When is the right time to rebrand your business?

The Covid-19 outbreak is a sharp reminder that no business, big or small is unaffected as a consequence of this virus. Businesses such as Debenhams are a prime example where sadly, like so much of the high street, stores are being closed and they are trying to carry on by trading online. So why would this be a perfect time to rebrand?
Rebranding is only necessary if and when your business can continue to compete in a constantly evolving market, and you are supporting clear business goals. Here are a few examples.
Critique your current brand and how it aligns with your market. Is there a continuing demand for your product or service? For example, a business can realign its focus from being a trade brand to a business to consumer brand to allow online selling and building direct relationships with the end client. The word of the moment is “pivoting” and while it is not right for many businesses who need to stay with their core offer, it is a wakeup call for others. Many SME businesses have resorted to this approach in efforts to simply continue operating. When this is done it is important to assess your brand positioning and messaging to ensure that the new approach is effectively delivered.
Determine whether your brand image and message are effective with your target audience. This starts with assessing whether your website and core marketing materials properly reflect your brand. It is more common than you would expect for the answer to be no. In which case, a new brand strategy and identity may be needed to maximise your position in the market, that is then applied across all your brand assets, with your website being focal to your branding.
Lastly, when you do engage in a rebrand be sure to create a new brand approach that reflects the mission of your business and address the needs of your target audience in today’s thoroughly competitive marketplace. Being authentic and engaging your audience is critical. The modern buyer or consumer (both B2B and B2C) does not want to be sold to, they want to be understood and work with or buy from brands that can help them or ones that they trust. Your brand is a reflection of your business approach. Be known for who you are.