Business Rebranding: What Is It and Who Does It Benefit?
Business rebranding is a major commitment. It is a pivotal marketing decision that will change how your company is perceived and remembered by your target audience. The payout from rebranding a business has the potential to be monumental, but it can also negatively impact your marketing efforts if not executed properly.
Take clothing giant The Gap, for example, who spent $100 million on a logo redesign in 2010 only to have the internet erupt with comments from customers who preferred the original design they’d come to know and love.
This is why working with a professional who understands the ins and outs of business rebranding is so important. Many of the most common pitfalls are completely avoidable if you know what factors to consider and what steps to follow.
Let’s take a closer look at what rebranding means and how it can benefit your business.
What is Business Rebranding?
Business rebranding is the process of overhauling your company’s image and greater marketing strategy. It involves reevaluating and adapting both visual components (logos, typography, color palette, etc) and non-visual components (mission, vision, values, target market, etc).
What are the Benefits of Rebranding?
1. Maintaining Relevance in an Evolving Market
Societies, cultures, and business markets are constantly changing. What worked for your company a couple of years ago may not be the best strategy today. The most successful brands are quick to identify opportunities to adapt and strengthen their branding to better reflect current socio-economic trends.
2. Boosting Employee Enthusiasm
If your brand is behind the times, your employees likely aren’t excited by it— which can lead to a lack of engagement from your teams and key stakeholders. Gaining a fresh, modern, and compelling brand is one of the top reasons to rebrand. It gives your employees a chance to reconnect with your mission and vision, and ensures your brand identity is one they’re proud to represent.
3. Strengthening Your Competitive Position
Every business has a competitor, and the only way to outperform your competition is to invest in a robust branding strategy that aligns with your unique selling propositions and clarifies the advantage of your product or service.
If you have been around for a while and you haven’t rebranded your business, your original brand strategy may not be differentiating you from your competitors as well as it needs to. Why not check for missed opportunities?
4. Highlighting New Products, Services, Values, or Advancements
If you’ve made significant changes to your products and services, or there has been a major shift in how you operate or serve your customers, you’ll want to be sure your branding accurately reflects these changes and communicates them effectively to the people you serve. Rebranding a business is an excellent way to emphasize these developments and demonstrate your company’s commitment to continuous improvement.
5. Expanding into Untapped Markets
Many businesses have conducted a target market analysis and have a clear understanding of who their customers are. Others haven’t. But it’s important to note that target markets can fluctuate over time— so every business needs to periodically reassess the demographics of its target market.
Business rebranding provides an opportunity to analyze the shared characteristics and behaviors of your existing customer base, identify potential market segments, and gain a more comprehensive understanding of ideal customers.
Tips for Determining When to Rebrand a Business
Knowing when to rebrand a business is half the battle.
Some indications it may be time to invest in business rebranding include:
Your brand no longer accurately reflects your mission, vision, and values.
You’re attracting the wrong customers.
Your brand closely resembles other competitors or doesn’t stand out from the crowd.
Your branding is outdated and you want to upgrade to a more polished, contemporary visual identity.
Customers frequently have questions about your product or service, or it takes them awhile to understand exactly what it is you do and why.
You want to appeal to a specific demographic that you are currently struggling to capitalize on.
Your current branding is confusing or complicated and you want to simplify your messaging.
Your business has progressed and improved but your branding hasn’t.
Ultimately, there are plenty of reasons to rebrand. You know your business best and if you are questioning the efficacy of your existing brand strategy, there are most likely areas that can be improved upon.
Are you seeking rebranding services in Edmonton? I help business owners build remarkable brands that are consistent, polished, and recognizable. Click here to learn more about my process or book a free 15-minute consultation today.