You may think of strong branding as something reserved for giants like Coca-Cola, but businesses of all sizes can focus on creating a distinct brand identity. Your branding can tell potential customers a lot about your business when it comes to your values, mission, product, staff and style. You communicate that brand identity through your name, logo, website and marketing initiatives. Sometimes an overhaul — or even just a couple of baby steps — is needed to make sure you’re putting your best foot forward and accurately reflecting your business. Here are four signs it might be time to take on a rebranding initiative.
1. Your website hasn’t been updated in years
The imagery associated with your business is a huge part of your brand, and that includes your website, which is often the first representation of your business that people see. A Stanford study found that 75 percent of consumers say they judge a company's credibility based on its web design, so you want to make that first impression count. If your site was designed a long time ago with few updates and you’ve had the same exact logo since the 70s, it might be time to rethink your branding imagery. Think especially about how your business uses color: A University of Loyola study found that color increases brand recognition by 80 percent. If you aren’t sure if your site is outdated, try getting feedback from customers or reaching out to a graphic design professional.
2. Your mission or offerings have changed
A change in mission, product offerings or services is the perfect opportunity for a brand facelift. If your business sold only lamps when it was founded in 1955 but now offers products for the whole home along with interior design services, your branding should make that clear. The light fixture in your logo may no longer really represent what you do. Think about what your business offers consumers today, and what it will in the future, and re-evaluate your brand imagery, logo and communications to make sure you’re getting that across.
3. You want to attract different clientele
A common motivator for a rebrand is the desire to reach a new demographic. For many businesses today, that focus is on harnessing the attention of Millennials, who now have $200 billion in buying power. No matter what segment you want to reach, do some research on what they value. Millennials, for example, tend to value authenticity, transparency and a strong digital presence. Does your business have these traits? If not, work on repositioning yourself to line up with your desired consumers’ values and needs. Always think about your ideal customer first.
4. Business is slow
Slow business days happen to everyone, but if that’s become more of a trend than an anomaly, it might be time to switch up your branding. If business is slow, it might be because you aren’t clearly communicating what your company is all about to consumers. According to a LucidPress report, consistent presentation of a brand increases revenue by 23 percent on average. If you can develop a strong brand identity and consistently communicate it to your audience, you’ll likely have busier business days in your future.
Rebranding can be a huge undertaking, but taking some steps to update your image is worth it if you want to stay relevant in today’s retail landscape. How does your business approach its branding? Let us know in the comments!