Why rebrand? The benefits of a refresh
We will provide guidance on Why rebrand and the benefits of a refresh.
Why rebrand? The benefits of a refresh
Is your branding no longer an accurate reflection of your business identity and its values? You’re not alone! You see, “on average, businesses rebrand once every 7-10 years”. Iconic rebrands include Apple’s repeated recolouring of its logo and Lego’s engaging expansion into movies, clothing and theme parks – which have certainly not damaged either brand’s standing. But with rebranding often requiring a new logo, colour palette, business name and website, you may be thinking “is it worth it?”.
Discover why you might look to rebrand as well as four strong benefits of refreshing your brand, below.
When should you rebrand your business?
This decision will be determined by the long-term strategies you have put in place. However, we are here to tell you that rebranding is an excellent way to:
- Launch a new product or service
- Stand out from the competition
- Modernise your business
- Better serve your customers’ needs
- Prepare for national or international expansion.
In the fast-moving world of business and e-commerce, everything visual that you publish from your company needs to reflect your unique selling points, values and company mission. Marketing trends are also ever-shifting, and whilst it is wise not to adopt each new trend, keeping your company image relevant to your customer base and the market is vital.
Rebranding ensures you stay relevant
Few successful companies have failed to innovate when it comes to their brand. Instead, they have refined their offering, aware that their customers or clients demand the very best (up-to-date) version of your products and services.
Whilst we have previously covered Why a brand is important and why it’s not just a logo, your logo remains a crucial identifying feature and should be modernised every few years. It helps customers to remember and recognise your business – and you want them to remember you for the right reasons.
The reality is if you sense your current branding is outdated and unlikely to stand out among the sea of competition, it could be sending out the same message to customers checking out your brand. Outdated branding is a ‘red flag’ to many potential customers and clients. They may assume you have taken your foot off the accelerator or have stagnated in terms of quality, growth and ambition.
Revamping your logo, colour scheme and other brand elements – with expert help – ensures you will stay relevant in an ever-crowded market.
To appeal to new demographics
A rebrand can help established businesses reach a new market or wider audience.
When expanding nationally or internationally, you can often find that your original name does not translate or resonate with the new market. Or, by associating yourself with a local area or region, you may fail to bring other regions onboard. Any marketing failure can incur large costs and dent your team’s confidence for future expansion.
An established mortgage company or financial planning firm could rebrand to attract ‘Millennials’ as this audience has now reached these milestone life stages. These businesses’ aesthetic and visual messaging would have once worked well for their ‘Boomer’ parents – who had different priorities and economic challenges. By keeping the same branding, they run the risk of alienating this younger generation – and ultimately losing their business – by failing to recognise their needs. A rebrand would assist this repositioning and increase a traditional estate agent’s appeal amongst today’s first-time buyers.
To increase your business’ perceived worth and profit
Rebranding your company as you scale can help to increase your prices/rates and attract higher value customers or clients.
Clearly, first impressions count with branding – as with people. Stale or outdated branding can give potential customers and leads to the wrong impression of your company. Most sectors and industries are constantly evolving – with new practices, technology and focus points coming to the fore. So, you certainly don’t want a dated logo, website and other branded assets to suggest you’re falling behind. Ignore the need to modernise visually and you run the risk of prospective customers and clients turning elsewhere for a business that looks the part.
Rebranding can help you break the ceiling on your prices too. A new more polished brand will help represent you in a better light. It resets people’s perceptions of your business and the value it adds to their lives. Professional clients and high-worth customers are more likely to gravitate to a polished and professional brand with its finger on the pulse, than one that failed to modernise and upscale.
Still apprehensive about the cost of rebranding? Business oracle Forbes notes that “with good branding and an engaging brand story, the return on investment may result in [attracting] individuals who are willing to pay extra for a product or service due to its perceived value”.
Can you afford to lose their business?
To stand out from the crowd
Maybe you are an established or family-run business that has faced increased competition in your sector or niche. Similar companies do little to help your profile when they ‘imitate’ aspects of your logo, colour scheme and other branding efforts.
Alternatively, you may have started as a ‘disruptor’ or were one of only a few companies locally/nationally to provide your service or product – only to find the market has become oversaturated. If this sounds all too familiar, or you feel your competitors are hot on your heels, your business is a strong contender for a rebrand.
In 2017, the payment giant PayPal sued American music streaming service Pandora over the latter business’ logo. PayPal claimed it was too similar to its own logo and often confused app users when viewing their app menu. This shows the significance of a logo and stresses the need to have unique branding.
Been a while since you branded your business? Choose a brand redesign and you could remain relevant, appeal to more customers, increase your profits and differentiate your business. Our award-winning design agency offers a range of branding services. Enquire here to see how we can help your business prosper.
If you are enjoying this article please read our blog Colour – Why Making the Right Choice Matters or Designing for Print – Does it Still Make Sense? both of which are important to reaching clients and increasing sales/business opportunities.