To rebrand is to change the image of your organisation, aiming to make the company more attractive to customers through developing a different brand identity.
So how do you know when to rebrand?
Rebranding occurs for multiple reasons, it is normally due to the organisation’s current branding and positioning being outdated and not reflecting the company as it is now. Other indicators include: outdated logo, outdated website that no longer meets your business needs, you’re offering different products or services, you want to reach a new or different target audience, you want to set yourself apart from competitors or your business has evolved.
If this applies to your business than its probably time for an update.
We’ve identified 3 key benefits of re-branding your business.
New Customers and Increase in Engagement
Throughout your companies’ lifecycle, your target audience can change. By re-branding you are refreshing your look, enhancing your ability to reach new customers. When you focus on new aspects of your business and promote yourself differently, customers will take notice, stimulating your business to grow in an ever-evolving market. It also gives you the opportunity to reach new demographics and increase overall revenue, as more eyes are drawn to your product or service. Rebranding allows you to communicate changes in your business, offering a chance to engage with people about your new value proposition and generating intrigue amongst your customers.
When rebranding your business, it is vital you align your updated brand with your new mission, goals and product or service offerings. This can be effectively achieved by drafting a 6-12 month business plan, detailing what your specific goals are and what you are hoping to achieve from rebranding your business. A business plan gives you a clear path to follow and provides a benchmark when measuring your rebrands’ success in the future.
Set Yourself Apart from Competitors
Rebranding can be the most effective way to set your brand apart from industry competitors. If you are losing customers to competition, then it is important to keep your business updated and relevant. Rebranding will re-shape customer perceptions, providing opportunities for them to recognise the value your products and services have. Creating differentiation reflects that your services are unique, it reinforces individuality and communicates your businesses point-of difference, enhancing competitive advantage.
Before you commence rebranding your business, ensure you conduct competitor analysis. Completing this analysis not only allows you to identify your strengths and weaknesses against competitors, but also enables you to recognise your point-of-difference in your product or service offerings. This point-of-difference can then be emphasised in your rebrand, increasing your businesses competitive advantage and ability to attract new customers.
Staying with the Times
Your current branding may not reflect your business values or offerings, stifling opportunities for growth. Rebranding allows you to update your mission, vision and goals to survive the competitive landscape of globalisation. Updating your brand also gives your business the opportunity to stay relevant, aligning your product/service offerings with industry and consumer trends, benefitting your company’s image and increasing profit margins.
To ensure your businesses rebrand effectively appeals to new customers, it is essential you complete target market analysis. Identifying trends in your customers behaviour allows you to tailor your brand, product and service offerings to their specific needs and wants, increasing your businesses ability to benefit from rebranding and experience greater profit margins.
Although rebranding can generate better stakeholder engagement and build greater competitive advantage, it is vital to plan how the success of your business rebrand will be measured. Before you embark on the journey of rebranding your business, ensure you have a comprehensive brand strategy. With the help of experienced strategists, the process of rebranding can be smooth and efficient, enhancing your businesses ability to fully benefit from its’ new image.
For more information on rebranding your business contact us via mobile or email.