When is it Time To Rebrand? | SMH Branding
Wondering if it’s time to rebrand your business?
In truth, companies should always keep a finger on the pulse of their brands.
Markets and people are in a constant state of change, so you need to be ready to adapt and evolve at all times.
Some entrepreneurs and business owners believe that a company's "brand" is simply the company's name and logo. That's not true, of course: A brand is more than just its underlying company's name and logo.
Your company's own brand is the sum total of the experiences your customers and prospects have with your company. A good brand communicates what your company does and how it does it. A good brand also establishes trust and credibility with your prospects and customers. And because a brand evolves over time, many companies, including some of the most successful ones, rebrand.
Rebranding your business is not a decision to take lightly. It’s important to consider it and make sure that it will be the best move for your business in the long run before you go through with it.
So, when is the right time to rebrand? Aside from extreme situations or significant shifts in your business, usually there is not a straightforward answer to this question. Deciding to embark on this journey is a weighty commitment.
Here is some insight for things to consider and questions to ask yourself before taking the dive into the deep end.
Differentiate From The Competition
If your company name is generic and similar to that of other businesses, you’re hurting your brand. A generic logo will similarly hurt your brand. A related problem occurs when you use stock art in your branding or marketing materials: You may be hurting your brand because everyone recognizes stock art when they see it; and those photos may turn up being used by your competitors.
You Need to Keep Up With Changing Trends
As time goes on, technology advances and trends change. For example, logos have evolved as graphic design capabilities have improved. If your branding was designed years ago, it may come off as “behind the times.” When your branding is outdated, customers will assume your business is, too. It’s important to stay innovative in messaging and appearance.
You Aren’t Attracting the Correct Market
If you started your beauty business in the correct way, chances are you were targeting a very specific target market at the start. However, you may have found that this market wasn’t as interested in your products as you thought. Maybe they are, but your price point is wrong for them. Maybe your idea of this target market was too broad, and you actually need to target one of several sub-markets that you are now much more aware of.
Rebranding can be a great way to either increase your brand’s appeal with your original target market, or to change your brand’s identity and target an entirely new one.
Your Beauty Business Has Matured
As your business evolves, your brand may no longer represent the business it has become. In this situation, rebranding focuses on refining the brand to better fit your evolving identity and support ongoing growth. Don’t let your brand get stuck in the past – if your business is moving forward, your brand should reflect that.
One thing is for sure – beauty brand owners can easily neglect branding when they are too busy focusing on the day to day tasks of running a business. But it’s something that should always be kept in the back of your mind, as your company’s branding is often the first exposure a customer has to your business and your brand will stick in their mind.
This means that your branding should be optimized for your beauty products and your market as they stand today. If it is not, it is time to rebrand your business.
Ready to Step-Up Your Beauty Brand?
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