There is no doubt that brand, and all that it encompasses, is a daunting part of business. Rebranding your business is not to be taken lightly, but it’s a crucial part of making sure you continue to be relevant and recognisable in your marketplace. If you want to show your audience that you are doing something different or the way you look, feel and sound no longer reflects what you stand for, you need to seriously think about rebranding.
Part of the ongoing cycle of business success is to benchmark your brand strategy against your business objectives. A change in your brand represents a shift in direction, which in turn represents a required change in how you present who you are as a company to your target audience. And that in itself can be pretty scary.
You might worry about how to go about it and how your audience will perceive these changes. How can you ensure you make the right changes? Will you alienate existing clients in the pursuit of the new? Will you lose brand recognition?
You are not alone in thinking this, but having an understanding of why you would rebrand and how it might benefit you helps to make the decision more logical.
So, let’s start from the beginning.
What is a rebrand and what does it involve?
Rebranding is the process of checking back in with your business’ core purpose and redefining or finessing your strategy (vision, mission, values). Having checked in with yourself as a business, it is important to understand how you are perceived by your target audience and how well your brand is faring against your competitor. The answers to these questions can give rise to obvious reasons for change in your brand identity. This can include addressing your name, tone of voice, logo, visual identity and marketing strategy.
Maintaining relevance in your brand communication and staying one step ahead of the competition are key to business strategy. Speaking from an authentic place drives customer loyalty and builds your brand reputation, in turn attracting new customers. We live in an ever changing world where consumer needs and expectations are constantly shifting. More choice equals harder decision making and the necessity for clear differentiated brand communication has never been more important.
This shift in how you present who you are as a company doesn’t happen overnight and it’s not an easy process, that’s the reason why it shouldn’t be made lightly.
Am I making the right choice in order to attract new customers?
Significant change in how you communicate your business does take time and consideration. Businesses fear loss of brand recognition or the alienation of a heritage and loyal customer base. These are understandable concerns. But think about some of the most iconic heritage global brands; Coca-Cola, Apple, Starbucks – they haven’t remained static. They have all evolved in different ways in order to stay relevant to their changing markets. One thing they have done however, is remain authentic and true to their brand purpose.
Four reasons why rebranding your business is worth the investment
1. Connect with a new audience
A key benefit of rebranding is the ability to reach new customers and rekindle interest from your existing customers. Brand research will help you clearly identify your customer personas.
2. Distance yourself from your competitors
Rebranding your corporate identity with a new voice and look can be the eye-catching element that shows potential clients that your services are unique and differentiated from others in the market.
3. Achieve new goals
A company rebranding sends the right message to stakeholders, it shows that your business is evolving!
4. Boost the value of your company
Your brand is a business asset and it adds real, tangible value to your business,. Being a purpose driven brand which nurtures its reputation is proven to accelerate your company’s ROI and YoY profitability.
Is your brand strategy reflecting your business goals? Are you differentiated in the market? Do your customers remain loyal to you regardless of price? Always remember that your brand sits at the core of your business, so it’s crucial you get your strategy right!
As a brand, design and digital agency we can help you assess your brand performance and deliver at every stage of the project.