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Whether your company is young or well established, sometimes events change and it becomes necessary to decide if a rebrand is in order. Whether it’s a refresh, reboot or a complete overhaul, keep in mind that the expense and time involved to rebrand your company could be costly. However, it will more than likely be well worth it to get your brand identity more closely aligned with your company.

Here are five signs it could be time to review your brand:

1. Your Service Offerings or Company Mission Has Changed

Perhaps as a result of evolving service offerings, a merger or an acquisition, you find that your brand no longer conveys the vision of your organization. Organizations sometimes broaden―or narrow―their service offerings and when this happens, it is time to ask if your brand still reflects your company’s vision and story.

In 2015, Honeywell HomMed announced a name change to Honeywell Life Care Solutions. According to the corporate press release, the name change reflected “the company’s broader healthcare commitment and its expertise in driving the innovations needed to shape the future of health management through digital technology solutions.”

2. Colors, Graphics or Fonts Are Outdated

Customers like brands that are modern and convey authority in current times. Think of how established brands such as Ford, Coca-Cola and Apple have evolved. If your company has a long history and is still hanging on to an outdated brand identity, it’s worth considering a refresh to keep your look in line with the current marketplace.

3. Your Target Demographic or Customer Needs Have Changed

Have your customers’ needs changed? Maybe your target demographic is different and your corporate story no longer conveys a compelling message. If rebranding would help you better connect with your target audiences, consider the ways you can evolve or enhance your brand to capitalize on their interests.

In 2011, Starbucks removed the word “coffee” from its logo, appealing to the new “hipster” demographic that would not only buy coffee at Starbucks, but also teas, ice cream, fresh food and handcrafted beverages.

4. You Don’t Stand Out Against Competitors

If you are competing in a crowded market, chances are you have competitors with messages that are very close to yours. Consider ways you can build clarity or extend your story to distinguish your brand promise from your closest competitors so you are better differentiated in the marketplace.

In 2014, Southwest Airlines unveiled a new look, along with a new airport experience, and aircraft livery, named Heart. This rebrand helped the company focus on the warmth and compassion of its employees, and their emphasis on putting people first.

5. There is a Real Problem with Your Current Brand

If it ain’t broke, don’t fix it. But what if something is “broken” with your brand? Maybe the landscape in which you compete has changed, your organization has endured a scandal, or cultural or societal issues have evolved and your current brand does have an “image” problem.

This year, the Cleveland Indians Major League Baseball team announced it was making a logo change, after a long debate. With some arguing that the imagery was racist and outdated, the team decided to drop its mascot, Chief Wahoo, but keep the name “Indians”. Another example of a rebrand involved The Lance Armstrong Foundation. After the professional cyclist’s doping scandal, the organization rebranded as Livestrong in 2012. The word is still out on what The Weinstein Company will change its name to in the wake of the Harvey Weinstein investigation, but a brand change is coming, along with a new board of directors and offices.

Regardless of the depth or breadth involved with any rebranding project, it’s important to communicate new branding both externally and internally. For branding to be successful, everyone in your company needs to be educated on how to properly communicate the brand―and recognize that they serve as your first ambassadors for the new brand in the marketplace.

This blog originally appeared on The Connector and was reprinted with permission.