People rebrand themselves all the time as they move through different stages of their lives. Think back to when you got your very first email address for example; it was probably named something like “2hot2handle” or “sweetbabygirl”. At that time of our lives, we were happy to create a name that suited our current personality, thoughts or emotions. However, as we matured and our message for ourselves changed, we put away the sassy email names and opted for a more professional-sounding email that better complimented our public image and the way we wanted people to view us.
Like people, your brand is the same. It may start out one way, but as it continues to grow, your vision may change, processes might become outdated or you may need to adjust your outlook in order to remain successful. After all, the world and the people you serve are constantly changing and evolving.
Rebranding supports this by positively reshaping the way your business is viewed or perceived in the face of constant change. So exactly when should you rebrand? Here are three tips that may help you decide.
Your Brand Vision and Brand Name No Longer Align
You know it’s time for a brand name change when your ‘Books-R-Us’ bookstore moves from primarily selling books and cute greeting cards, to selling clothes, jewellery, electronics and home appliances. (*hint hint* Amazon). In this scenario, your brand vision has expanded to offer a wider assortment of products for a larger target audience, but your brand name has stayed the same. Not only is the title now misleading but it could also be deterring potential customers to your business. Hence, we can see here why rebranding in the form of a name change, would be necessary.
Nexa Credit Union, formerly known as the Grenadian Union of Teachers (GUT) Credit Union, is an excellent example of a business which realized that its vision for itself and its members had long since outgrown its former name. What originally started as a Teacher’s Credit Union, grew and expanded to include all members of the general public. With a new name, new location and more modern facilities, their new image coincides more deeply with their mission to make Nexa, the Credit Union of choice in Grenada through sharing in the goals and aspirations of their diverse community members.
Nothing Differentiates Your Brand from the Competition
If your business isn’t standing out from the crowd, you are without a doubt limiting your brand’s growth potential. Setting yourself apart gives new and old customers a reason to keep choosing you, regardless of what the competition is doing.
Real Value IGA Supermarket and Hubbards’ Food Fair are two major supermarkets in Grenada that have gone the miles needed to stand out from the competition. While Real Value differentiates itself in the wide selection of local and foreign foods it offers to its customers, Food Fair offers its customers convenience by allowing Grenadians overseas to purchase goods from the supermarket from wherever they are in the world and have their loved ones pick the items up at one of their branches in Grenada.
Your Brand Image May Have Negative Associations
Sometimes rebranding might be necessary if the products, services or values that originally made your business successful are later portrayed in a negative light due to changing societal beliefs, unexpected scandals or new scientific research. While no business can escape bad publicity now and then, some negative associations are harder to shake off than others and can cause permanent damage to a brand’s reputation.
Facebook, now known as Meta, is one popular example of a large brand that changed its name and reformed its brand image to distance itself from the huge crises it faced in 2021 after an employee leaked compromising information about activities the company was encouraging on its platform. The popular Aunt Jemima brand also underwent a name change to ‘Pearl Milling Company’ due to its association with racism.
It’s therefore important to conduct frequent audits on your brand to ensure it is not at the root of any negative perceptions held by the public.
Rebranding is a normal process that should occur at least once in the life of any business so don’t be afraid to pursue it, as it allows individuals and businesses to adapt and thrive in an ever-changing world.
Are there areas of your business you would like to change? Drop a comment in the chat box below if you want to find out more about rebranding and how it can update your business.