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Should A Rebrand Be In Your Future?

Make sure you’re communicating who you are.

Erica LaCentra headshot
Insider
Erica LaCentra
Two different color pencils dictating different brand colors

It may be hard to believe but with 2021 already more than half over, it’s time to start thinking about what marketing initiatives you want to focus on in 2022. Since 2021 was a year of getting your marketing plan back on track after the wrench that COVID threw, 2022 is truly a time to be able to focus on your company’s future and develop a firm actionable plan. With the ability to have a more stable marketing plan, going into 2022 is a great time to consider a rebrand or at the very least, a refresh of your existing brand. What better way to ring in a new year than with a fresh start? 

Now you may be thinking, my current brand is working, so if it isn’t broken, why fix it? However, there are a variety of reasons why companies should consider updating their brand over time. Let’s get into what those reasons are.

Your Company Has Evolved

Change is inevitable. The mortgage industry is ever-changing and it’s only natural for a company to have to adjust to what is happening in the space. You may decide to offer new products or services because the shifting market has caused your customers’ needs to change. Or you may need to cut existing products as there is no longer demand for them. Whatever the case may be, there usually comes a time when the brand and branding you started with no longer meshes as well with what you’re offering. This is when you should start considering refreshing your existing brand.

For instance, if you are a mortgage broker who initially only offered FHA loans but then as your business grew you kept adding to your offerings, it would make perfect sense to update your branding and marketing assets to better represent all of the loan products customers could get from you. 

You wouldn’t want to entirely overhaul your brand as you had likely made a name for yourself, garnered loyal customers, and developed a presence in the industry. The backbone of your business hasn’t changed, and you still want to be easily recognizable, you just want customers to recognize your business has grown and you can offer more.

Incremental Steps

As long as the foundation of your company’s offerings is consistent, adding or removing product offerings are not necessarily a reason for a company to completely rebrand, but are a great opportunity to partially rebrand or update certain elements of your company’s brand. 

Focus on making minor adjustments to things like brand icons, elements, or imagery throughout your marketing materials, ads, website, etc. These are subtle changes that can easily convey what is new with your company. You could even go so far as to make minor refreshes to things like your logo, such as modernizing text and elements within the logo. 

In cases like this, a brand refresh is all about maintaining the integrity of the original brand while updating it enough to show customers new things are happening at your company. So, avoid making any major adjustments or drastic changes like overhauling brand colors, debuting a new company name or company logo. Less is more in cases of a brand refresh because you still want customers to recognize that it is still the same company.

Your Company Has Changed Entirely

So, if a brand refresh is appropriate for certain instances, when is a complete rebrand necessary? There are a variety of reasons why a company should completely overhaul their brand, but one of the top reasons is your current brand no longer reflects the vision of your company and does not reflect the direction the company is going in the future. Maybe your business model has changed entirely, maybe your customer base has changed significantly over time, whatever the case may be, plain and simple, you have outgrown your brand.

In cases like this, there are often clear signs that it’s time for a change. Ongoing trouble gaining brand recognition with customers, customers having trouble connecting your company name and brand with what you do, or having trouble differentiating yourself from competitors are clear signs that you need to rebrand. In cases like this, it is extremely difficult to maintain brand loyalty and continue to grow your business. When companies hit this point, it truly is more beneficial in the long run to rebrand rather than try to make the existing brand work. 

When you have decided to overhaul your existing brand, it’s so important to commit to that effort. Usually, this will entail developing a new company name, designing a new logo, and creating all new marketing materials and major brand assets such as a website. Take the time to do appropriate research and work with your team to build a new brand that will accomplish what your current brand could not.

Looking To A Brighter Future

The thought of either partially or fully rebranding can be daunting. Rebranding is a huge undertaking and not something that should be taken lightly. However, it is often necessary as a company grows and changes over time. Don’t look at this process as a burden, instead, think of it as a great opportunity. This is your chance to do everything you were unable to do with the previous iteration of your brand. So whether you decide to take the plunge now or in the future, know that a rebrand is just another way to set yourself up for long-term success. 

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine August 2021 issue.
Erica LaCentra headshot
Erica LaCentra

Erica LaCentra is director of marketing for RCN Capital.

Published on
Aug 05, 2021
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