3 Signs it's Time for a Rebrand
Branding is the backbone of every business. As such, outdated branding highlights a backward-looking business, which is a sign business that has failed or is on the verge of dying. Hence, rebranding is necessary for every company over time.
Rebranding is the process of changing the corporate image of an organization. It is a market strategy of giving a new name, symbol, or change in design to an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market.
There are several reasons for a company to go for rebranding.
One prominent factor is to connect with customers. Rebranding is good for the business, but it may be risky.
It is important to note that red flags in your business are not an indication to stop operating; they simply may be an indication for you to rebrand.
Here are three signs that it may be time for a rebrand.
Outdated visual representation
Brand Identity is a visual representation of your company. It's how the brand wants to be perceived internally and externally. It reflects the organization's overall business objectives and brand values. An outdated visual representation leaves your brand behind the market and gives a negative perception of the business outlook.
Large corporations spend millions to ensure their visual representation is congruent with their current operation and vision. When potential customers visit your website or social media page, they must see modern graphics and images that speak to the ever-progressing nature of your brand. Working with a graphic agency capable of finding the right solution for your business is an important step you should consider.
Your brand looks similar to your competitors.
Some business owners go for the “one shoe fits all” approach to their business. Hence, their visual presence in the digital realm is similar to their competitors. It shows a lack of originality and that your company has nothing unique compared to its competitors. This approach can be detrimental to your company in the long run as marketing is constantly changing. Creating a solid brand identity not only makes your company more significant than you but also builds loyalty and trust, conveys stability, makes your business memorable, and shows passion and pride.
Prospects look for a company that has the resources to help them succeed. They will also expect to pay more for a more established company. If you don’t project a strong brand identity, they will think you are small and not worthy of their business or the fees you feel you deserve.
You've made fundamental changes in your business model.
The company’s business model specifies the target customer groups. To reach these groups and persuade them to purchase from the company, your brand identity and marketing voice must align with this new model. This step often creates new revenue opportunities as the company’s model proves successful. Therefore, the business model is modified and expanded to include new markets the company intends to reach.
You need a solid and distinctive brand to keep your business thriving. Your brand shows:
who you are
what you stand for
how you're different from your competitors.
Remember, if you have a business, you have a brand. What you do with it is up to you. However, if your brand aligns with your vision and focuses on the needs of your target audience, it can help attract the correct client to your business. Rebranding has a straightforward goal: to keep your brand current. Design trends play a significant role in how potential or current customers perceive your company and all it has to offer.
How can our Unlimited Design Services help you rebrand?
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Which is the best option?
Choosing what will work better for you will depend upon your wants and needs as a company, but it is essential to weigh the pros and cons of all to ensure the long-term success of your business. Either option can be advantageous depending on what you feel your company requires, whether hiring an in-house designer or working with a design studio.
If you have chosen Contrax Creative Studios to aid you on your journey, contact us at https://www.contraxcreativestudios.com/get-started to get started.