If you’ve experienced business growth, a desire to reach more affluent customers, or you now have more experience. You may be asking yourself when to rebrand.
When done strategically, a rebrand 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 rebrand your product-based business.
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 business.
You DIY’d Your Current Branding
If you started your business through self-funding. You likely 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 business not only for vanity reasons but for future opportunities.
You Are Ready to Elevate Your Current Branding
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 current branding can look different in many ways. Ultimately, it should align with existing customers and captivate new customers.
A solid brand strategy is part of creating a captivating brand identity.
Brand strategy is your unique plan for attracting and retaining customers. In addition, refining your strategy can give you the clarity you need for your business. So you’ll know what brand elements will be most attractive to your audience.
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 product-based business, 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 Branding 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 branding doesn’t align with your new direction.
A rebrand can help your business position itself for new opportunities such as in-store placements, media features, etc.
You Aren’t Attracting Your Ideal Customers
Another sign you are ready to rebrand your product-based business is if you aren’t attracting your ideal customers.
Before rebranding, you must have a successful brand 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 business.
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 business.
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 nodded your head in agreement. It’s time to start the conversation and discuss what a rebrand could look like for you.
Are You Ready to Rebrand? Do This Next.
Did you get some clarity about whether a rebrand will be ideal for you? Great! Part of a successful rebrand is ensuring you have a solid plan. You don’t want to alienate your existing customers, and you want to attract new customers.
If you are ready to discuss how a rebrand could benefit your business. Reach out and connect with me and we’ll discuss what you need to make the process a success.
I work with product-based business owners to help them develop strategic luxury branding that allows them to captivate their ideal customers. If that is you, I would love to have a conversation. Reserve a complimentary consultation, and we can discuss your unique goals and vision.