The Benefits of Rebranding
Rebranding doesn’t necessarily mean that your business is struggling and needs a new edge – whilst it can mean this, it can also mean that due to successes your business model and goals have changed so much it is time for a change. There are many different periods where a re-brand should be considered, it comes with many benefits if done correctly, and can bring a new lease of life to your business image and products, bringing commercial benefits in its wake.
Re-branding your business can be a daunting prospect – most have no idea where to start, but if done correctly it can be an extremely rewarding process. As much as rebranding can revolutionize your business, it has to be backed up with a focused strategy that allows your business to continue operating simultaneously alongside the changes, you need people involved that understand your creative vision, and most of all, the reasons you are making the changes in the first place.
Why is rebranding necessary?
Companies change, they must if they want to stay competitive in today’s ultra-competitive world, and alongside these changes, their brand must evolve with them. There are multiple reasons why this might be the case.
- The aesthetic of your brand and what the ethos you have built your brand around may no longer represent the direction the company is going in.
- Your business may be growing, or maybe you are expanding the scope of the business altogether, entering a new market will likely mean you need to take a different approach to advertising your business.
- You may need to rectify past mistakes; the brand may simply not be doing what you want it to – if it isn’t differentiating you from your competition then it isn’t good enough.
There are many reasons why a rebrand may be on your mind, but as we said, don’t be disheartened if you need to go back to the drawing board, some of the largest organizations on the planet have been through multiple rebrands in order to get the most out of their businesses.
Take Nike for example, they have had five logo changes since their conception in 1964 and they weren’t even called Nike then, they were Blue Ribbon Sports, and didn’t introduce the famous tick until they became Nike in 1971. Long story short, Nike are a beacon broadcasting the benefits of multiple successful rebrands.
The truth is that many companies, including some of the most successful in the world, rebrand often.
When should a company consider rebranding?
Rebranding isn’t easy, and depending on the extent at which you rebrand your organization – it can be expensive. But rebranding – as we said previously – doesn’t have to be complete overhaul of everything from the logo to the company name and everything in-between, you will however need to make meaningful changes in order for your new brand identity to be recognised.
It is these reasons that require you to be sure, you need to know that a rebrand is right for you, and once you know that for certain, that it is the right time for a rebrand both financially and operationally.
Companies should rebrand when they outgrow their original mission
Perhaps your business started off selling basic subscriptions to services such as Microsoft 365, but now you want to expand your product offerings to add management of those apps, integrations, and maintenance too. If your branding and brand strategy are centred around selling subscriptions, your prospective clients may have no idea you offer anything else.
Therefore, it is beneficial to ask yourself on a regular basis – has my target market changed? Is it because of my offering if so? And when it has, decide on a rebrand that will better target that new market.
Don’t pigeonhole yourself – be sure that your business name isn’t too narrow or literal, there is occasion that this works, KFC, Burger King, for example because a burger is a burger and chicken is chicken. But for organizations that work with tech, the landscape changes far too often, there is no point calling yourself VoIP Solutions for example, because when VoIP is no longer the latest point of connectivity and something new comes along, you are simply limiting yourself to future growth opportunities.
Other reasons companies should consider rebranding
There are a few other major reasons you might consider a rebrand in your marketing strategy. These include:
Mergers and acquisitions – It is a common occurrence in modern business for two companies to merge, when they do one of the first things the owners must do is decide whether to operate the brands separately or join them. Combining the brands allows them to operate under an existing identity – which in turn allows them to keep the trust that they worked hard for before the merging, develop new brand recognition, and prevent confusion. Sometimes, a partial rebrand is good enough.
Market repositioning – If you reposition your business to go after a different market segment because of changes to your pricing, the quality of the products you offer, what those products offer, or the audience you are appealing to, you will need to consider a rebrand to gain market share. Market repositioning is the main reason for a rebrand, your old marketing material and approach to visual design and content will be useless, or at the least, less effective going forward.
New markets or locations – Similar to market repositioning, if you are expanding to new geographic market you will need to explore the ways that others in that market sector go about their business, in the process considering whether your brand is a good fit for the market you are entering. Sometimes, the difference may force you to change your business name and logo, it may be the only way to effectively sell products or services to your targets in that new market.
Overcome a public relations crisis – If your brand has been tarnished – depending on the reason – any rebrand could be futile, but although rarely a good idea, a rebrand can help you overcome a public relations identity crisis. Bear in mind, when trying to overcome an identity crisis you will likely need a complete overhaul, you want to leave nothing behind that remind your clientele of past mistakes or miss conduct.
Helping you with your rebranding
Our team of experts can ensure that you get the most from your business, if a rebrand is on your mind don’t hesitate to get in contact with our expert team. We will manage the rebrand alongside you, constantly communicating what your vision for the future of your organization is – with our help we can revolutionize the way your business is projected to the world. Get in contact with our team and see what more we can do for you.