6 Signs your Business Needs Rebranding

Businesses can need to rebrand their company based on different signs. An owner of a business can look at different market conditions and examine reasons that might cause them to think about changing their brand. They can discover opportunities or pivot their company due to different factors that are affecting their sales or other business functions. It can be a large undertaking to rebrand them self and the decision can need to be evaluated for the most optimal path. I was taking a part at business branding here TopWritersReviews.com and want to share my experience.

1.    Update

A business could rebrand to update their image. As time progresses, a business could determine that certain social factors would be better reflected in an update brand. They can look at their current brand and make a determination if it is accessible in the current marketplace. Due to changing consumer trends that could impact their revenue, they can change their brand for a more modern image. Companies can review their consumer base and make informed decision to rebrand if they feel that they are not maintaining market share in certain consumer demographics. For businesses that have a longer history, they can conclude to rebrand to make them self more attuned to the current market conditions. This rebrand can be needed if they want to market their products to a previously untapped market. The new brand could make a more meaningful connection with the new types of consumers they are trying to reach.

2.    Fusion

If a company chooses to merge with another business, this fusion can be a time to rebrand. When one business merges with another company this can be sign that a rebranding needs to be done of the new company or its products. Forming a new entity can lead to the owners to pick out a new brand image to present to the consumer market. They can focus on the key advantages that the new products need to express to gain market share. Accomplishing the rebrand can a time consuming task that requires research. The company buying the other can start to think about how to reposition the upcoming products that they will sell. Using a combination of marketing techniques, they can gradually explain to the market the new brand. Other companies might choose an abrupt rebrand if they believe that moving the image of the brand will be better served in this way. This combination of two separate businesses can be the time to focus on rebranding.

3.    Expansion

If a company has experienced accelerated expansion of their business, they can need to rebrand. The increase in their business might be better explained in a new brand. This could better reflect their new stature which they believe will resonate with the consumer market. Making the decision to rebrand can be challenging due to the past successes. The company might have to examine carefully what benefits they believe can be delivered via rebranding. They could make the decision based on future endeavors that they have planned. At a certain point they can rebrand to prepare their consumers for upcoming growth plans. This type of rebrand could be a more gradual process that seeks to tie the older brand with the new brand. A company can set a specific time limit to make the transition. Using customer feedback they can then determine if their rebranding strategy has made an impact and has reached their target market as well as previous customers.

4.    Competition

If a business discovers that there is increased competition in their field they can chose to rebrand. If they find that they have less market share due to new businesses entering their space, they can further differentiate them self via a new brand. This could allow them to better position their product in response to the increased competitors. Finding the specific areas they have an advantage in can be then expressed in the rebranding strategy. This can give them the opportunity to maintain their sales and have more ability to retain their customer base. Using their new brand, they can more effectively communicate what they provide to the customer that others may not be able to.

5.    Plan

A company can rebrand due to changes in their future planning. If the business has made the decision to implement a new strategy based on lower sales or other metrics, they need to rebrand. Developing a new brand can be part of their overall goal to overcome challenges that they are facing. This strategy could allow them to approach the consumer market with a new presentation that can highlight advantages that they have identified that might better aid their business. If a company encounters difficulties in their current situation, a new brand can be an opportunity to restart their products in the consumers mind.   

6.    Product

When a business develops different products they can chose to rebrand. Bringing new products to the consumer market can cause the company to examine rebranding. They might discover through customer feedback that their brand doesn’t fully explain the diversity of products that they are selling. Having a brand that captures the entire concept of what the company seeks to market could be needed. This expansion of their product line could entail a new brand being created that communicates more effectively the image they want to give. They could have focused on a certain product line that was relevant in the past but looking towards the future they could need to develop a more inclusive brand image. Each company can chose when and how they can rebrand based on their unique circumstances in relation to the products that they sell.

Deciding to further develop a company’s brand overall or to separate individual product lines can be part of their rebranding strategy. If they can differentiate their brands position in the consumers mind, they might be able to successfully compete in their chosen field. This process can be done over time, in relation to the businesses specific goals. A company can look for signs that can cause them to need to rebrand and hopefully deliver a more successful outcome.

Views: 260


You need to be a member of Small Business Bonfire to add comments!

Join Small Business Bonfire

About the Small Business Bonfire

The Small Business Bonfire is a social, educational and collaborative community founded in 2011 for entrepreneurs that provides actionable tips and tools through a small business blog, a weekly newsletter and a free online community.

Subscribe to Our Newsletter


© 2019   Created by Alyssa Gregory.   Powered by

Badges  |  Report an Issue  |  Terms of Service