Why Should You Give Your Business A Fresh New Look?
Tuesday, May 3rd, 2022
Category: Be Your Own Boss
American companies are willing to spend a lot of money on ads to grab the attention of consumers. As per the 2019 Ad Age Leading National Advertisers report, the top 200 advertisers spent a collective $163 billion on advertising in 2019. This huge expenditure is a sign that companies care about reaching their target audience and being perceived positively. Therefore, it is common to wonder whether your company is due for rebranding as the next step toward success. This decision isn’t one to take lightly, so it is best to thoroughly consider it and act only when certain it is in your company’s best interest. Here are five signs that it is time to rebrand your company.
- Reach a modern audience
Times change, and customers evolve, so your business must keep up with this evolution to remain relevant. As such, it is necessary to rebrand your company if you wish to reach a modern audience. For instance, about 85% of Americans now own smartphones, so redefining your brand to appeal to this new demographic can help expand your company. For instance, you can make your brand more tech-inclined by creating a highly interactive website to provide a better online experience to customers. You can also modernize your business through several other ways and promote the rebrand through giveaways, social media campaigns, and merchandise distribution, so keep this in mind.
- Reflect on your business’s new vision
As your business exists over a period, it undergoes several changes, such as a shifting industry or a new vision and mission. It could also be exposed to the phenomenon of societal and cultural changes. These changes can affect various aspects of your business, such as its name. When this happens, it is most likely that its initial name is no longer an ideal fit for its purpose. Therefore, a new name and brand that reflects the changes are required. A solid name is the foundation of your company’s story and appears at every touchpoint your patrons engage with. Therefore, your new name should be unique, memorable, and better than the old one. However, remember that you don’t need to let several years pass by before considering naming a start up again. You can take inspiration from famous entrepreneurs Larry Page and Sergey Brin, who waited less than a year to change their company from BackRub to Google.
- After a merger or acquisition
If your company is about to undergo a merger or acquisition, a rebrand is undoubtedly necessary to reflect the clear change in direction. Indeed, it is challenging to keep everything aligned and obtain a clear view of the big picture if multiple brands are coming together. However, experts advise that it is crucial to look at all the pieces of the puzzle when rebranding after a merger or acquisition. As such, find a way to rebrand in a way that makes sense for each sub-brand involved while keeping everything related to one another.
- Outgrow a poor reputation
A whopping 94% of consumers admit that a bad review has convinced them to avoid a company. It isn’t uncommon for businesses to have an occasional negative review or bad word of mouth, and there is often no real reason to overhaul the company as a result. However, rebranding is an excellent idea if your company is cracking under the weight of negativity. Reinventing your company will shed any links between the bad press and your rebranded business since consumers will be forced to perceive it in a new light. Uber’s recent brand overhaul is a classic example of rebranding to outgrow a bad reputation. The popular mobility as a service provider underwent a tough time in 2017 after getting entangled in various scandals ranging from toxic work culture to sexual harassment. Nevertheless, they designed an entirely new brand, complete with a fresh logo, to demonstrate a commitment to an improved culture and the growth of their brand from a tiny startup to a global transport supplier. It’s safe to say that this strategy has worked, given that Uber remains the most popular ridesharing app globally.
- Showcase growth
Expanding beyond the city or state where your company started may also necessitate a rebrand. Regional companies often have names that reflect their place of birth, so a new name will be appropriate. In addition, expanding into new territories will expose you to new customers with unique needs. Therefore, you may be forced to overhaul your existing business offerings or develop new products and services that cater to new target audiences’ needs.