Many people consider a brand to be the same as a logo. That’s not the case. A brand is not an ordinary logo. It’s more than that. Your company’s brand communicates with your prospects and customers. It should positively differentiate your business from its competition.
Several companies have brands that go for a long time without undergoing a renovation. Choosing to make a brand refresh can determine how long your company survives in the competitive market. A brand refresh is a good way to attract prospects and customers to engage with your company’s brand.
1. Your Brand No Longer Differentiate Your Company from the Competition
Branding should be about competitive differentiation. When there are no clearly articulated differentiators in your company, sales and business development can be extremely difficult. A brand refresh is crucial in identifying and redefining key differentiators such as your competitive advantage.
2. Your Brand is Confusing
If your company’s brand has become more complex, customers and prospects may not be able to understand it. If you have a brand that is complex and making your business lose relevance, a brand refresh is what you need to stand out from the rest in the competition.
3. Your Company Strategy or Model Has Changed
The way customers perceive your brand should align with how your company functions behind the scenes. When your company strategy or model changes, so should your brand. A brand refresh can help your company adapt to those fundamental changes you bring on board.
4. When You Undergo an Acquisition or Merger
In case of an acquisition, you should look keenly at the way the acquired brand will fit into your company’s brand architecture. Otherwise, both brands may end up confusing the target users.
A brand refresh is equally essential with mergers. It can ensure optimal relations among the freshly merged brands and prevent confusion, redundancy, cannibalization, and inconsistency.
5. When Trying to Link with a New Audience
It might be time for a brand refresh if you’re struggling to lure the attention of a lately profitable audience. A brand refresh will let you redefine your company to reach untapped and new audiences.
6. Your Brand Cannot Attract Top Talent
The best talents prefer working with brands that are more attractive and performing best. A rebrand is crucial in redefining your brand for your recent and future workforce. It can help you have a strong brand that attracts the most talented and motivated people from the fierce job pool.
7. Prospects and Customers Cannot Differentiate Your Brand
Good branding should not be all about sounding and looking good. It should also be about standing out from the rest in the competition. If your brand does not feel differentiated by its target user, then you should consider a rebrand to make it stand out.
8. A Brand with a Bad Reputation
A company’s brand is an asset. But it can become a liability. When consumers begin associating your brand with negative actions or experiences, it might be time to consider a change.
A rebrand does not necessarily mean making major and costly changes to your brand. It can be relatively minor changes in a brand to make it appear more current and fresher. When rebranding, your actions should revolve around ensuring that the visual presentation of your company’s brand reflects the latest preferences of the target audience.