On average, companies spend 5-10% of their annual marketing budget on rebranding. Every successful brand goes through a natural cycle that includes re-branding. However, how do you decide when to re-brand your company?

The daily craziness of work frequently masks the warning signs of needing a re-brand. Even when you notice them, launching a re-branding project is a challenging decision.

Here, we’ll go through exactly what we mean when talking about re-branding, why it’s crucial for your company and some telltale signals that it’s time.

Re-branding involves changing how the public views a business or product. For example, a brand’s name, tagline, logo, visual identity, website, and marketing items can all be redesigned as a re-brand.

Researching current brand perceptions, including those of internal and external stakeholders, is the first step in the most successful re-brands.

The strategy or positioning stage, where a brand is repositioned according to consumer requirements and market prospects, is informed by data from the research phase.

A re-brand only moves on to the identity phase, when a company’s verbal and visual identities are rebuilt, following research and strategy.

Visual identity components are logos, graphics, typography, and photographs. Messages, taglines, and names all fall under verbal identity. The identity phase usually ends with redesigning a website and other marketing materials, which are subsequently made public during the brand activation phase.

Re-branding has several benefits. First, a strong brand increases the likelihood that customers will choose your product or service over your rivals.

Strong brands attract customers who are more likely to pay more and make more frequent purchases at a lower cost per acquisition.

Strong brands, the cornerstone of genuine customer loyalty, produce more income more effectively and consistently and boost shareholder value overall.

A brand remains fresh and relevant for five to ten years. This is due to the complexities of the market, the shifting objectives of customers, and a million otherworldly elements beyond the control of any organisation. Re-branding is crucial to the success of any firm because of this.

The question “why re-brand?” no longer applies once you know the numerous reasons. But, “why didn’t I do this sooner?” Remember that your firm will eventually need to re-brand; the question is only when.

5 Things That Signal It’s Time To Re-Brand

How do you determine when to change your brand? There are a few obvious signals that a re-brand is required, even though the timing varies for every organisation.

According to research, it only takes people an average of 7 seconds to form an impression of your brand, but it takes 5-7 impressions for consumers to recognise your company logo. Poor brand names are among the most evident indicators that it’s time to re-brand. It occurs. A name that made sense 15 years ago may not be appropriate today.

Alterations can occasionally alter a name’s meaning in a cultural context. Sometimes the name doesn’t feel right for the next incarnation of the brand.

No matter the cause, you shouldn’t allow your brand’s name to detract from the brand itself. Your brand’s story is built on a solid name. At every touchpoint that customers interact with, it serves as your brand’s calling card. Therefore, your company’s name should be distinctive, differentiated, and, most importantly, memorable.

If you want to rename it, you could find it more difficult than it seems. In addition to the difficult work of creating an original and meaningful name, trademark screening and URL research are also significant difficulties. However, using a tried-and-true naming method, you can ensure your brand name meets all the criteria.

Do you need help with your brand’s customer experience? Does it seem like a mishmash of products with no overarching brand story? If so, it could be time for your company to re-brand.

Maintaining a brand’s focus over time can take time and effort, particularly for large enterprises with numerous stakeholders and conflicting interests. The efficacy of your brand needs to be improved by a lack of brand focus, which may result from unrestrained growth or poor brand management.

Diversifying their product offerings or outright mimicking the competition are frequent strategies utilised by unfocused brands. Most of their value propositions lack overall significance and are vague or weak.

Customers will have a more challenging time understanding your brand the more complex it is. So if the complexity of your brand is causing your audience’s eyes to glaze over, it’s probably time to stand back, simplify, and narrow your focus. And the only way to gain this kind of insight is through a re-brand.

When your business model or strategy changes, there’s another indication that it’s time to rename your company.

Firms cannot always anticipate external factors that will force them to make adjustments. However, your brand must adapt as your business model or strategy changes. Always ensure that how your business is seen by the people it serves is consistent with how it functions.

It would be most beneficial if you started with your brand compass when updating it to reflect a fundamental shift in your company. The first step in any thorough re-branding is to establish your organisation’s goals, objectives, and values.

Why is your business in existence? Where is it heading? Where will it move to? What beliefs underpin your organisation’s culture?

Any re-brand, particularly those motivated by a change in corporate strategy, should begin by clearly expressing these guiding principles. The many other elements of your brand are built on the brand compass, which also plots the future trajectory of your brand’s success.

Suppose you’ve relocated or expanded outside the city or state where your firm was founded. In that case, there’s another indication that it’s time to re-brand.

When faced with expansion, regional firms must face the reality of a re-brand. A rename will likely also be necessary if your brand’s name is connected to its origin’s location.

Regardless of your brand name, branching out into a brand-new area always means attracting potential clients with unmet demands. And using consumer research is the way to understand new customer demands.

In-depth customer research is the cornerstone of a thorough re-brand. It enables you to identify the particular difficulties audiences face in your newly defined market. As a result, your re-brand will be an evidence-based strategy tailored to the needs of a carefully defined target audience, thanks to the insights gained from customer research.

Gen Alpha will be in vogue tomorrow as Gen Z is today. Another generation will always follow those who are currently spending money on the market.

It’s time to re-brand your company if you’re attempting to attract a more lucrative audience. Making sure your brand is relevant to new client segments is the first step in fostering brand loyalty. Brand tracking can be incorporated into your existing branding efforts through re-branding.

With brand tracking, you can keep tabs on new and returning clients’ requirements, wants, and purchasing patterns and modify your brand experience accordingly.

Keeping up with demographic changes is beneficial for a company, after all. A knowledgeable youthful demographic has no desire to be associated with stuffy businesses from their parents’ generation. You can redefine yourself through a re-brand to connect with these untapped and new consumers.

Deciding on a re-brand can be difficult as there are many things to consider. Here at Interact, we are here to help you with your re-branding journey. So if you are stuck on how and where to begin, contact us today! We have a team of experts who would love to help you.

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