As a business owner, the topic of pivoting and rebranding can be a touchy subject. With all of the hard work you’ve put into building your company’s identity, products, services and more, it’s easy to feel as if rebranding or pivoting would be taking a step back as an entrepreneur. That being said, anything that could potentially result in rapidly increasing revenue for your company should never be deemed a step back. By strategically rebranding your business or pivoting, you will be re-positioning yourself in the marketplace to better compete with other businesses.
Yet, there are a number of reasons why we, at Brandroot, believe you should consider rebranding your business before you decide to pivot. Here are a couple reasons why, plus how to know it’s time to rebrand and how to get started.
Why You Should Rebrand Instead of Pivot
Defined, pivoting is a substantive change to one or more of the key components of your business. Yet, this often takes the form of altering your products or services to fit demand. For example, it’s well-documented that Airbnb was once, quite literally, a “bed and breakfast” startup. They even went as far as to create their very own branded breakfast cereal.
Needless to say, when they figured out what resonated well and what didn’t resonate well with audiences, they reconfigured their services to match demand. This is a perfect example of a pivot.
On the other hand, a rebrand is simply a restructuring of your company’s image and identity, better known as a brand. A rebrand, unlike a pivot, doesn’t doesn’t typically include changing the products or services you sell.
1. Rebranding will save you time and money.
While it’s true that rebranding your business will take a lot of time and money to execute properly, in most cases it will be considerably less costly than an all-around pivot. Pivoting means you are “rewriting” an entire piece of your business. The way your business operates, the roles and duties that need to be filled to meet demand, the amount of revenue projected from those services and much more will be completely changed. On the other side of the coin, with the rebranding, the only aspects of your business that will change as a result are your marketing materials.
2. Branding as the “missing link”.
In today’s overcrowded marketplace, there is virtually an endless amount of competitors out there for consumers to choose from in nearly any category. Because of this, unbeknownst to entrepreneurs, a captivating brand is oftentimes the “missing link” a business needs in order to stand out and take their sales from lackluster to outstanding. Because of this, it’s wise to at least experiment with rebranding prior to pivoting.
How to Know When It’s Time for a Rebrand
1. Your marketing isn’t resonating with your target audience.
If your branding and messaging, despite your best efforts, simply isn’t resonating with your target audience then rebranding is more than likely needed. The best way to gauge this is by tracking and measuring the data and analytics (click-through rates, engagement rates, etc.) of your marketing campaigns (blog posts, social media activity, etc.) and comparing it to the industry averages and other related benchmarks.
The key here though is to not be premature in your assumptions. Oftentimes, even the most effective marketing takes a long time to make a lasting impact on audiences, so use your best judgment before coming to a conclusion.
2. Your branding is old and outdated.
If your logo and other branded assets look as if they were created on 1998 Microsoft Paint, then it’s very likely that it’s time to update your branding. If this is a difficult thing for you to determine, then ask someone you know and trust who is design-savvy what they think about your branding.
3. Your imagery is offensive by today’s standards.
What is socially acceptable today is much different than what was socially acceptable 10 and 20 years ago. Because of this, be sure that you are being mindful of all communities and cultures when you create your marketing campaigns and brand messaging.
How to Get Started
Now that we know why an entrepreneur should consider rebranding before they pivot and how to know when it’s time to rebrand, here are the first couple steps to take when getting started.
1. Hire a Branding Firm
Branding, like anything else, requires a very specific set of skills. Because of this, it’s important to hire experts who know what it takes to conduct a complete brand overhaul. By doing your research online and beyond, you’re likely to find a talented firm that is within your budget.
2. Start With Your Name
Every successful rebrand starts with a new, vibrant and memorable brand name. Here at Brandroot, we have thousands of curated, highly creative brand names, along with their domains, waiting for you. If you’ve decided that it’s time to rebrand, then be sure and visit our website to get the process started.
If you feel like it’s time for your business to go in a new direction, then be sure to consider rebranding before you make the leap into a full-scale pivot. By doing so, not only will you save time and money, you’ll also set yourself up for success by re-positioning your company in the marketplace.