People don’t just want to buy brands anymore; they want to join them. This makes your brand and your brand strategy one of your business’s most valuable assets to your success. The power of a healthy brand is difficult to place a monetary value on. Still, brands like Telstra, Woolworths, and Coles are valued at upwards of $10 billion, with brand prominence and recognition at the forefront of their business. Such influence is not something to be taken lightly; a strong brand requires love and upkeep to ensure its continued vitality.
Don’t let the value of a solid brand strategy fall by the wayside; if your business is growing, evolving, and adapting to a changing market, make sure that your brand changes with you.
We’ve broken down five signs your business needs a rebrand:
1) Align with your new mission.
Since your business started, you may have outgrown your original mission or direction. Consider Amazon, beginning as an online book retailer; the company evolved to selling a wide variety of consumer goods and services. This change to the company’s DNA directly led to a rebrand that encompassed their new direction. Changes in direction, morals, and values benefit when accompanied by a rebrand to communicate the new company to its audience.
2) Increase your engagement.
Decreased or plateaued engagement with your audience will soon lead to dwindling prosperity. Often businesses grow stale with age and cut corners in their branding. This can prevent your brand from standing out from the crowd and lead customers astray to competitors with a modern approach. A rebrand can help engage with your current customers and attract new clientele.
3) Stay ahead of a competitive market.
There is no such thing as a static market. From customer preferences to micro and macroeconomic factors, the world around you is constantly evolving. Identify your strengths, weaknesses, opportunities, and threats and compare them with competitors in your environment and beyond to determine where you can improve. If you do not seek continuous improvement, you will fall behind. A rebrand can be the icing on the cake for your next strategic manoeuvre.
4) Attract a broader audience.
Over time your business’ growth will slow if you don’t attract new audiences. Bringing in new audiences will help you grow your customer base and increase engagement. Moreover, many businesses grow their audience nationally or internationally, thus encountering more diversity. Think of the mishap of Chevrolet Automotive selling their model named ‘Nova’ in Mexico, a Spanish speaking country where ‘no va’ means ‘does not go’. Targeted rebrands help avoid pitfalls like Chevrolet’s and prevent more subtle though equally impactful consequences like different consumer preferences and values.
5) Redefine your brand identity.
Leave relics in the past to change the beliefs and expectations of your community. Many businesses garner a reputation for being outdated or, worse, amass a negative association from bad press. A rebrand can help repolish your brand’s image.
“It takes years to build up a reputation while it takes minutes to destroy it” – Warren Buffet
Your brand image is not just a logo on a website. It is a key indicator of your business performance. If your brand is not healthy and thriving, then the business as a whole is likely to be underperforming. Revitalizing your brand can breathe new life into your business strategy and support a new phase of growth and prosperity. The power of brand strategy in business is evident- so what are you waiting for?
If you have a restructuring of your business in the works or want to realign your brand image with your strategic vision, it’s time to reevaluate your brand strategy.
Drop us a line now – firstname.lastname@example.org – to arrange your obligation-free brand strategy consultation session.