Putting aside rebranding projects due to mergers, acquisitions or major restructuring, many businesses are faced with stark market signals that it’s time to revitalise or reengineer their business approach and customer focus. This realisation can become more quickly apparent in tougher economic times, within vulnerable or very competitive market segments.
This can leave business leaders without much time to react or grapple with the implications of how best to remodel their brand. For businesses in a more stable market position, a realignment of branding can be planned in concert with any future business and marketing goals and thus extreme changes of direction are less likely required.
In either case, a strong strategic approach is recommended to allow your business and brand to evolve to the next level, reaching out to new customers while still engaging with your traditional customer base. This strategic approach will inform the decision to either rebrand or, in a more low-key way, revitalise your brand by repositioning it.
The success of many of the world’s top brands lies in their ability to constantly realign or reposition themselves within ever-changing markets. This process of evolution serves to keep them at the forefront of their industries over a protracted period of time without losing their core focus and mitigates drastic fluctuation in their economic fortune. For businesses that are making major strategic shifts in their business model or moving into completely different markets, rebranding is usually more appropriate.
Whether your business is large or small, the same principles apply and the need to evolve appropriately is essential to extending future success and lifespan of your business. To help you gauge if your business needs to Reposition or Rebrand, work through the following questions answering YES or NO.
- Does your brand identity still represent who you are and what you do (now and in the foreseeable future)?
- Is your business, it’s products or services relevant for tomorrows customers?
- Does your business, it’s products and services have any significant unique points of difference?
- Does your brand look current, is it going to engage with tomorrows customers?
- Does your brand identity standout in the crowd?
- Is your new customer base growing?
If you answered No to any question 1-3 then rebranding is most likely the best approach for your business.
If you answered Yes to all questions 1-3, but No to any questions 4-6 then a reposition is most likely the best approach for your business.
If you’re interested in Repositioning or Rebranding your business then we’re keen to talk to you, we can help you through the planning required to design and implement a solution that will help to revitalise your business and get you on track for success.