Is it time to abandon ship on your brand?
The question of when to rebrand your business arises for almost every company at some stage, particularly if you have been operating for several years and encounter challenges with your current branding or if you simply feel that your logo needs a fresh look.
While rebranding can be extremely beneficial in certain situations, it’s not a decision to take lightly. After all, rebranding is an investment of both time and resources. More than two-thirds of businesses say brand consistency has contributed to revenue growths of 10 percent or more.
In the recent episode of the Truelogic DX Podcast, SEO expert and Managing Partner of Truelogic Bernard San Juan III delved deep into the dynamics of rebranding and the critical factors that organizations must consider before embarking on this effort.
“Your brand is the most powerful storytelling tool you will ever have. Rebranding isn’t just about logos; it’s about redefining the narrative that customers tell themselves about your brand,” he said.
“If your audience changes, if your target market has changed, if society shifts, your brand has to be able to adapt with it or somebody else will. If you don’t adapt, somebody else will fill the vacuum of your failure,” he added.
5 Signs It’s Time to Rebrand
San Juan said that there are five pivotal signals that it might be time to initiate a rebranding initiative:
- You want to attract a new audience.
You might want to attract a new audience, meaning if your target market originally was international, anybody that wanted SEO, anybody that wanted social media. Now, specifically to Philippine local enterprises, that’s the audience you want to talk to only. And again, a brand that talks to everybody talks to nobody, right? So if your target audience has shifted, it might be time to rebrand your business to make the branding, and the story of your business more relatable to the people that you want to talk to.
- Your brand might be too generic.
You’re struggling to stand out against the competition because you’re just one more ice cream company, you’re just one more glass manufacturer, you’re just one more real estate company. You’re struggling to let the market know how you are better, how you are different, and why the lives of your customers are better by working with you than otherwise.
- Your branding is out of touch and offensive
Let’s face it, I think the world is becoming a bit more aware, a bit more politically correct and you know if you had the head of a Native American as a logo 10 years ago and it worked, it might be offensive today. So if your branding currently feels out of touch or offensive, it might be a reason to change.
- Your branding feels dated.
Next, I don’t think there is an iconography that will last forever. I don’t believe that there is eternal iconography. New audiences will relate to different types of symbolism. And so, if your branding, color choices, and logos feel dated, it might be time to modernize, especially if you’re a brand that appeals to younger audiences.
- You are expanding to new markets
I’m not sure if you guys are aware, that Truelogic launched in Hong Kong. Our Hong Kong logo is slightly different from our Truelogic logo. It really just has the Chinese words for Hong Kong on it. We’re expanding it to a new market and we want that logo to be relatable to the market we’re entering.
Keys to a Successful Rebrand
San Juan also shared essential tips to successfully implement this strategy.
“Before taking the plunge, analyze your audience, market dynamics, and competitive landscape. While your audience should play a role in shaping your rebranding efforts, it’s equally important to evaluate changes in the market and ensure you’re not being left behind by your competitors.” he underscored.
“To embark on a successful rebranding journey, clarity is key. Ensure that your mission, vision, and values are crystal clear not only in your mind but also in the minds of your team members and employees. Alignment at every level of the organization helps in creating a consistent and compelling brand story,” San Juan concluded.
If you’d like to learn more about rebranding, contact Truelogic today.
