The most successful businesses are often those that can evolve with the times and are constantly revaluating their goals, targeting new audiences, or adapting their branding strategy to meet changing consumer attitudes. In an age where technology and consumer behavior are changing almost daily, it is more important than ever for businesses to keep up. Here are 4 signs that your business could benefit from a rebrand or complete overhaul.
Your customer’s attitudes have changed
Sometimes a business may need to consider a revamp if their target audience’s key needs or attitudes have changed considerably since the business first started. There could be many reasons for this. Maybe technology has improved or perhaps consumer habits have changed to become more in keeping with the times. Sometimes people’s opinions about a particular brand can change as well. A good example of this is when McDonalds were forced to change their menu due to receiving so much negative publicity about how unhealthy their meals were. To their credit, McDonalds listened to what the public had to say and completely refreshed their menu offering healthier meal options such as salads, fresh wraps and even fruit packs. This is an example of a business successfully changing their approach to meet consumer demand and changing public opinion about them.
You are trying to appeal to a new market
If a business wishes to grow and expand their customer base, then they may need to change their branding approach to appeal to a slightly different audience. A great example of a business that has benefitted greatly from rebranding themselves is UK fashion label Burberry. At the turn of the century Burberry was considered somewhat lowbrow and had developed a negative reputation for being the label of choice for chavs and hooligans. The company decided that a change of approach was needed and hired some of the best-known fashion designers in the industry to create a new range of clothing that would appeal to the higher end of the fashion market. The approach worked and Burberry are now more successful than ever before with many consumers now considering them a luxury brand.
Expanding overseas
Sometimes a business is looking to expand into another country altogether. This is when market research becomes increasingly important as consumers can act very differently from one country to another. Often different cultures or religions have completely different attitudes towards their spending habits and its really important for brands to acknowledge these differences and change their marketing strategy to adapt. A good example of where a company failed to carry out proper market research before launching in another country was clothing giants NIKE. In 2013 the sports label launched a range of patterned clothing that was inspired by traditional tattoo’s worn by certain tribes in the south pacific. This caused outrage in Australia and New Zealand who felt that these designs were exploitative and encouraged racial stereotypes. Nike were later forced to pull the product line after several petitions were launched.
The times have changed
Sometimes a business may need to consider rebranding themselves if their business model has become outdated. This is particularly relevant for companies who rely heavily on changing technology. A great example of a business who successfully adapted to the changing times is the streaming service Netflix. When Netflix started out, they were just an online DVD rental service however, they soon realized that physical media was becoming a thing of the past and the future was streaming. Nowadays Netflix is one of the most successful companies in the world and have totally changed the way customers view tv and film.