1.If you’ve had significant growth. Why does that matter? If your company is growing significantly, that also signifies you might be reaching new demographics of customers.
This is the perfect opportunity to consider refreshing your messaging to be more relevant to these newly tapped markets. Dunkin’, realizing they are tapping the booming coffee market, opted to refocus their messaging and products more toward the coffee drinkers than donut eaters. Smart move.
2.If you need to differentiate yourself from your competitors. In a world of copycats and recycled ideas, sometimes businesses get confused with one another. For brand awareness, you can probably imagine that overlap? Confusion? is not a good thing.
If you are getting mixed up with one of your competitors, then that is a pretty good time to consider a rebrand.
3.Reflecting a change in your product or service. If something is changing about who your business is or the products or services you provide, then that is prime time for a rebrand.
Such was the case with Dunkin’. Now seeking to serve more baked goods and higher end coffee drinks in a new type of atmosphere, they opted to take this opportunity to break away from the “donut shop” association and position themselves as a different type of business. And that was probably a good decision on their part
Remember, before you take the leap and start messing with your business’s name, logo, or messaging, first consider why you are doing it. As we mentioned, rebranding is a costly effort not just in dollars spent but in the risks associated with it as well. Make sure you are doing it for all the right reasons.