So, what is a brand you may ask? 

A brand is more than just the name given to a business that trades goods or services in their industry. A brand is an identity that a business takes on, which can create loyalty, trust and love associated with what value the business/brand offers its customers. It’s the process of communicating the USP (Unique Selling Proposition) of your business, which lets potential and existing customers know what sets your business apart from your competitors!

Why is it so important to establish a brand identity?

A brand identity is an essential when forming a connection to your customers! Customers have access to so many businesses online, that it is becoming harder to stand out in such a saturated market! A brand identity helps to position your business in order to leave customers with a positive brand experience, so that your business will not be overlooked when it comes to a customer’s research phase. 

It’s important to have a brand that you love and are proud of. A brand identity is so much more than a logo or a business card… it’s a representation of your voice, values and story, which is what the RIGHT customers will connect with most. When your brand is lacking in both visual and intangible elements, is when it may be time to think about rebranding! 

Before you rebrand, make sure it’s the right option for you and your business. Check if there are any other options for an update to your business without a total rebrand. 

3 signs your business may need a rebrand: 

Ask yourself these questions. If something here resonates, it may be time to consider a rebrand. 

1. Have you outgrown your current branding

Outgrowing your branding can come in many forms, for example when your brand no longer reflects your business, when you are embarrassed of your brand or your branding no longer represents your services or product offerings. 

A rebrand can give you confidence in your brand as well as drawing your ideal customers to your business. People are drawn to a brand by the way it looks and then by the way it makes them feel, so when you nail these brand areas, your business will be at the top of your ideal customer’s list. 

2. Has your target market changed?

Changing target markets can happen often and for many different reasons. Your current target market may be too general and you wish to target a tighter niche or your age demographic may have changed. 

A change to your target market can be a big move, which then requires a rebrand in order to target these new found customers. 

To stay ahead of the curve, you have to start thinking about what's important to your target audience and what they value about your business.

3. Are you falling behind your competitors?

One of the biggest threats to the success of your business is your competition! 

Industry competitors are all fighting to stand out and get a customer’s business and if you are failing to differentiate yourself from your competition, it can cause your business to fall behind. 

Imagine watching your biggest competitor successfully take on your ideal client, which leaves you disappointed and frustrated. This feeling is a sign that it's time for a change in your business and a rebrand may just be what the doctor ordered. 

A rebrand can be something that will give your business the update it needs and can place you at the head of the pack!

Benefits of rebranding your business in 2021:

1. Ability to reach a new audience 

2. Get the edge on competitors 

3. New goals can be reached

4. Stay current within the market 

Have you recently rebranded or are you considering a rebrand?

Tell your story in the comments!

The Axis IQ team :)