Whether you are simply changing your logo or performing a full-blown rebrand, it comes with various advantages that competitors may not have readily. While a rebrand is not a casual matter for any business, it is sometimes necessitated and can be the difference between a failing business and a thriving one.
In this article, I share 10 reasons why a rebrand is a good idea for your business.
Benefits of Rebranding Your Business
1. Position Yourself for Better Clients
There comes a time when you have a business that is at the pinnacle of its performance. While everything seems to be going on well, you very much know your business has hit its peak and may come crumbling down. In such times, your business may have become stale and your brand is no longer effective in attracting clients who will pay you higher. Perhaps everyone has tagged your brand as the business that works for small businesses, but you want to pivot to Fortune 500 companies. In such a situation, your business will benefit from a refresh or a rebrand where your communication and brand elements actively are tailored for the new and old businesses you want to work with.
2. Establish Differentiation from Competitors
New business comes up every day and your industry is not spared of new entrants. Most industries today have very few barriers and quite a handful of people can willfully enter and quickly become formidable competitors. While businesses may be similar in offerings and other areas, there are no two brands that are the same. A brand these days has a personality and much like a human has attributes. With a brand refresh, you can maintain your relevance and communicate enhanced value to your clients. This alone will increase the chance of clients seeing your brand as the more modern business that can solve their contemporary problems.
3. Handle Brand Objections and Close More Deals
You may have heard of objections in sales. But did you know that potential clients also have objections about your brand? These objections alone can be the reason why a certain class, group or demographic of people aren’t buying from you.
While it may not be obvious because matters of branding are sometimes mental and not readily observed, you can quickly come to a conclusion that certain groups may avoid your brand. It could be because their consumer identity does not match or align with yours. Consumers in recent times don’t just buy products and services, they also buy because of identity and causes.
When Apple announced it wasn’t including chargers in their new iPhones. environmental enthusiasts and advocates were happy. If you are in such a group, you would love the brand more and probably get one of their devices to support them. This is the power of a brand. If you are locked in old perceptions as a business, it may be a sign that you need a rebrand to refresh your business and attract more deals.
4. Damage Control and Emerge Better From PR Disasters
When you are going through a crisis, failures, or some other PR conundrums, a rebrand may not be the best of things to do immediately. However, when all is said and done and your company emerges stronger by solving its problems, a rebrand may be a great way to tell the world of your new mission, direction, or way of doing things. The rebrand may be the sign of the end of an old era. This strategy has been repeated again and again and has worked most of the time. We are humans and understand that people and businesses can change for good. However, never perform a rebrand to deceive clients because if your brand has not changed from its old ways, they are sure to discover that. Many businesses such as GAP have had to revert to their old logo design after a rebrand because of insignificant reasons behind the rebrand. This created an outcry among their customers.
5. Position Your Brand for Quality Talent
Without quality and passionate employees, your business will hardly go beyond you. A rebrand can be a remedy to solve that problem. In most cases, when you start, you may work alone and eventually get a few people to support you. But in the eyes of customers, the brand is you. And when you become the brand, it can sometimes hinder the business. A rebrand can communicate a shift in leadership stressing the fact that the business is a place where people can pursue their interests and grow while making a good income. Employees also need to be marketed to, and a rebrand can do exactly that. If you are also already a thriving business, a rebrand can add freshness and new meaning to the lives of your workers giving them more motivation to pursue their goals.
6. Stay Relevant With Targeted Messaging
With a rebrand, you can remove boredom from your brand because people do not buy from brands they consider boring. Today’s consumers prefer vibrant brands that are more than a business. They want to buy for a cause such as saving children, providing for the needy, and various social causes. If your brand lacks some of these elements, a rebrand can refresh your business and allow consumers to take a fresh look at your brand. How people see your brand directly affects if they decide to do business with you or not.
7. Show Clarity on Critical Company Changes
Mergers and acquisitions, change in company vision and mission, new leadership or direction are some of the reasons why a rebrand can be a good thing. Such changes are critical to a company and its brand. By rebranding, more awareness can be created for the new direction that the company is taking. You will also be able to appeal to your newfound audience.
8. Attract a New Audience
As a market strategy, it is sometimes necessary to rebrand to take advantage of new locations, demographics, etc. If you are a small local business with only one shop or office in your locality, you may have dreams or even be making plans of moving to a bigger city where you can attract a new audience. However, that isn’t always an easy feat as it comes with challenges and your brand perception may not be doing you any good. By rebranding, you can communicate a shift in your business and have targeted messaging that shows all segments of your customers that you are valuable and can help them.
9. Get Better Search Rankings
Search engines have become more than powerful with billions of searches performed daily. Each search could mean a deal for you if your website is visible enough. Changing your name or rebranding for search rankings alone may not be the best, but provided that you have other critical reasons to rebrand, you can get a lot of traction with a suitable brand name. Having a name that is directly relevant to your industry can be a catalyst for better performance. However, it should be noted that the name is a small factor, and should not be considered alone when designing an SEO strategy. Let’s say, it is a GOOD TO HAVE when it comes to rebranding and not a MUST have.
10. Charge Higher For Your Products and Services
A brand is a perception that people have about your business. That perception affects the amount they will be willing to pay you for the value you provide. If you are stuck with a low-value brand, a rebrand can remove all related perceptions and help you get more for the work you do.
Rebranding your business is not a straightforward strategy or tactic to use whenever you feel stuck in business. It has lots of benefits but as we have seen with GAP, Comcast, and many other businesses that failed at rebranding, it has to be intentional and have a critical shift in business to it. Whenever you decide to rebrand, you need to go through your objectives and aims with a marketing professional who understands how to navigate rebranding. Contact me and let’s take your brand to the next level of relevance, impact, and revenue.