A brand speaks volumes about your mission and goals. It tells your clients and prospective customers what to expect from you. Your brand is one of the things that distinguishes you from your competition and may either make you or break you. Sometimes it’s vital to improve your brand to adjust to the changing trends and to tap into great opportunities. Here are some of the tell-tale signs that you need to rebrand.
#1 You Look Like Others
Sometimes brands begin adopting each other’s features. As a result, there’s no originality and distinction. For example, YouTube and Netflix both stream video services with a red, white, and black palette. In this case, rebranding might be reasonable. In other cases, brands will look alike when trying to one-up each other through rebranding. If a competitor changed its logo, you might have to change your brand so you can get back into the limelight and claim your space.
#2 Have a New Target Audience
When you’re looking to attract a new target audience, rebranding might help you connect with them. For example, you may be aiming to attract millennials whose style and preferences differ from other generations. However, suppose you still want to appeal to your current clientele while attracting potential customers. In that case, your rebranding style should improve your brand identity in a manner that appeals to both existing and new customers.
#3 Want To Expand
Every successful business is bound to expand. When your brand identity isn’t flexible enough to support your new identity, you may have to adjust your brand. For example, your logos may not be suited for the web or have product-specific names. In this case, rebranding will help you accommodate both your former and new identities.
#4 Have An Outdated Brand
This is an issue for industries that evolve quickly. For example, Google has had seven logos in a span of 20 years. If your brand is stale according to modern standards, then you should rebrand to keep up with the times and to measure up to your competitors.
#5 Recovering From Negative Publicity
If you’ve recently had to deal with the bad press, but you were able to right your wrongs, then a rebrand might be the best way to move on. The rebranding will portray your new identity. It will demonstrate to the public that you have changed and will help bury the bad image of the past. A good example is the Lance Armstrong Foundation, which was branded to LIVESTRONG after its founder was involved in a doping scandal.