Everyone needs a fresh start from time to time. Sometimes a rebrand is exactly what a business needs to get a new lease on life-as long as you get your timing right. So, when should you be thinking about a rebrand? Here are five signs that it might be time to take the big step.
The market has changed
There’s only one constant in life, and that is that nothing is constant. This is especially true for business, where rules and regulations always evolve. Maybe your market demographic has shrunk, or local laws are curbing growth. Maybe consumer preferences have changed. Regardless, your industry is likely changing shape constantly, and it pays to keep brand flexible and capable of change as well.
The company’s purpose has changed
Another sign that it is time for a rebrand is if your company has drifted away from its original purpose. Countless brands have begun selling one product, only to realize that they can be more successful shifting to another.
Avon is a great example of this. More than a century ago, David McConnell founded the brand with a plan to sell books door-to-door. In order to boost sales, McConnell began offering perfume samples in a bid to attract female customers. It wasn’t long until he realized that his perfume samples were more popular, so he pivoted from books to beauty products.
In the same way, if you notice that your business no longer fits snugly with its original purpose, it may be time to rebrand.
You want to capture a new audience
When you began your business and branded it, most of your groundwork was inevitably aspirational; you may have thought you knew your target market, but as time goes on you may have shifted to a more appropriate demographic.
Take Marlboro cigarettes, for example. Believe it or not, Marlboro was considered a women’s brand because they were filtered. When studies showed filtered cigarettes were a “healthier” option, Marlboro shifted gears in terms of the gender of its brand. It rolled out the infamous Marlboro Man campaign. The rest is history.
You want to consolidate
If you find yourself in an industry that’s maturing quickly, market consolidation is an inevitable fact of life. No matter your industry, bigger brands are prone to acquire smaller brands. Sometimes smaller brands may unite to form a bigger, more competitive, brand. Regardless of how it happens, it may be time for you to start thinking about organizing your disparate brands into a singular entity.
The benefits to consolidation are clear: not only can they help make the one brand more recognizable, but they can also lead to cost-savings by streamlining production.
Your brand has negative associations
As we know, bad news travels fast. If a PR crisis has irreparably damaged a brand, it could be time for a facelift.
Ronn Torossian is president/CEO of 5WPR