To rebrand is to take a risk by creating a new appearance or approach for yourself, product, brand or company after conducting research to know it is time to shake things up!
To rebrand can be – either a slippery slope or mountain hill. Not all rebranding projects succeed and the main reason for such failures is the lack of accurate data and follow up rebranding plan.
So, you are asking me – Why Should i Rebrand?
There are good ways to rebrand and there are terrible ways to rebrand, but the focus for this article is going to be on rebranding reasons. Why Should i rebrand? Here are 7 reasons
- You are stuck on that Old Experienced/Veteran road – You, your company, product orbrand have been around for centuries and your glory days are spent. You are hanging by the thread of experience and veteranism which is a very light thread.
- You know nothing of the new ways – You are obviously a veteran in your field, experienced to the teeth and you ignored the new ways because you thought the old ways are more stable and reliable but years flew by like a cold wind and we are in the digital age. You find yourself, your brand or company struggling to keep up.
- Sudden Change – This can have a drastic effect on your rebranding status. As a company – change in CEO, Location, Mergers, Demergers & acquisitions. As an individual – New partnerships, change in location and all should be enough reason to rebrand. You need to show the world that you are still alive -maybe only under a different name.
- Customer Evolution – You may notice your customer base has been slowly or rapidly decreasing depending on the situation of things but you notice that decrease and you have tried new things to get the numbers back up, even given out some free stuffs as bait to get your customers back but no real returns. You may just need to rebrand! Show your customers – We are ever growing and evolving with you.
- Bad Reputation – So your company or business has been under bad leadership and money was looted and spent recklessly and you eventually stepped in to save your business or company. You got rid of the bad sheep and you are back, up and running like nothing happened. People don’t forget, get in front of it and rebrand declaring no further involvement with those bad parties that incurred bad rep for your business.
- Big Growth – There’s an exponential growth in your business and company that takes you to the global sphere of things. You are no longer local, you are now international. Now, this is a good reason for rebranding because you need to inform everyone not to take you lightly anymore. We are international now.
- Competition – This is most obvious reason for rebranding. Your competitors rebranded, they are getting more customers, even some of your customers are going to them. You are loosing business and money. So, it’s time to look into your company and find ways to improve your business.
Rebranding is important. Don’t underestimate it.