5 signs that it’s time to trade your business

Entrepreneurs News

For many growing businesses, a trademark is part of the cycle. While there are many reasons why a business may choose to make a new brand, it is not always easy to see them from the inside.

It is not easy to choose to change a brand, but it is necessary when your business hits a wall and needs a refresher for continued success.

What is a trademark?

A trademark is the process of redesigning how a business or product is perceived by consumers. This can include anything from redoing the name, logo, caption and assets to small changes in vision, mission or website.

Most brands start as you would expect — from current brand perceptions. Maybe your brand has a negative association with certain consumers, or you are expanding in a way that no longer makes sense with your current branding strategy.

Even the strongest brands are subject to market shifts, rapid changes among consumers and other external forces. In most cases, a brand is only fresh for five to 10 years.

It’s not a matter of or you have to reburn as much as when you need to re-burn, but it is still essential to start this process at the right time.

5 signs that it’s time to make a new brand

1. Your brand does not reflect your vision

A brand name is a big part of developing a recognizable and long lasting brand. If your name is less than ideal, especially over time or cultural shifts, this is the perfect time for a brand name.

Remember, Google was formerly called BackRub.

A strong brand is the basis of your brand story, the phone card that customers will engage with at every touch point, and the asset you hope will become a household name. It should be unique and memorable (but not as out there as BackRub).

Coming up with a name is one of the most challenging parts of building a brand, so this may be the last thing you want to do. Take time to consider names that are unique and meaningful, use available brand and URL research to help, and make sure your new name meets all the requirements.

2. You’re ashamed of your current brand

If you’re ashamed to mention your brand name or hand out business cards because your original brand is stupid or outdated, you’re probably not alone. Others are probably just as ashamed of it as you, which can hamper moral and promotional efforts.

You may not need a complete trademark to address this issue. Depending on what’s missing in your current brand may be all you need to revamp your brand’s visual identity. A simple refreshment may be all that is needed to bring your outdated brand to the present.

3. You need a cohesive narrative

You probably started your brand with a unique vision. If time has created a mix of different offerings and experiments that do not have that original focus and cohesion, it may be time to create a new brand that reflects where your business is now.

Maintaining brand focus as time goes on is a challenge for the best of us, especially as a business grows and involves more stakeholders. Unfortunately, a lack of focus can poorly reflect your brand’s perception and undermine its effectiveness.

Think of it this way: The more complex your brand is, the harder it is for customers to understand it. Choose your brand carefully and shift the focus back to your vision.

4. Your business model has changed

Rapid market shifts and evolution can have a huge impact on your business. Successful businesses adapt, but these changes can leave you with a business that is far from your original brand vision.

Generally, if your business model changes, so should your brand. The way customers see your business needs to be in line with the way it operates. Start at the foundation with your brand goal, mission, vision, values ​​and assets. Use this trademark to reflect where your business is now and set a rate for the future you want.

5. You need reputation management

If your business is associated with a negative image, whether through business decisions or a customer base you have attracted, a comprehensive branding is the best way to lose that image. Negativity spreads like wildfire – especially on social media – such a bad association can quickly take away your brand.

Branding is the simplest and most effective way to recover from a negative image. If the problem started internally, perform a brand audit to stop the situation in the bud. A comprehensive audit will give you insights into exactly where the negative perceptions originated and prevent them in the future.

It can be incredibly difficult for a brand to disentangle itself from a bad public image, but resale is often the only way to move forward.

Is it time to make a new brand?

Every business will come to this crossroads, whether it is motivated by outside forces or a natural part of growth and progress. If you see signs that it’s time to make a new brand, take control of the story and start building the brand that matches the future you envision for your business.

Contributed by Patrick Smith, Founder and Creative Director of C2 Creative, a branding and design consulting company that generates great ideas for business organizations, beginners, and leading brands looking to maximize their reach and impact.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

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