Why should you rebrand your business?
If you have found yourself asking that question, then you are probably on the verge of undergoing a paradigm shift.
Rebranding a business is a way to show your customers and stakeholders that you are headed in a new direction and have changed your vision. It also helps you stay relevant in the current times and keep in tune with your growing business needs.
If you’re still not convinced, here are nine compelling reasons that will help you understand why you should rebrand your business.
9 Reasons Why You Should Rebrand Your Business
Before we get into the reasons why you should rebrand your business, you need to understand what rebranding actually entails.
Rebranding can take the form of changing your business name, logo, colors, voice, slogan, and any other elements that contribute to your brand personality.
While most of these are mainly design changes, changing your brand name requires you to file a DBA (doing business as). This allows you to operate your business under a different brand name while your official company name remains the same.
The process requires a bit of paperwork and some other formalities that you can outsource to a company like GovDocFiling. They will take care of all the paperwork and expedite the processing time to help you rebrand your business quickly.
Now that we have that cleared, let’s discuss the reasons why you should rebrand your business.
1. Product/Service Expansion
If you plan on adding more products or services or entering new industries/niches, it might be time to rebrand your business. Your brand may have been relevant to your current offerings and niche, but as your business grows so should your brand identity.
This will mostly require you to change your brand name and make it more relevant to your expanded business model. You will also need to change all your brand elements, including logo and slogan to go with the new brand.
2. Geographical Expansion
Some brand names and identities might be very relevant to particular geography but completely unsuitable for other geographies. If you are planning to enter new markets or expand internationally, you need a brand name that is relevant across countries.
That is precisely why Smiths changed to Lay’s when it expanded internationally as Smiths was only relevant in the US>
3. Management Change
A big management change often calls for a need to rebrand a business. This usually happens in cases of big mergers and acquisitions or even when there’s a major CEO change.
Why should you rebrand your business for a management change?
The simple reason is that it shows a paradigm shift in your business and that it is on a new path, governed by new people.
Steve Jobs, for example, rebranded Apple by changing its rainbow-colored logo to a sleek metallic one when he became the CEO.
4. Changing Times
One of the most important reasons why you should rebrand your business is if your brand is outdated. Sometimes the logo or slogan or even the name you use simply becomes outdated and not relevant to the current times.
That is why you should rebrand your business according to the current times and trends. Pepsi is a good example of this case, as the brand’s logo is nowhere even close to what it was in 1898.
5. Target Audience Change
This is one of the less common reasons why people rebrand their business but is still a possibility.
Sometimes, you may find yourself in a position where you feel like you need to target a completely different or new demographic or target audience. In such a case, you should rebrand your business to show that change and to attract the right audience.
6. Bad Reputation
If your brand reputation is marred due to some controversy or bad publicity, you should seriously consider rebranding your business.
Of course, you can’t exactly change your brand name and hope people will forget your bad reputation. You can, however, change other brand elements like your logo or slogan, to show that your brand is making a positive change. Sometimes, you may have to go so far as to change your product offerings as well.
McDonald’s, for example, had a bad reputation of being an unhealthy brand. They rebranded themselves by adding more earthy colors and ambiance to their restaurants and adding some healthy options like salads.
Do you have a competitor or any other brand whose branding is very similar to yours?
That is one of the good reasons why you should rebrand your business and build a unique brand identity.
People confusing between two brands has never ended up well for anyone, so why take the risk? Simply rebrand your business and differentiate it from others.
Brands often reposition themselves to show a change in company vision, attract new audiences, change their focus, etc. Repositioning your brand requires changing your entire branding as well as your marketing strategy.
Whatever your reasons are for repositioning your brand, you need to rebrand your business to achieve your objectives.
9. Corporate Identity Development
Some brands, especially ones with a huge brand portfolio, often have a messy brand identity, to begin with. If you feel that your brand identity is not very strong and often confusing for customers, you should rebrand your business.
The best way to deal with a huge portfolio of brands is to have a very strong corporate identity and then you can have multiple brands under one umbrella. ITC and P&G are perfect examples of brands with a solid corporate identity and myriad sub-brands under it.
Ready to Rebrand Your Business and Take it to the Next Level?
Rebranding your business can infuse a fresh breath of life into it and drive it towards greater success.
After all, when you rebrand your business, you show people that you have a new strategy and vision for your ever-changing business.
So, if you are considering whether you should rebrand your business, read the nine reasons mentioned above and see if you can relate to any of these. If you do, then it’s definitely time for some positive change.
Read Also: How to Save a Struggling Business
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.