When is the right time to rebrand?
Updated 7 March 2023
We discuss what it means to rebrand, why it's important and the top 5 signs that indicate you need to rebrand.
All great companies do (and must) go through a rebrand from time to time. Keeping a brand fresh and relevant is not a set and forget task, it takes time and constant re-evaluation to make sure your brand is still where you want it to be, especially in a competitive market.
What does rebranding mean?
Rebranding is the process of changing the way your business is perceived. A rebrand can include many different brand changes, including a new name, logo, colours, fonts, website, marketing materials, brand strategy and brand direction. Rebrands are no small feat, they take a lot of stakeholder alignment, research and strategising into where the business currently stands vs. where the business wants to be post rebrand.
Why rebranding is important
It is key to remember that all great businesses rebrand in order to stay strong, relevant and retain their share of the market. Strong and relevant brands attract more customers and they produce a more loyal customer base. Your brand is the first point of contact for most if not all potential customers, so ensuring the way you are perceived accurately reflects your current business values is key.
Top 5 signs to rebrand your business
Your business strategy has changed
The average rebrand happens every 5-8 years, so it’s no surprise that in that time your business direction and strategy can change. When this happens it is imperative to rebrand as to keep your external appearances up to date with your internal direction and values.
Your target audience has evolved
One of the most important questions on this list, does your target audience still find your brand appealing? An easy way to check this is to get constant feedback from your audience, and if there are any factors that are making your brand look less than ideal, it may be time to rebrand.
Your visual identity is outdated
It is very common for a brand to become outdated visually, design trends come and go, and eventually you can find your brand or website is not representing your brand to its fullest potential. A little cringe and a we need to update our website every time you send someone to your site is a good indication you’re ready for a rebrand – or at the very least a fresh website.
You have outgrown your brand
The company you were 5-10 years ago isn't the company you are today. It’s a normal growth journey but you need an updated brand that reflects this. This is usually a pretty easy rebrand, still using a lot of your old branding, but maybe just tightening some things up, making small changes to elevate your brand to the new level that you now operate on.
Your brand looks too similar to the competition
When you can’t clearly differentiate yourself from your competitors, it makes it difficult to grow business and propose value against your competition. Both employees and customers need to understand why and how your brand is superior to other businesses in the market.
So, how do you rebrand your business?
It all starts with getting buy-in from key stakeholders and aligning on a direction. These key stakeholders such as CEO, Marketing/Technology/Product Managers and even boards can agree on the importance of a rebrand and if you are ready to start the search for the perfect creative branding agency.
Engaging the right creative agency can be a job in itself but if you have clearly defined goals, this will help narrow down the options. At Honest Fox, we work alongside many creative agencies that specialise in delivering creative rebrands.
With our digital knowledge we make sure brands get seen by the right audience at the right time. Let’s chat if you are thinking about rebranding your business!