Each strong brand undergoes a rebrand periodically as part of its natural cycle. How can you determine when to rebrand your business? In the hustle and bustle of your work schedule, you probably lose sight of your branding promotion. When you realize it, the decision to embark on a rebranding initiative is challenging.  

What are the signs that it is time to seek the services of a branding agency to rebrand your company name? 

What is a rebrand?
 

Rebranding involves reshaping how people view a company or product from the outside. The rebranding includes creating everything from a new name and tagline to a new logo and visual identity and new marketing collateral to the company website. To effectively rebrand your company or product, you need to thoroughly search for every detail as well as internal and external stakeholders. 

A brand is repositioned based on the data collected during the research phase when a brand is positioned based on client needs and market opportunities. A rebrand does not proceed to the identity phase until after the research and strategy phases. 

Visual identity consists of logos, colors, typography, and photography. Taglines, names, and messages comprise the verbal identity. In the final phase, brand activation, the identity phase usually culminates with redesigning your website or marketing collateral. 

This article will discuss the top five signs you need a rebrand. After acknowledging them, you will need to rebrand your company or product, which is essential because it is imperative of the time and a crucial part of marketing strategy. 

1.It is no longer clear what your brand vision is.
 

A brand’s most apparent indication to rebrand is when the name is unattractive. If you have a brand name older than 10 to 15 years, this happens, especially in the digital world, where a new and unique name makes its place every month or every upcoming week because of its novelty.  

You can’t allow your brand story to be dragged down by a weak name. Your brand’s calling card takes center stage at every touchpoint. You might find renaming your challenging than it looks. Additionally, there are challenges involved in trademark vetting the URL research and finding a name that is both unique and meaningful.  

2.You are embarrassed by your website address or business card. 

There was a lot of recognition of this, and if you cringe when you reach for your business card, or if your website comes with a note that you must update it, then it is probably time to refresh your branding. 

A poor brand image does not always suggest that a comprehensive rebrand is necessary; it could simply mean that your brand’s visual and verbal presence needs to be refreshed. Refreshing a brand’s look and feel is primarily a cosmetic procedure. A rebrand can have powerful effects on an old or stagnant brand, even while maintaining the brand’s DNA or critical market position. 

3.The strategy or model of your business has changed. 

A sign that your business needs a rebrand is when its strategy needs to be updated. Forces outside your control sometimes dictate changes in your industry. In the same way, your branding must evolve as well. Your company’s image should always align with its operating behind the scenes. 

Every rebrand should start by stating these guiding principles clearly, especially those originating from a change in business strategy. Compassing your brand’s future relies on your brand compass, laying the groundwork for its other components. 

4.Ensure your brand is not associated with negative perceptions 

Rebranding is also a sign that you should separate your brand from a negative image. 

A word or concept doesn’t have to be that mean to take on devastating connotations these days. An innocent brand can become a hot potato if a company’s political missteps and business faux pas spread through social media. 

It can be remedied most effectively by rebranding, starting with an internal brand audit to assess where and how deeply the association resides. 

5.Pricing is a challenge for you. 

You’re struggling to maintain your price is one sign when you need to rebrand. A rebrand can help you break away from the ‘hopeless’ price fix of your products or services despite rising material costs. The power of rebranding allows you to redefine the value you place on your product or service and raise your selling price accordingly. Marketing experts have repeatedly proven branding’s ROI. Those with strong brands are more profitable, have more significant equity, and sell at higher multiples.