When you build a business, you must cultivate a strong brand. Not only is this critical to your day-to-day operations, but it generates an emotional connection and memories with your target customers every time they hear your name, see your logo, or think of their previous experience with your team.

When you begin your business, what starts as an excellent idea for a name and brand may turn into a weight around your shoulders that holds you back from exponential growth.

Maybe you used a term that is no longer relevant, have outdated visuals, or simply want to refresh your business so you stand out more from the competition.

Whatever the reason, rebranding — if right for you — offers a wealth of new opportunities to better target those you want to reach the most.

When Should You Consider Rebranding?

There are many unique reasons you may want to switch up how your Chicago waterway tour company is viewed, or maybe you need to shift your alpine slide business so it works in the winter as well. You may want to look closely at some considerations if you have an itch to change your business brand.

Pro Tip: Don’t throw anything away. Keep all your previous branding, ideas for new branding, and input from anyone you ask in a folder on your business computer. You never know when those items will circle back around, and you’ll need references for the future. 

1. Your Tours/Activities Have Changed

Have you heard of those fantastic party bus tours with the open bar, loud music, and interactive visuals? What would happen if you owned this operation and decided to expand to a fleet of boats? 

You would need to update your logo so it includes the water element, change your copy for the new offerings, and edit any online presence (like social media) to match the services you now provide. 

2. Audience Shifts

Whether you start offering new experiences or one of your videos goes viral, your audience can shift in the blink of an eye, and you may have to adapt your branding to match. This could be:

• Switching from family-friendly marketing to adult crowds only.
• The age of your demographics shifts due to outside influences.
• An influencer, celebrity, or athlete uses your services and broadens your demographics.
• You want to focus on a particular niche that you know will have a higher conversion rate.

Pro Tip: Go with the flow! If you suddenly get a massive boost from a new demographic, go with it. Learn how this happened and what you can do to leverage this new business, if only for the short term. You can use that new capital to improve, broaden offerings, and boost longevity. 

3. Business Transitions

Around 70% of all US small businesses are expected to change hands in the next 10-15 years (CABB). 

Baby boomers, roughly 55-65, are retiring or selling their businesses, meaning new ownership or partnerships will likely happen — sometimes calling for a brand refresh. These transitions might require a new brand image that aligns with the new direction or vision the business will take.

4. Business Identity

This consideration is more personal to you as a business owner. Whatever your vision for your business is, you want your brand to reflect that.

Outside factors may influence you. For example, a new competitor could be mimicking your branding, making it necessary to differentiate your business identity and goals along with your branding. 

Finding cohesiveness with your brand and your personal direction is crucial to avoiding burnout and a big reason why some owners choose to rebrand.

5. Budget Boost

A budget increase can be a sign that business is booming! It’s time to give your brand the refresh it deserves. If you finally have the resources to take your dream and hire a professional designer and marketing team to make it a reality, go for it! 

6. Competition

There is nothing quite like the branding battle between McDonald’s and Burger King, Visa and MasterCard, Starbucks and Dunkin Donuts, and so many more. 

Competition benefits the customer but can sometimes drives you nuts. Don’t feel like you need to make drastic shifts to reposition your business against that neighboring mini golf course. Go subtle so you don’t lose your customer base.

7. Outdated Look

Finally, we hit the most common reason for rebranding. If your business screams “outdated” online and offline, it is more than time to revisit your branding. 

What was popular in 2010 is entirely different now. You’ll need to look at trends, consider timeless options, and talk to your target audience. A little feedback can go a long way to informing how you rebrand.

Do any of these scenarios apply to your business? If you’ve been itching to rebrand, take some time to consider if it is the right choice for your business before making any significant changes. Stay tuned for an upcoming article on how to execute your rebranding like a pro.