Wondering if you should rebrand your company? Then you’re in the right place.
Today, I want to share five questions you should ask yourself to determine if you need a rebrand.
Whether you’re a commercial print shop, leading an international mining company, or anything in between, there’s one indisputable fact about modern-day business:
There comes a time when every company has to rebrand itself to remain relevant in a competitive environment.
So is it your time to rebrand? Let’s find out right now and answer the question, “Why rebrand a company?”
When to Rebrand: Is Your Current Brand Working for You?
As with every established company, there will come a day when the glimmer and shine of your once stylish brand will dim. Unfortunately, this can result in the erosion of your company’s image.
But it’s important to remember:
A rebrand is not something a company should take lightly. Like anything in life, if you’re going to do it, you need to do it right.
Although rebranding can breathe new life into your business or product line, it has to be done with:
- strategy
- a defined process, and
- long-term goals in mind.
After all, the one thing more expensive than a rebrand is an ineffective rebrand.
But, if you get your rebrand right, here’s what will happen:
- You’ll see a positive effect on your team’s morale and performance
- Your clients will see the rebrand as a move forward, which will strengthen their engagement with your company
- Prospective clients will notice you, offering an opportunity as a second look
- Your sales team will have reason to reconnect with your clients and personally tell the story of your brand’s transformation, and innovations that are happening at your company.
Wait...Is My Logo My Brand?
I want to take a moment to clarify a common misconception about branding: your logo is your brand. NOT! Although your logo is definitely at the forefront of it all, your brand actually encompasses a much bigger picture than just your logo.
So what’s the difference?
A logo or identity is just a small part of your company’s overall offering. It’s often the most recognizable element used to communicate with target audiences. This sometimes means that a logo is the only element that a lot of businesses concentrate on when rebranding.
However, a brand is the sum of all of the elements that come into contact with your marketplace. These touch-points include the:
- logo
- colour palette
- font use
- stationery
- marketing materials
- website, storefront
- vehicle wraps
- ads
- even how your staff dress and communicate with your customers.
A recent rebrand we did for Wheaton Precious Metals (the global leader in precious metals) is a great example of this.
(Check out the Wheaton Precious Metals case study here.)
Should I Rebrand My Company? 5 Reasons to Examine Your Current Brand
So, how do you know if your brand isn’t working for you anymore?
Sometimes the signs to rebrand are quite obvious; perhaps to you, your staff, and your clients. Other times it might just be a need or want to get noticed, to rejuvenate, or to realign your company’s focus.
A rebrand can often be a very personal journey, especially for the company’s founders or leaders. It involves dissecting the current brand to truly get an indication of its strength and value to your bottom line.
Introducing change is one thing, but understanding why your brand needs to evolve is another.
So how can you really understand this “why?”
Here are five questions to start with:
1. Is your brand boring?
The main purpose of your brand is to get noticed and recognized. If your brand isn’t standing out against the competition, then it’s not fulfilling its purpose.
Obviously, it needs to get noticed for all the right reasons, all falling within your corporate vision and brand promise.
Conducting a brand audit will help you get a better sense of the pros and cons of your existing brand and how it stacks up against your competitors. A brand audit is also a great opportunity to take stock and truly see all the elements your identity and brand are applied to.
(Related post: How to Conduct a Brand Audit)
2. Do you hesitate in handing out your business card?
If you’re not proud to hand out your business card (or need to accompany this action with an explanation defending your card’s shortcomings) it’s a pretty good indicator that it’s time to update your brand. We use the term “business card” in this context as a metaphor for an essential brand element that should make you proud.
Your business card is your brand ambassador. It needs to inspire confidence, regardless of the situation. When it doesn’t, it fails. And what does that say about your company?
Take a moment to assess your business card, or your website, or marketing materials.
One of the key reasons why rebranding is important is that it can inject your business with vitality - a new life so to speak. It can help you to retain customers, while successfully bringing in new ones - confidently.
3. Has your brand become diluted?
Oftentimes, as a brand ages, it loses its strength.
Individuals, or divisions within the organization, take liberties in creating new documents, or simply applying the brand in ways it wasn’t intended for.
Even graphic designers unfamiliar with the brand are guilty of this practice. A Brand Identity Guidelines document (or Graphic Standards Manual: GSM) is an integral part of giving your brand the structure and consistency it needs.
If you don’t put this consistency and structure into place upfront, your brand won’t be effective in the long run.
(Related post: How to Create a Powerful Brand with Brand Identity Guidelines)
4. Do your company name and brand reflect your corporate vision?
As a company matures, its vision and focus can change to something different than it was in the beginning - when you started.
Company names and brands may need to evolve to continually reach your marketplace. The challenge is to introduce these elements without losing the brand equity you’ve established.
Another consideration: As a company matures, the initial name and brand can become liabilities and hold the company back from reaching its full potential.
If your company used to do one thing but now also does another, it might be time to rename and rebrand. This will make your stakeholders aware of your new unified and focused corporate offerings.
5. Are you attracting the talent your company needs?
Everyone wants to work for the best brands.
It’s no secret that great brands attract great people. If you’re struggling to recruit qualified talent, your branding and corporate culture might just have something to do with it.
If you think you need to investigate this possibility, consider a small focus group that asks how likely individuals would be to work for your company, and why.
The answers to these questions will surprise you.
Conclusion: The Next Steps
So, why rebrand a company? As we’ve seen, the reasons can be varied and complex. But whatever the reasons may be, rebranding a business is a huge undertaking.
The ultimate value of rebranding lies in your ability to do it effectively. If done incorrectly, it can be extremely costly in terms of time, resources, and company reputation.
However, a successful rebrand can rejuvenate and reinvigorate an established brand, leading to increased visibility, improved ability to attract top talent and a healthier bottom line.
Successfully Transform Your Brand: 5 Step Rebranding Checklist
Learn how to revitalize your brand so your company stays visible, relevant, and profitable.
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