7 Reasons for Rebranding Your Business

rebranding a company improve brand

Did you know that successful businesses rebrand around every seven to ten years on average?

You may be considering rebranding your business in the near future. You should know that you can spend up to $50,000 on a rebrand.

You may think twice about it, but don't let this put you off. That's a drop in the ocean compared to the risk of losing your business. 

Sure, rebranding your company can blow a hole in your marketing budget. Yet, there are many reasons why rebranding a company is sometimes essential to ensure success. 

In this article, we'll show you the reasons why you need to rebrand your company now. Let's go business bosses!

1. Your Business is Going International

Today's business is global! That's not just for big multinationals. Even small businesses can operate internationally reaching customers around the world. 

Up to 58 percent of small businesses already have international customers. Thanks to the internet, if your company doesn't already have customers abroad, you may be thinking about branching out overseas.

But, your brand may not work so well internationally. This could be due to translation problems. Do you have a play on words which doesn't quite work in Mandarin?

It may be a matter of cultural issues. Your branding may appeal to your domestic audience, but you could offend international customers with the same message.

You need to think carefully about how your brand plays to an international audience. Just because you're going global, you can't afford to lose your customers back home either.

That's why you may want to follow in the footsteps of many other companies. You could promote yourself in the domestic market differently to international branding.

2. Reposition Your Brand for the Future

Your brand's slogan may have been effective for years and years. However, it may be that the market has changed now. You need to reposition yourself!

Are you working to expand your company beyond your niche audience? This could require a rebrand to appeal to another demographic.

There may also be market trends which have shifted your customer base. For example, you may have previously emphasized low prices where now you want to underline your customer service. 

It could also be that there are other brands which look too similar to your brand. If you don't want to constantly get confused with another company, you may need to make some changes. 

3. Changes Driven by the New Boss

Roughly every four years the CEO of big companies changes. This can usher in transformations which include a rebranding strategy.

It may be that your company has been treading water for a while. When the new boss comes in it's time to get the company back on the right path.

Rebranding your company can put the wind back in your sails. Anyone remember what Steve Jobs did when he returned to Apple in the 1990s. 

However, it may also simply be a vanity project for the new boss. You could have invested a lot of time building your brand for everything to be destroyed in one fell swoop. 

4. Need a Fresh Up-to-Date Branding

Your logo could be looking tired and old. You may decide that your company name doesn't work any longer.

You may need a rebranding simply to give your company a fresher and newer appearance in the eyes of your customers.

Fashions and trends are changing all of the time. Colors and fonts go in and out of vogue a lot.

You may have previously had a funky and bold logo which just looks old-fashioned now. Now and again, it's time for a change to stay relevant.

5. Overcome Your Bad Reputation 

Has your company recently undergone a rocky patch? You may have been hit by sudden scandal or it could be the gradual chipping away of your reputation. 

This could help you rebrand your company to fight off your damaged reputation. You may just need a fresher logo and new product range. 

However, you could require a bigger transformation. The only way to change your company's prospects in times of crisis can be an overhaul of your brand.

6. Mergers and Acquisitions 

Mergers and acquisitions can be when one company buys another company or when two decide to come together as one. Mergers and acquisitions don't always result in rebranding.

Yet, it's the case around 40 percent of the time when mergers are two equals becoming one. If you have found your company involved in a merger, you need to consider whether your brand remains relevant. 

7. Changing Trends in the Market

There are changing trends in the market which are totally out of your control. However, you need to make decisions about how to respond to them.

For example, the growing number of millennials in the market may alter your ability to make a profit. You can no longer depend on the sales from boomers, now you need to target younger customers as well.

This may cause you to have a rebrand in which you emphasize your values. Millennials say that they want companies to have a meaningful purpose

Guide to Rebranding a Company 

Rebranding a company can be costly and time-consuming. And yet, it could be the only way to ensure success with your company.

It's important to be able to spot the signs that your company requires a rebrand. Make sure you check if any of the above reasons apply to your business. 

If you enjoyed reading about marketing and rebranding your company, you can learn more by checking out the rest of our website. 

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