What are the Signs You Should Rebrand the Business You Bought?
Your business’ brand is its core identity. The brand encompasses the business’ ideals, values, personality and characteristics, and compresses them down into a set of standards that you and your team abide by. But even the most influential brands can succumb to things like changing public tastes, new ownership, new directions, or a number of other factors.
How do you know it’s time to rebrand the business you bought? What are the common signs it’s time to refresh and renew your business’ identity? Let’s take a look.
1 – You Want to Target a New Demographic
When you buy a business, it’s not uncommon to want to go in a new direction. Maybe it makes sense to target a new demographic to expand your customer base. Since an effective brand targets a specific audience, it could be time to rebrand. If you decide that you’re going to focus on a new audience, your brand has to evolve to reflect this.
For example, if you design a brand that targets middle-aged women, it most likely won’t appeal to teenagers. If you want to make your brand enticing to teenagers, you’ll have to revise your image to catch their attention and make them want to buy from your business.
Maybe the demographics of the area around your new business saw a shift towards an aging population, and it’s now a popular place for young couples just starting their families. To attract this new crowd, rebranding would be a necessary step.
2 – New Competition Threatens Your Old Brand
Competition is everywhere. You can use rebranding as a defensive mechanism to help your business survive and thrive in the face of new competition. For example, say a new company emerges in your local market. This company is very similar to yours, and potential customers may not be sure which company they want to buy their products or services from.
To fight this confusion and put your brand at the forefront of their minds, you rebrand. You can make your brand stand out by adhering to newer and more appealing standards. You also get the chance to take qualities that made your competition successful and incorporate them into your new brand strategy.
Another possibility is that your competitive landscape shifted. As the new business owner, you may have noticed that your competition is telling a new, fresh story. You can rebrand and adapt your brand to better fit this changing landscape and attract new customers.
3 – Your Brand is Outdated
Trends come and go. Fonts, colors, and styles that looked great a decade or more ago now look dated. This dated look will make it difficult to convince a younger generation that your brand is one to engage with. Maybe you have dated terminology on your marketing materials. If so, it’s time to revamp and update your brand.
Messaging updates, a design refresh or a name change can all be excellent ways to increase your visibility, make a favorable impression and generate excitement. However, you should do this carefully because you should keep one consistent design and not change it month after month.
Pick something that is going to last and survive the coming and going trends. Take a look at your business’ overall health and decide on a direction you’d like your new brand to go in before you start.
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