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7 Reasons to Consider Rebranding Your Business

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We hear of companies “rebranding” all the time. But what does it mean to rebrand and why would businesses choose to do it?

The truth is, rebranding can mean a number of different things. However, the goal behind any rebranding campaign is to change a company’s public image. Rebranding can mean changing or updating a logo, incorporating new products and services, or changing the business model altogether.

However, because the overall purpose is to change a company’s image or persona, a lot of marketing and public relations work must be done. Therefore, a company who’s set on rebranding is committed to the long haul.

Rebranding takes time, commitment, energy, and money. However, sometimes it’s necessary to ensure the business’s survival.

Keep reading for our top 7 reasons a company should seriously consider rebranding.

Reasons Why Rebranding Could Be Your Best Business Decision

As we explore why rebranding might be a good idea for your company, consider your options. Make sure it’s the right time for your business to make a change.

Follow this quick guide and decide if rebranding the best route for you.

1. Under New Ownership

With new ownership comes new ideas, strategies, policies, and perspectives. You see it all the time. It happens in companies, military divisions, sports teams, and charities.

Plain and simple, every owner has their own way of doing things. More importantly, they do things in the way they believe is best. When new management takes over, it’s their responsibility to run a business successfully.

Often, when a new owner takes over a company, rebranding is a great way to showcase to consumers all of their new ideas and any changes to the company.

Alternatively, if the business wasn’t doing very well under the old owner, rebranding is a great way to wipe the slate clean and start over. For example, a restaurant that has been around for years barely scraping by becomes invisible to the public. With some clever rebranding, however, new owners can grab the attention of potential customers and give them a reason to take notice.

2. A Tainted Image

The only thing worse than being invisible is having a bad reputation.

You see it a lot of times with bigger companies. Let’s be honest, large corporate companies don’t always have the best image in the eyes of the public. For example, when fast-food restaurants started getting grief about being incredibly unhealthy, they start all sorts of heath-base marketing campaigns.

While we all know that no one is going to McDonald’s to get a salad or fruit, the public seems to appreciate the fact that they now offer it.

3. New Products/Services/Business Model

Another reason your company may want to consider rebranding is if you are changing things up in a big way. Even if your business doesn’t come under new ownership or management, sometimes businesses need to evolve to keep up with an ever-changing market.

For example, in the early 2000s when DVDs started to rise in popularity, movie rental stores had to update their entire inventory to keep up with the advanced technology. Unfortunately, with all of the live streaming companies, movie rental stores still ended up going out of business.

No matter what type of business you own, newer and better ways of doing business are always around the corner. If your company can’t keep up, it will die off. Just as importantly, if people don’t think you’re keeping up, the same thing will happen.

Therefore, rebranding is sometimes a necessary component of not only staying competitive but also staying in business period.

4. Differentiate from Competitors

We live in a capitalist society where there’s an opportunity for everyone to go out and try to make it on their own. While this is good news for you as an aspiring business owner, it also means there are some factors working against you.

First, a marketplace full of competitors means lots of competition. Perhaps rebranding can be a way to stand out from your competitors.

Additionally, with many businesses similar to yours out there, it’s quite possible you may be sharing a similar logo. Alternatively, you may find that you share a similar logo with a company completely different from yours, in a separate line of business.

This can not only be confusing for consumers, but it could also send them in the wrong direction.

5. Major Business Affiliations/Mergers

It’s not uncommon for businesses to merge together and work as a team. In fact, there are many benefits to merging companies together.

However, merging companies together will likely require rebranding. This will draw attention to the new merger and express to consumers how they will benefit from it, with the ultimate goal of attracting new customers.

Some business mergers try to cleverly blend their logos together, while others create new logos entirely. Either way, companies often use this opportunity to run large marketing campaigns to explain what their merger means for future business.

6. Create a New Company Persona

If a company is changing things up entirely, they may need to create a whole persona to appeal to their new market.

For example, if a local restaurant owner famous for making the best steaks in town had a change of heart and decided to only cook vegan food, rebranding would be a must. He may need to change the name of the restaurant, the logo, and obviously, who he caters to.

Rebranding to create a new persona is a necessity if you want to change the way the public views your business.

7. Going World-Wide

Finally, some companies begin rebranding if they are or have plans to go international.

Depending on the culture of the international locations you’re planning on expanding to, your current brand name and logo may not translate well. You may need to rebrand to something more relatable/understandable.

Imagine how much farther you could extend your reach with internationally recognized and understood branding.

Making the Right Choice

Ultimately, you must do what’s right for your company or business. If it’s time to let the business die, then let it.

However, if you know you still have a fighting chance and could even excel with a little rebranding, why not give it a shot? Too many businesses fail and sometimes it’s because business owners give up too soon.

Instead of giving up, consider seeking outside help to keep your business thriving! This includes rebranding, seeking SEO guidance, or marketing advising. It changes everything!

For more on business articles including SEO strategies, owner-employee relations, and more, check out the rest of our blog!

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