Powerful brand recognition is crucial for attracting new business and maintaining relationships with existing clients. You want to stand out from the crowd, and your marketing materials have a better chance of success if clients can immediately identify your product or services — whether it’s as distinct as an email or as broad as your “voice.”
While having a consistent, recognizable brand is important, there are times when revamps are necessary. A rebrand requires significant time and investment, though — so how do you know if it’s time to rebrand? Here are 5 signs that your insurance agency may be ready for an update.
You’re Expanding Your Customer Base
One exciting reason to rebrand your business: an expansion of your customer base! This can happen in a variety of ways, depending on how your business is growing. Perhaps you’re launching a new insurance product, which will bring an entirely new demographic into your network for the first time. Perhaps your agency is expanding or relocating to a new territory, shifting the aesthetics and messaging for your target market.
Or maybe, over time, your customer base has changed. Whereas you once spoke to Gen Xers looking to buy insurance, for instance, you may now be marketing to millennials or even younger — and your brand will need to adjust accordingly. This isn’t as simple as adjusting font colors and copy, but taking a step back and analyzing your brand’s personality and future.
You’re No Longer Relevant or Competitive
It can happen to any company: Sales plateau or even drop, and now new competition is nabbing your business. These are all key signs that it’s time for a rebrand. Not only will the fresh look and tone of your business help grab the attention of an existing customer base, but the exercise of a rebrand will help you identify areas of improvement.
During a rebrand, you’ll better understand what customers are looking for and find a way to stand out from the crowd again. Plus, there’s a chance that in your search for a new tagline or logo, you may also uncover broader structural issues in your business that need longer-term solutions.
Your Brand Is Cluttered & Confusing
If your business has been around for a while, you could do with a bit of spring cleaning. Over time, too many elements incorporated into your branding can make your overall mission unclear. A rebrand will allow your authentic voice to shine through, ensuring that customers know exactly what to expect from your product or services.
Your Business Is Changing
A great time for a rebrand is during major moments of change. Whether top leadership is changing or your agency is undergoing a merger or acquisition, a rebrand is likely in order to reflect this new era. Or, perhaps your key product offerings are changing — in this case, too, you’d want to overhaul your digital and physical brand elements to ensure that no misinformation is floating around that would confuse customers about what your business is all about.
You’re Tied to a Negative Image
Finally, a necessary reason to rebrand comes when a business is tied to negative public perception. In this instance, it’s important not just to “clean house” but to demonstrate the brand’s commitment to positive change. Any attempt to fully bury past negativity may further harm your reputation, so take the opportunity to rebrand as one to also reflect on your future mission and accountability.