Rebranding is a phase that most entrepreneurs consider as they strive to grow bigger and better. But when should this be considered? Brand experts tell DAMILOLA AINA in this report
“You guys have been seeing my face for almost 24/25 years. This time around I chose to cover it up and just give it some Lagbaja 2.0, Kcee 2.0,” he said in an interview. A sign that you should consider rebranding your business is when you notice that your brand is outdated. “Outdated” in this sense can mean two things: You need a refresh to stay on trend, or you’re not staying up to date with customer preferences.
“It helps to make your brand trendy and evolving with time. It also makes your brand unique and relevant in the market because over time you can see the effect. Rebranding makes your brand more intentional, makes the outlook better and it gives you a better perception and a loud voice in the market. Sometimes your brand image will shift due to circumstances beyond your control. Whether it’s a scandal, changes in society’s views, poor marketing or just a bad business decision, if it doesn’t align with your values, rebranding your business can help correct the problem.Another critical sign that it’s time to consider rebranding your business is when your customers can’t tell the difference between your brand and the competition.
She adds that a contradiction between a brand message and the brand objective, expansion into new markets and clarity of business objectives, are factors that drive thirst for rebranding. On other factors to be considered before making such an important decision, Seyi notes that business owners must self-reflect on several questions.