When to Rebrand Your Luxury Brand?


Have you wondered if it’s the right time to rebrand your luxury brand? If you’ve experienced business growth, a desire to reach more affluent customers, or you now have more experience. 

A rebrand, when done strategically, can be the catalyst to help you reach your goals. Such as reinvigorating your existing audience and attracting new customers.

Even though each brand is different, there are some signs it’s time to elevate your luxury brand.

So, let’s go over some indicators that a rebrand would be a great next step.

What is a Rebrand?

A rebrand is when your existing branding gets a new look and feel. It’s a complete transformation of your current brand.

Your new brand identity often includes a new logo, typography, color palette, package design, etc.

Often business owners will have visual branding created that will get them started. In this case, they may have DIY’d their brand, hired a friend, or spent very little on branding.

Later to realize that the starter branding no longer adequately represents their business. 

We have all been there in some form or another. The first edition of my branding was a hot mess; I thought it was great then. 

Later as my ideas, offers, and overall vision evolved. I knew I needed new branding to represent who I wanted to attract. 

A normal part of business is as you get to know more about your audience and your understanding of the power of branding develops. You’ll eventually want to start paying attention to how your brand is perceived in the market. 

So, let’s go over some signs it’s time to rebrand your luxury brand.

You DIY’d Your Branding 

If you started your luxury brand through self-funding. Most likely, you DIY’d parts of your business to invest more towards your product development.

I see DIY often occur during the branding & website stage. 

Let me preface this by saying that “there is nothing wrong with DIYing,” especially when you aren’t sure your idea will be viable. 

I recommend that a lot of people DIY earlier in their business so they can:

  • Get an understanding of all the moving elements of running an online business. 
  • Figure out if they want to continue with their business idea.
  • Get product proof of concept before investing thousands.

Once you’ve validated your idea and consistently sold your products.

You’ll start asking more in-depth questions, such as

  • Does my current brand represent where we are as a brand?
  • Are we attracting the right audience?
  • Will our current branding look great in a retail shop?

If the answers to those questions are no. Then it’s time to look at rebranding your luxury brand. Not only for vanity reasons but for future opportunities.

You Are Ready to Elevate Your Brand

If your current branding blends in with others in your market.

It’s time to focus on differentiating your brand from those in your industry. At the same time, it’s OK to be aware of competitors or businesses that dominate a particular market. You don’t want your brand to look like theirs. 

Elevating your luxury brand can look different in many ways. Ultimately, it should align with current customers and captivate new customers.  

Part of creating a captivating luxury brand is to have a solid luxury strategy. 

A luxury strategy is your unique plan for attracting and retaining customers. In addition, a luxury strategy also gives your brand clarity. So you’ll know what brand elements will be most attractive to your audience. 

You can learn more about What is Luxury Brand Strategy and Why It’s Important?

You Are Going After a Higher-end Market

When going after a higher-end market; your brand must look the part. Otherwise, you won’t attract the customers that you desire. 

Most people are attracted to visuals, then desire and reason. As a luxury brand, your branding should tap on all those elements. Once you do, you’ll signal to high-end customers that your brand is of quality.

It is sparking their interest to discover more about your brand; this is part of the connection process where you captivate your audience.

“53% of consumers will purchase from a brand that they trust.”

Source

Branding plays are significant role in facilitating this exchange. That’s why your branding needs to reflect your ideal customers. 

Think of some brands you know and love. What is it about them that you enjoy, and that inspires you to keep returning for more?

Your Business Has Grown

There is nothing like business growth to spark the desire to elevate your branding. With a rebrand, you can showcase your brands’ new direction. 

If you’ve been working hard to grow your business. That’s an incredible feat to accomplish, so congratulations! 

New business growth can come with a lot of excitement and sometimes fears. Having the right level of support through your growth is vital. 

Companies will often rebrand when a significant shift is happening in their business. If you are in a similar situation, look at your current business, and ask yourself if your brand represents your vision.

If not, then a rebrand should be put on the calendar. 

A rebrand can breathe freshness back into your business. Light new ideas and attractive opportunities. That will further solidify your brand in the market, such as

  • Getting in-store placement in some of your favorite retailers.
  • Partner with existing brands that will expose you to their audiences.
  • Building your reputation in your industry.
  • Plus more!

So why not celebrate your business growth with a new look?

Your Current Brand Doesn’t Align With Your New Direction

Are you in the beginning stages of a pivot? Sometimes clarity can come later in your business after you’ve had more experience. 

Or have you recognized that a pivot is needed to help you better align with your audience? 

When this occurs, you may discover that your current brand doesn’t align with your new direction. 

A standard part of business is dealing with dynamic shifts. 

Rebranding your luxury brand can ensure that your new branding aligns with your vision. 

Also, with the new insights, you have regarding your brand. You can bring those ideas up during your luxury strategy discussions.

You Aren’t Attracting Your Ideal Customers

Another sign you are ready to rebrand your luxury brand is if you aren’t attracting your ideal customers. 

Before rebranding, you need to have a successful luxury strategy in place. It can help you have clarity on what will attract your ideal customers. 

If your current branding isn’t attracting your ideal customers. You’ll find yourself fighting a constant battle of getting your preferred customers to look and shop with your brand. 

A solid professional brand can inspire trust, form long-lasting relationships, and help you to expand your brand.

You’ve Been in Business for a While

Have you been running your business for a while? Often, business owners will stick with their existing brand due to a variety of reasons. 

If you are evaluating your current business objectives and want a fresh look. It’s time to start having conversations about rebranding your luxury brand. 

Do you resonate with any of these desires?

  • You want to share your business with customers proudly. 
  • You want your customers to feel like your products are high-end.
  • You want your customers to become brand loyalists.

If you can inspire that type of experience, people will return. Plus, they will happily recommend your brand to others. Share dream unboxings on social media, love new product releases, and more.

Are You Ready to Rebrand Your Luxury Brand? Do This Next.

Did you get some clarity about whether a rebrand will be ideal for you? Great, part of a successful rebrand is your luxury strategy. 

Your luxury strategy is what ties together your overall brand. Similar to having a blueprint of how your brand will operate in the market. 

Knowing how to show up in the market will make attracting the right customers and opportunities easier. 

That’s why I included in my exclusive signature experience a luxury strategy designed for modern luxury brands. The Luxury eCommerce Experience™ helps you build brand loyalty and increase product sales. Make sure you have a fabulous luxury strategy, captivating luxury branding, a sophisticated Shopify website, and email marketing experience. 

If you are ready to transform how customers engage with your brand. I encourage you to check out The Luxury eCommerce Experience™ and reserve your complimentary consultation today. As spaces are limited each quarter to allow for focus attention on your business.

k-tmc

I'm Karen, the Luxury Brand Strategist, and eCommerce Expert behind The May Creative, where I help modern luxury brands create sophisticated luxury branding & eCommerce experiences on Shopify. Learn more about elevating your business through The Luxury eCommerce Experience™, a high-end luxury strategy, design, and marketing engagement.

Karen

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