There are times when it is obvious that you need to change your company’s identity, such as after a merger or when a partner joins or leaves a firm bearing his/her name. And then, there are the other times, when you know your brand strategy doesn’t quite fit or perform as well as you would like it to, but you’re worried about making a change and potentially losing the equity that you have built. So, how do you decide?

The decision on whether to update your brand strategy can be made by thinking through the following questions:

1. Are people frequently surprised to learn that your company provides certain products/services they have been buying elsewhere? This could be a sign that your marketing is ineffective, but it could also mean that the branding doesn’t effectively tell people what you do.
2. Have market conditions made some of your products or services obsolete or turned them into commodities? If so, you may need to reposition the company to compete in a changing market environment.
3. Has your company outgrown its name and image? Many companies never envision they could grow well beyond a geographic region or product line that they have made part of their company name, and it becomes a constraint on growth in later years as you are providing a wider range of products or serving a larger geographic area.

If it’s time for your company to update your brand strategy, be sure to plan carefully and execute flawlessly to retain the customers you already have and leverage the new it as a springboard to new sales and revenue streams. The only thing worse than having a brand that is no longer working, is to rebrand poorly and make your company weaker.

And, of course, if you need some help, just tell us, what’s your story?