Recession = Rebrand
It is time to be frank, recessions are detrimental. Consumers have less power, brands die, and small businesses struggle to stay afloat. This is why it is prime time to rebrand. During and after a recession, many of your competitors will struggle. Sadly, some will cease to exist. The rebrand can help you adjust, persevere, and move beyond the past.
Why a Rebrand
A rebrand is imperative to success after a recession because economic downturns realign consumer behaviour. While it is understood that consumer preferences are constantly shifting, it must be known that a recession causes an immediate change in consumer preferences. This is why a recession could be the best time to rebrand.
Sometimes your consumers will have the same values before and after the recession, in which you will not need a rebrand. Be aware of your audience, and make an educated judgement from there.
What Should be Done
During a recession, it is important to remain present. Your audience needs to see you through the tough times so that they stay after the recession. However, there are a couple things you need to do to see if a rebrand is in order.
- Analyze Your Focus: Ask yourself if your business has changed focuses during the recession. If you have shifted your focus to a different mission, industry, or offering, it is time to consider a rebrand.
- Analyze Your Target Audience: Ask yourself if this is still your target audience and if they have the same preferences as they had when you first started to target them. If not, it is time to consider a rebrand.
- Analyze Consumer Preferences: Ask yourself what values your target audience now has, and how you can either align or compliment these values. Be sure to remove any barriers for engagement.
- Keep it Consistent: Just because you are rebranding doesn’t mean you need to abandon what you currently have. See what works and what adjustments can be made to make it better. By ensuring consistency, you ensure that your message is clear.
- Re-evaluate Frequently: Know that there doesn’t need to be a recession to rebrand. If you see changes that need to be made, or your audience is less engaged, consider a rebrand. A recession usually encourages larger shifts in branding but that doesn’t mean changes can’t happen at other times.
Who Can Help
Your target audience will be your greatest asset in terms of help. By communicating with them, and gauging their engagement, you can better grasp their needs and how to ensure that a rebrand suits their needs. At the end of the day, your target audience is the most important party in the rebranding process. This can be done via social media, polls, and newsletters. By utilizing these strategies, you can ensure that you are meeting your clients needs.
Additionally, we recommend talking to ELEVATE Design. Not only will we be able to understand the best way to proceed, whether that be a rebrand or a refresh. At the end of the day it is all about how to keep the brand consistent. A rebrand should build off what you currently have instead of rewriting it all. By hiring a designer, you can gauge whether a rebrand or a refresh is needed.
Now is the time to rebrand. After a tumultuous year, a rebrand can help you get a fresh start. If you want to learn more about how ELEVATE Design can help you with a rebrand, please reach out. ELEVATE wants to ensure that you see success post pandemic.