So, you’ve determined that you need to rebrand. (Maybe you saw your situation in 10 Signs That You May Need to Rename Your Business.) Whether it’s something you’ve thought about for a while or a response to a new change in circumstances, rebranding may be on your horizon, and now you’re wondering when to rename.
How do you know when to rename your business?
1. When you’re about to relocate. It only makes sense to create your new brand first if you will be investing in new branded materials that include your address. You’ll make a big splash launching a new brand and location in one fell swoop.
2. At least nine months before your industry’s biggest trade show. Give yourself ample time for your rebranding project. It’s best to allow three months just to create your new brand name—longer if you try to do the renaming yourself. Be sure you have time to rebrand your trade show booth and to print all the materials you intend to hand out.
3. After you’ve fixed the problems that had led to a negative image. You’ve been unable to shake negative perceptions that arose from issues you’ve now resolved. Rename your business, and relaunch with a new brand to show that you’re serious about real change. (Just make sure those issues really are fixed, or you could be in for a branding rollercoaster. See Time for Blackwater to Change Its Name Again.)
4. After you’ve received an influx of venture capital. Set aside a portion for the rebranding that will propel your advertising and marketing going forward. Then seek help from the pros.
5. In a strong economy. If your business needs a new name, chances are that won’t change. What will change, though, is how you’ll feel about the cost. In a downturn, you may think rebranding is a luxury that can be put off, but that will just prolong your branding issues. Rebrand now so your business will be well positioned during the next downturn.
6. In a weak economy. A stronger brand helps you compete more effectively in good times and bad. But your distinctive, compelling new brand name will especially stand out when competitors are slashing their marketing budgets. Take advantage of that lull in competitive noise to exploit what opportunities there may be, even when customers are purchasing less.