant today as it was 10 or 20 years ago. More likely, your organization, your products, and your services have changed and so have your markets. Brand equity is important but as companies evolve, so should fonts and color schemes.
2. Does your brand align with what you’re offering?
If your business once focused on a specific product category but is no longer serving that market, will it clearly support the new offerings?
3. Are you looking to grow?
As important as it is for you to have a brand that supports your position in the market, it also needs to allow room for growth. If you once served markets in the Midwest but now offer products across multiple categories throughout North America, will your brand stand-up?
4. Does it separate you from others?
Differentiation is the name of the game, and it doesn’t do you any good if your name is similar to a competitor’s or another company in a different category. The same holds true for names or brands that aren’t memorable.
5. Does it appeal to your target audience?
This almost goes without saying, but if your company is targeting young people, and the branding looks like it’s meant for seniors, then it’s time clearly time for change.
6. Is your brand tired?
This may be difficult to accept, but if a brand started out boring, rebranding can give a business new life by engaging employees, while keeping existing customers and gaining new ones.
7. Is it a part of your culture?
Is your brand staying top-of-mind with your employees, and does everyone support your vision, mission, and values? Simply put, this means your brand should be reflected and supported internally.
If these questions have you thinking that it might be time for your business or organization to consider a rebrand, then it probably is. If not, you’re in a good place.