Branding connects directly with people’s emotions, which allows them to make genuine emotional connections with your business … connections that can last a lifetime.
But if your branding is not working, if it’s not tapping into people’s emotions … or, even worse, if it’s connecting with the WRONG emotions in people … it may be time to consider rebranding.
Okay, so what exactly is rebranding? Does it mean burning your business to the ground and starting all over? Not necessarily.
Rebranding Fact Number 1 – There are Degrees of Rebranding
For some businesses, going back to the drawing board IS the best approach.
New name. New faces. New products. Possibly even a whole new INDUSTRY!
But for most business owners, rebranding comes in a wide variety of forms. For some, it could simply mean tweaking a few things such as coming up with a new logo or refreshing the overall brand message.
Your brand is continually evolving and growing, just like you as a business owner. Think about it: The things that were important to you when you were first starting out are probably vastly different than your priorities today. And tomorrow likely will be fresh challenges … and opportunities.
So while your branding should be consistent, you also shouldn’t be afraid to consider rebranding if it will serve your overall success goal.
Speaking of success goals …
Rebranding Fact Number 2 – Your Business Has Changed
By its very nature, entrepreneurship is all about growth.
Over time, just about everything inside your business changes: The products you offer, the people you employ, even the target audience you seek to connect with.
So the rebranding connection becomes: Does the outside of your business (your brand) still match the inside of your business (your core values). If the answer is “No”, then the solution is simple: It’s time to rebrand!
Rebranding Fact Number 3 – The World Has Changed
Okay, maybe you have stayed the same but the world around you has changed. This is actually a more common scenario.
Think about any industry: For example, the typewriter business.
For a while there in the early 20th Century, the typewrite business was booming. There was a high demand among businesses worldwide for reliable, efficient, and affordable typewriters. And companies like Underwood, Oliveti, and Royal thrived.
But then the world changed. Technology skyrocketed and typewriters became ancient history.
So in order to survive, these companies had to pivot. And that meant rebranding.
Typewriters may not be the best example … after all, most of these companies failed to adapt and were driven out of the market entirely .. but the point remains the same …
When the world changes, successful companies need to adapt. And that can mean rebranding.
Rebranding Fact Number 4 – Your Brand Is a Little TOO Familiar
Let’s say you’ve been in business for awhile and your sales are strong. In fact, you are so successful that other players have entered the market by emulating your success.
Pretty soon, your brand is indistinguishable from all the competition because you aren’t offering anything unique anymore.
In this instance, rebranding can be effective in order to reposition your brand in opposition to the rest of the marketplace.
Rebranding Fact Number 5 – Restructuring
Businesses don’t stay the same forever. New leadership comes in and (justifiably) wants to put their own stamp on things.
Or companies are sold to new ownership who want to take the enterprise in a new direction.
Or you decide you need to bring in a partner. Or you acquire a competitor. Or your business gets gobbled up by a bigger fish.
All of these things happen to businesses all the time.
In any case, things change.
Rebranding often offers a solution to reimagining your business so that it remains vital to prospective customers despite the shifting sands of the marketplace.
Rebranding Fact Number 6 – Expansion
Most businesses are like sharks: They need to constantly be moving and feeding otherwise they die.
In practical terms, that often means moving into new cultures. Or expanding into new geographic locations.
In this instance, rebranding may offer a practical solution: The need to appeal to a broader audience than originally intended.
For example, European or Asian audiences may not be as open to your all-American branding message.
While your successful branding core can remain the same, there may be opportunities to rebrand your business so that it broadens its appeal.
Rebranding Fact Number 7 – New Blood
Companies always need new customers. But they also need fresh ideas and creative thinking. And that means new top talent.
The brightest minds graduating business school usually aren’t looking to join “dinosaur businesses”, or companies that have been around since the Stone Age.
Young people usually want to go with the new, the exciting, and the companies pushing the envelope with new ideas and high-potential markets.
You need people like that. So if your brand is stale, worn out, or ancient … rebranding could be in your future.
Rebranding Fact Number 8 – All About the Benjamins
When it comes down to it, all business are ruled by one thing: The numbers.
Whether you are privately owned or publicly traded, there is always pressure to perform better: More profits, more sales, more markets, more customers. More MORE!
If you aren’t achieving these objectives or exceeding the expectations of your investors, board of directors, or stockholders, you need to do something to turn the ship around.
Rebranding could hold the key.
Okay, that’s a lot to process. But as you can see, the one constant is that branding needs to be consistent, genuine, and successful.
If it’s not working the way you need it, then you should consider rebranding your business.
And when you are ready to rebrand, Lytron is ready to help.