When is the RIGHT TIME to rebrand your business?

Building a strong, healthy brand for your business is a complex task.  It takes a significant amount of time to come up with the right name and identifying components, which in turn assists in building a brand that connects with a company’s constituents.   

As the business expands, or as things change in the business environment or in its operations, it becomes necessary for the business to rebrand.   Rebranding is the process of creating a new look and feel for an established business in order to differentiate it from its competitors. 

The rebranding efforts may include a name change, new logo or packaging and updated marketing materials.  It may also include the introduction of new products and services which may be seen as signature products.  The goal of rebranding is to influence a customer’s perception about the business by revitalizing the brand and making it more modern and relevant to the customer’s needs.

Before delving into the topic of rebranding however, let us define what exactly is a brand?  A brand is the name, term, design, symbol or any other feature that identifies a business and by extension, its products and/or services.  These identifying marks distinguish one business from the other. 

Business owners must recognize that markets change constantly, as do customer expectations, so brands can become outdated. 

There are several reasons why companies, both small and large, should consider rebranding from time to time.  As a matter of fact, the company’s business plan should include a plan for the reviving and rebranding process.

The following are the most popular reasons a business should consider rebranding:

• The business has expanded beyond its original scope – If the business started out as a basic car wash but over time, it expanded to include full detailing and servicing, it’s time to let your customers know.  The best way to inform the customers of the changes is to upgrade your signage by incorporating the new services.
• Your signature product or service has taken over your business – If you are a retailer and you sell products that are not your own, but they complement your business, you may be at risk of being associated with the product – especially if said product outsells your own. If this is the case, it’s definitely time to rebrand so that your clients are clear on who you are and what you sell.
• People have no idea who you are or what you do.  Have you ever had someone ask you what do you do?  Have you found yourself fumbling to get the right words out? Does your description take longer than 10 seconds?  If so, it might be time to rebrand.   You should be able to tell people who you are and what you do in a quick and easy way.   

Rebranding is one strategy that must be included in a company’s business planning process.  Rebranding helps the company to discover the type of business it really is, what are its long and short term goals as well as assisting in precisely defining the organizational culture. 

Importantly, rebranding involves finding out whether customers see the company as the business owner wants it to be seen.  Rebranding identifies any disparities and recommends changes that better target your specific market.