There are many reasons a company may decide to revisit its brand strategy. These days, the ground can feel like it shifts quickly and companies are struggling to steady themselves. Maintaining a sound brand strategy will help your company remain balanced, competitive, and relevant in an ever-changing market.
Five reasons you may need to rebrand:
1. Your customers don’t understand what you do, or they don’t care.
Customers need an emotional connection to stay loyal. Knowing and effectively communicating your WHY helps get them there. If. they don’t understand why you are the more relevant choice among your competitors, you’ll struggle to land and retain business.
2. You’re undergoing a merger or an acquisition.
Blending two companies together is an excellent opportunity to update your brand story and prevent customer confusion. You’ll want to retain the equity that each merging partner has accrued while forming a strong strategic identity for the future.
3. Your offering has changed.
If you’re moving into new markets or offering new products/services, your brand must be strong enough to support the effort while retaining the equity you’ve worked hard to build. Assuming you have earned the trust of your customers with your flagship product, you’ll want to make the path easier for them to understand that your brand is expanding.
4. Your competitors always seem to have the upper hand, or your market is in disruption.
Protect and grow your market share by helping customers understand what sets your brand apart from your competition. Companies that focus on a strong brand strategy historically outpace others who reduce or eliminate their brand spending.
5. You haven’t worked on your brand within the past 3-5 years.
Brands age over time – messaging can get muddy, visual elements can become outdated, or your company’s vision can change. Check-in to make certain your brand is firing on all cylinders.
