Are you Due for a Rebrand in 2022?

After all, it's hard to sit down and flip through fonts when you're still trying to figure out who your customers are and where to find them.

Why rebrand in the first place? Having strong clear brand makes it more likely that your customers will choose your product or service over the competition. Strong brands attract more customers who are willing to pay more and will purchase more often. Strong branding is the foundation of true customer loyalty which in turn delivers more revenue, building from consumers brand perception.

Now that you know the important of rebranding, here are 5 signs you need a rebrand:

1. Not Differentiating Yourself from The Competition:

A clear way to know when to rebrand is when your brand starts looking like every other brand. Branding is all about competitive differentiation, but some companies are unable to identify their key differentiators. When you don’t have clearly articulated differentiators, business growth can be extremely challenging. It’s important that both your employees and your customers understand why your brand is superior to the competition and what your competitor advantage is. Your competitive advantage is what defines your brand against all others.

2. A Changing Business Model or Strategy:

As we’ve seen from the impacts of Covid-19, you can’t always predict what external influences can force changes to your business. But when your business model or strategy changes, so should your brand. The way your company is perceived by consumers should always align with your brand positioning. Questions to ask yourself about your brand should be why does my company exist? Where is it headed? How will it get there? and what values define the company culture?

Clearly establishing these points is the starting point for any rebrand, especially those inspired by a change in business strategy.

3. Outgrowing Your Brand

When rebranding to accommodate for growth, you don’t have to make something completely new and different. While there may be weaknesses in your brand, there are still strengths to leverage moving forward. One of the best ways to measure those strengths and weaknesses before you rebrand is with an analytics software. With these insights you can ensure the rebrand is laser-focused on areas where your brand is struggling, while strengthening the areas that are currently working.

4. Struggling to Raise Prices

If the price for your products or services seems to be fixed, despite rising costs of materials, a rebrand can be an effective way to change this. Brands are ultimately reliant on customer perception; the value of your offerings is rooted in the minds of consumers. Rebranding gives you the power to redefine the value customers place on your brand and can then raise your asking prices. There is contact evidence that proves there is great return on investment from branding.  

Strong brands are more profitable and that’s because strong brands are more than just great logos and clever taglines. The pricing power that strong brands use allows them to dominate their markets and are protected against competitive threats.

5. Connecting With a New Audience

There’s always another generation ready to spend money. If you’re trying to grab the attention of a new audience, it’s probably time to rebrand your business. Gaining brand loyalty among new customer’s starts with ensuring that your brand is relevant to their needs. Rebranding allows you to incorporate brand tracking which can monitor the motivations, needs, and buying habits of new and existing customers and adjust your brand experience correspondingly. Staying on top of demographic shifts helps towards a successful rebrand that lets you redefine your business with the goal of reaching these audiences.

So How Can I Fix My Brand?

What do you do when your brand is losing its market position, or when it’s being outperformed by competitors? How do you fix your brand and get your position back in the market?

From here, you can start to rebuild and ensure your foundations are strong:

1. Brand Messaging:

Why your brand matters, what it stands for and how you plan to make a difference in your audience’s life?

What is the single most important thing you want to communicate to your audience?

2. Strategy:

Identify your strengths, communicate the value you aim to deliver, and set in place tactics that prove you can deliver.

3. Differentiation:

Defining your unique features, benefits, and qualities that stand out amongst your competitors and prevents you from entering price wars!

4. Experience:

Capturing what makes the interaction with your consumer special and providing a consistent experience that shapes what people think about your brand.

Now that you know everything a rebrand requires, it's time to consider how you want to rebrand your own business and if it’s the right step. Whether you end up going with a website redesign, some refreshed messaging or a complete brand reconstruction, these steps can help you consider your best strategy for building a brand that gets it right this time.

Image source: Shutterstock 1496872160