When re-branding your business is a GOOD and BAD idea

When re-branding your business is a GOOD and BAD idea

In this video, I share when investing in re-branding your business is a good idea and when you don’t need to invest in re-branding.

There are two types of re-branding:

  1. Brand Refinement
  2. Brand Evolution

When to invest in re-branding

What is a brand refinement?

It’s when you’re ready to take your brand to the next level.

When branding is a GOOD idea:

Here are some examples you might consider for re-branding (as a brand refinement):

  • When you’re ready to increase your rates.
  • When your sales are declining.
  • When your brand needs to differentiate from the competition.
  • When your business is experiencing a change in leadership.
  • When your brand isn’t attracting your ideal clients.
  • When your brand is stale and outdated.

The second type of re-brand is the brand evolution.

What is a brand evolution?

It’s when your brand is ready to make a drastic change.

Examples of re-branding that are considered a brand evolution:

  • If your brand has had negative publicity
  • If you need to change your business name
  • If your business model is drastically changing or pivoting

Here’s when re-branding is a BAD idea:

  • When you’re personally getting tired of what your brand looks like. A brand reputation is built over a period of time. An example of when a re-brand happened and it wasn’t a good idea is what happened with the GAP re-brand.
  • Finally, you may also not need to invest in re-branding if you’re changing  your business name but the essence of what your company does isn’t changing. An example is what happened when we change our name to Brands for the Heart (from Brands for the People).

I’d love to hear from you in the comments below. What questions do you have about re-branding your business? What successful and unsuccessful re-brands have seen?