The key to success for every business is having the right brand identity with a competitive advantage. The brand forms the foundation and backbone of any business; it sets the stage for a strong reputation, creates a clear visual identity and communicates essential components of the company. Are you thinking about rebranding your business?
Whether your goal is to create a new brand identity for business, or tweak an existing one, then you have probably realised that rebranding your company is not as simple as it was ‘back in the day’. For one, if your company has a presence on several online marketing platforms, then it’s going to take more than just updating your building signage and this can be a complex process.
If your company has shifted its focus, entered a new market or is in desperate need of a makeover and you have evaluated your reasons for rebranding, then we say, go for it! It’s also important to consider the pros and cons of rebranding, which we help you out with here.
The Pros
New Image, New attractions
Perhaps your current branding isn’t portraying the message clearly enough; it has become stagnant over the years or irrelevant to your target audience. Not good! Rebranding can boost your company’s image and brand message which means fresh prospects, updated personality and drawing in customers, including reaching new demographics.
Stay Current with New Goals
Rebranding gives you an opportunity to set new goals. This could be to create a new product, improve on an existing one or focus more on customer engagement. On the topic of staying current, it is a good idea to keep updating your mission, vision and goals to survive and stand out amidst a competitive landscape.
Streamline Messaging and Increased Engagement
As things change, your brand identity and message may become diluted or less relevant over time. Rebranding offers the opportunity to regroup and shift the spotlight on a new focus point. Making adjustments to your company, such as adding a new product line, gives you a reason to create a stir. Use your rebrand to get people talking on social platforms by showing them what is great about the changes you are making and your reasons. Focus on shaping novel ideas in the minds of customers to help them recognise the value in your product/service.
Cons of Rebranding
Chaos
People don’t like change because it comes with uncertainty and in this case that means they may question what the outcome will be. This is why communication is vital during rebranding. It’s a catch 22 situation because rebranding (if done in the right way) will likely attract new customers, so it’s worth the risk.
Costs
If you plan on rebranding then know that it requires efforts on many levels such as establishing the strategy, new content, graphic design work and marketing campaigns. This isn’t cheap but rather invest money to ensure the rebrand process is done properly the first time around.
Rebranding is no walk in the park. It requires careful thought, planning, considerations and investment. Before you go ahead with it, make sure you understand the pros and cons and do your research! Good Luck
