The Power of Rebranding
Feeling a little lost about your brand’s direction? You might consider re-branding your business.
Now, you may be asking yourself – What does a re-brand entail?
It can often be as simple as changing your brand’s logo and updating your website design, something many companies typically do every once in a while to freshen up their image and stay up to date and modern. In more extreme cases, it can be a complete overhaul of the existing brand and can even involve changing the name of your brand to suit your business’s new direction.
Your brand is an essential component of your business. You need to fully understand if you truly want to re-brand your business as it can be an arduous task if not thought through properly.
Here are some of the potential reasons that one might consider a re-brand.
Reflect the natural evolution of the company
As your business grows and evolves, you may have new goals, values and even offerings that are not being conveyed through your old branding. A re-brand presents an opportunity to introduce the new products or services that you’re offering, as well as promote the growth of your business.
Connect with a new audience
If your business seems stagnant, it may be a good idea to re-brand your business to reach a new potential target audience. A re-brand is, in a way, a reintroduction of your brand to the market with a fresh new look. This is a great opportunity to increase your customer engagement by broadening your reach and tapping into a different part of the market.
Keep up with the times
There’s a certain charm that comes with family-owned and operated businesses that have been in the industry for decades. However, it comes a time when a business either outgrows their outdated image or past reputation and needs to re-brand to stay current and modern to appeal to a new generation of customers.
Better differentiate from competition
As the industry continues to grow, more competitors pop up in the market with similar offerings and oftentimes, similar branding to try and steal the market share of their industry rivals. A re-brand is a great way to stand out from the competition and create stronger brand associations with your company amongst consumers.
Streamline or refocus your message
Your brand’s existing message may not be ideal in assisting your marketing efforts. To make sure your investments don’t go to waste, a re-brand allows you to streamline your broadened brand message to a specific and distinct one. By refocusing your message and honing in on your niche, you’re able to reposition your brand and better appeal to your target audience.
However, there are also potential risks when it comes to re-branding that you need to be aware of.
On top of the cost to create new sales and marketing materials, content and graphic design, there’s also the cost of developing and implementing a re-branding strategy and the budget for marketing and advertising campaigns to support the re-brand.
Potentially miss the mark
If not done with proper intent and research before delving deep into the re-branding process, a re-brand can completely miss the mark by not reflecting the company’s goals or appealing to the target audience.
Lose current customers
There is a serious risk that you may lose current customers who have already identified with your existing brand. In the attempt to appeal to a new target market, your new branding may not resonate with your current customer base.
There are plenty of benefits, yet potential dangers when it comes to re-branding your business. You need to conduct thorough research to fully understand how your current branding affects your business and assess the potential opportunities and benefits of a re-brand.
If you’re not quite sure how to go about it, we’d recommend having a chat with our friendly branding experts to determine if this is the right step for your business.