Signs That It’s Time To Rebrand Your Business! Importance of Marketing your business online When Rebranding.
Every business, whether small or large, online or conventional, has to change and evolve as time passes. Branding and rebranding are also part of marketing your business online or offline. Branding helps set the brand’s identity, differentiate it from the competitors, and help resonate with the audience.
The critical question is whether businesses should rebrand their business every few years or not?
The answer is Yes!
Because if you want your business to stay updated and contemporary, rebranding will help you resonate with changing trends. Not sure?
Big brands like Apple, Pepsi, Starbucks, Coca-Cola, Disney, Target, etc., have also rebranded themselves now and then. Pepsi rebranded itself 11 times, and Starbucks did rebranding for four times. Even Google has rebranded itself to keep up with the contemporary trends.
When to rebrand your business online or offline? We will answer this question and help you determine the signs when your business needs a new look and rebranding.
Your Brand Logo and Identity Is Not Contemporary
Just like fashion changes, technology changes, and the taste of people changes, businesses also change. If your business vision doesn’t evolve with the changing dynamics of the market, things will start to go down the track. It implies that you must rebrand your business when evolving with contemporary trends or your brand identity is becoming outdated.
Google is an example of how your brand vision and logo must resonate with the changing dynamics. Google changed its brand name from ‘BackRub’ to Google. Similarly, FedEx had a different logo from what you see now. What people once called Federal Express is FedEx now.
Just imagine BackRub as your browser’s default page; it doesn’t feel good, right? It’s because a brand name is the foundation of the brand story. Specifically, rebranding is easier and more crucial than ever before in the era of marketing your business online and relying on online channels.
You Have Chosen Too Broad an Audience
Since the businesses have been relying heavily on internet marketing, the strong chances are that they choose a too broad audience to resonate with their brand value proposition. If most of your audience doesn’t find the value in your brand and cannot answer why they need your product, it signals an audience that isn’t specific enough.
If being too much inclusive is not resulting in positive returns from the audience, it’s time to revamp your brand and choose the right audience this time. There are many avenues to explore when marketing your business online. Choose a market niche, narrow the audience, and choose the right demographics to play with. Whatever efforts you make, ensure that your audience knows why they want the product or service your brand offers.
Your Brand Is Under Merger or Acquisition
When any business is undergoing a merger or acquisition, many things are going on behind the scenes. Revamping brand identity, changing dimensions of marketing your business online and offline, revising brand strategy, etc., are the must-to-do things along the path.
Changes at such a large scale of top management directly affect your market positioning and branding. The businesses have to re-ask themselves the following questions:
Will the audience be the same? Will there be any subtraction or addition to the existing product line? What are the hero products of the brand? Will the business expand/ shrink geographically? Should the brand name be changed?
Depending on the answers to these questions, work on your new brand strategy and revamp your branding efforts to fit the era of internet marketing.
Your Competition Is Overtaking Your Differentiation
People needed a solution, and they loved the solution provider. A business that came to the market with a unique value proposition got the value it deserved. But did it stay in the long run?
The short answer is No!
As soon as a technology or innovation becomes public, it is replicated by the competitors. Not just replication, but many substitutes pop up in the market. It’s normal to imagine a situation like this where many competitors are offering nearly the same product unless the technology or resources are too scarce.
Your competitors will take over your audience when branding a similar product as yours but not the same as yours. You cannot hit your customer’s needs because you are not explaining or branding your point of differentiation.
When you know your product or service is unique, all you need is the right branding strategy. Work on rebranding your business and capitalizing on internet marketing for marketing your business online to let your audience know why you’re different.
You’re Changing Business Model or Product Mix
Rebranding is necessary whenever a business changes the business model or product mix level. For instance, if you’re offering a solution at a one-time price, you will shift toward a subscription-based model. Will your audience be the same? Will your audience find value in the new business model? How will you retain current customers as well as acquire new ones?
All of this is possible by rebranding your business to make your branding strategy inclusive of the new audiences you’re going to target and the new business model you’re planning to throw out.
You Are Expanding Geographically By Marketing Your Business Online
As soon as a business decides to expand geographically, that is not much difficult in the era of internet marketing; rebranding is a must-to-do task on the list. It’s possible that what you were previously branding might not resonate with your new target audience.
You can go for different branding strategies for both audiences or revamp to create one inclusive branding strategy that targets and resonates with both types of audiences. It’s only possible when you’re marketing your business online and studying the dynamics of different geographic markets.
Every brand or business will ask: when do we need to rebrand our business?
We have discussed the most common signs and situations when rebranding or revising the branding strategy is indispensable for businesses. Besides, a company might consider rebranding when they want to diffuse a negative brand image of their business, want to launch a new pricing strategy, or try to target a new audience to their existing customer base.
Whatever the case, businesses must be vigilant and proactive to capitalize the internet marketing and focus on marketing their businesses online through different mediums.