As a business, however small or large, there comes a time when the edge is lost. A company starts with a lot of firepower and naturally loses its pizazz somewhere down the line. This is known to business owners as a stagnant growth, where the business fails to climb higher up the sales ladder, and reaches a straight line in terms of growth.
The whole situation is not necessarily bad; however, it is one of the major reasons to take a step back at look at the business overall.
As a business owner, or a company you start to ponder upon what your brand represents. Even the most successful industry businesses rethink their brand strategy routinely:
- Pepsi rebranded 11 times
- Apple did it 3 times
- Starbucks did it 4 times
The list can go on forever considering the thousands of global brands! So, as small business owner or large one, the following are the six most crucial reasons why you should consider rebranding your business:
1. If and When Leadership Changes Happen – Small or Large!
As a brand, the leader such as the CEO, MD or the spokesperson for a company develops a personality for competitors, consumers & the overall general public. When a change is recognised in leadership — ie., the familiar public face, it certainly affects the company. A new identity is established and a new direction is recognised. This shift is something which companies can take advantage of by rebranding rather than experiencing a slump due to a loss or change in leadership.
2. A Brand Needs A Revamp or A Makeover!
Regardless of how successful or settled a brand may be, as we have discussed earlier, a revamp or makeover is due at some point. In many cases, this is something which the biggest brands do constantly to evolve and regain their former glory. It’s a constant struggle in order to stay contemporary and fresh.
Big or small, companies must evolve to keep up with changes in consumer tastes and market demands. Without rebranding or repositioning, you would lose out on your market share to new competitors. Even the tiniest of things such as introducing a logo or redesigning your existing business logo has a massive impact.
3. Mergers & Acquisitions or Simply, a New Product or Service!
Big organisations go through mergers and acquisitions, but how can a small business owner relate to this? Well, think of it this way, when you introduce a new line of products, a service or others, this is equivalent to a big organisation merger. A merger takes over another company’s target audiences, products or services set, or geographical market share, etc.
Similarly, you are introducing a new product which can potential take significant market share from your competitors. So, as a small business you can use this important expansion of business inventory as a way of rebranding to attract a new target customer base.
4. Evolution of Customers, Consumer Products & Services
Consumer behaviour is something which is constantly evolving with changing times and changing trends. As consumer behaviours change, so do the demand for particular products & services. Commonly known today as trends! You as a business, must recognise trends and act on them, additionally, you must also target becoming a trendsetter.
This is how businesses become brands! The target consumers today have too many options available to them, your company must be relevant to the consumer in their thoughts to be noticed. The speed of business has changed with technology, pricing, convenience, etc. A brand must be proactive to fight for retaining their customers and still working to get new clients.
5. Repositioning Your Brand as it Evolves
As your business experiences growth, it starts to recognise its true niche. So, as a brand it is important to recognise your brand identity as your business evolves. Brands are constantly evolving to reach new heights to attract more consumers especially when it comes to hiring a website designer, etc. As a business matures, the initially identity evolves and if that is not recognised, then it becomes a liability.
As result, your rebranding of the business will reposition itself in the market to tackle the challenges which become apparent as it matures.
6. Maintaining Relevancy & Fighting Off Unwanted Reputation
Whether or not you are a retail business, to be relevant to your customer base is priceless! Whether it is through your professional business, logo design, or social media activity, etc. you must maintain a certain level of relevancy with your clients. You must also indulge in campaigns to wipe off unwanted reputation whether or not, it is true. You must establish yourself as a brand or business which reflects a personality.
Final Thoughts
Your business or company is your investment… and your brand is an asset! Rebranding your business is not an easy or cheap job, but you can certainly be smart about it! As a company in the 21st century, you should not take the power of rebranding using your business website lightly. Rebranding will truly revive your brand and haul business back on track. Your company will move with a revitalised public persona.
However, taking the wrong route can be a hefty price tag, the only thing more expensive than rebranding your business is an unnecessary or an ineffective one. If your business is based in the UK, then relying on a professional website designer uk who are certified for their process and guaranteed of quality work is the way to go.
Remember, embracing change is the second step, the first step is to recognise the need to change! Once that is done, establishing a long withstanding brand is simply a commitment to your ideas, clients and most importantly, what you do – your products and/or services!