A friend recently approached me about a rebrand project as her business nears its 15-year anniversary. The firm is doing well so she is on the fence about whether or not they really need a change. She asked, “How do you know when it's the right time to rebrand?" I hear this question frequently and my response is always the same: the data will tell you. Initiating a rebrand should be done strategically to help you reach your business goals. There are a myriad of reasons why a change could be good for business. Doing your homework and leaning on the market research can help you make informed, data-driven decisions to re-energize your brand.
Increase in Competitors
If you're noticing an increase in competitors in your space, it may be a good time to investigate how you stack up against the competition and consider a rebrand.
A rebranding project is an opportunity to redefine your brand's position in the market and make it clear to your customers how you differ and why they should choose you. Perform a market analysis to establish who your competitors are and allow the results to help you make a data-driven decision.
Gaps in the Market
Rebranding my agency was a data-driven decision based on years of researching the market. Consulting is a competitive space—branding and marketing is increasingly so. After noticing a disconnect in product development, branding and marketing to women, we realized there was an opportunity to bring value and stand out in the market. So we took a hard look at the data.
What we found was a gap in the market that we were uniquely qualified to fill. Women make most of the consumer purchasing decisions across industries. Many are the primary breadwinners for their families. They are also leading the way in small-business ownership, women of color in particular. Yet, by and large, businesses and brands do not understand or speak to the diversity of their experiences and needs.
Rebranding as a female-focused agency, Tote + Pears, was a data-driven decision that allowed us to capitalize on this glaring gap in the market. As a result, we are providing a service that no one else in the industry does: Our team takes an intersectional approach to marketing to women—expanding past gender and focusing on how the overlay of women's identities impacts their perspectives and purchasing decisions.
Closing Fewer Deals
A noticeable drop in close rates can be a sign that something is amiss with your brand. If you are closing fewer deals, it's a good time to re-evaluate what's working and what's not.
Businesses need momentum to survive. If you don't stay ahead of the curve, you run the risk of becoming obsolete.
Check in with your marketing and sales team—in order to keep attracting your target audience, you must keep a close eye of the demands of the market. Take a deep dive with your team, gather their feedback and perform an analysis. The data may indicate that your brand doesn't resonate with people the way it used to. A rebrand may be the data-driven decision that helps you meet the evolving needs of your audience and, in turn, close more deals.
Expanding Your Offering
Scaling your business or expanding your offering is hard work that requires a strategic plan. Data-driven decisions can jump start the effort. Research can help you determine who your target audience is and what is most valuable to them.
Onboarding new hires? You'll need to understand the needs, wants and challenges of your target market (personally and professionally) to design an employer branding strategy that attracts the right talent.
Building a new product? Test how and if it meets your ideal customer's needs. Understanding where you are and where you're going is key to a successful rebrand.
Staying Ahead of the Curve
Businesses need momentum to survive. If you don't stay ahead of the curve, you run the risk of becoming obsolete—especially as a new wave of technology enters the market, disrupting big industries like healthcare, legal, accounting and more.
At Tote + Pears, we recommend that clients consider refreshing their brand every 2-3 years and rebrand every 7-10 to stay ahead. When was the last time you reviewed your brand strategy and identity? Now may be the time to start.
Rebranding is a strategic, data-driven decision—a tactic used to help you move your business forward. Taking a comprehensive approach can help you stay ahead of the competition and increase the value of your brand.
Read more articles on strategy.
Photo: Getty Images