Do you feel like your business has lost its edge? You no longer know what it stands for anymore, and worst of all, you are starting to feel a bit reluctant to give out your business card…
Your company may have reached a stage where some rebranding is needed. A rebrand is an opportunity for your business to reinvent itself, develop new strategies, and more importantly, to create a greater connection with your customers.
Do you need a brand makeover? Here are a few signs that your company may need to rebrand:
Your brand name no longer evokes its vision
What seemed like a great name 15 years ago may no longer align with your current vision. Changes in cultural context and the marketplace can also change the meaning of a brand name. A key example is a Belgian chocolate brand that had been making its famous pralines since 1923, but suddenly the only attention the company was receiving was for their name: Isis. Chocolate bunny vs Terrorist organisation? Perhaps not.
You are not attracting the right clients
When you are receiving requests and offers from people who do not fit your target audience, this is a BIG sign that change needs to happen. Any business at all does NOT equate to good business. You are not only wasting your resources and expertise, but you are also probably undermining the customer’s expectations and creating a worse company image.
Your brand does not stand out
One of the more important aspects of branding is competitive differentiation. However, it’s not just about being different for the sake of it. True differentiation is authentic and tells the customer what unique values you are offering to them.
Your company is not attracting top talent
The best talent wants to work for the best brands. Period. If you are unable to recruit the right employees for the advancement of your business, it may be because your brand is not on par with industry standards. Try brand research that elicits the likelihood of a candidate working in your firm. You may just find the answers to understanding your dilemma.
When internal teams lack clarity
If your employees can’t explain to you what the company’s values are, then they’re definitely not portraying those values to your customers. By rebranding, you can provide clearer direction to your staff and increase employee engagement and drive.
“The goal in rebranding is to strengthen your brand’s message and allow it to evolve. Although rebranding can do many things, it should support your core message while connecting with your audience in a new, authentic way.” – Greg Liberman, Chairman & CEO of Spark Networks.