If your business has been operating for a while, you will have undoubtedly considered the prospect of rebranding. Changing how you appear to the world at large can certainly be a daunting challenge, fraught with hidden dangers and the kind of undertaking that could go badly wrong. Many business owners and managers in these circumstances, quite reasonably, take the safe option and keep things as they are.
The truth, though, is that rebranding your company can bring substantial benefits if done for the right reasons and handled by people who know what they are doing. It can transform how the outside world views your product or service for the better and encourage them to engage more deeply.
There are several reasons why you might be thinking about a rebrand:
- Sales have dropped and your competitors are getting better.
- You are thinking of moving into new markets.
- You want to reach a different type of customer.
Rebranding is not simply about changing that dusty logo and your well-worn headline message. It’s about drilling into your core provision and beliefs, why people should do business with your company, what’s so great about your product or service and how you separate yourself from your competitors.
Connect with a New Demographic
Things rarely stay the same. New products come onto the market, people’s attitudes change, kids grow up and become potential customers. What you had that worked five or six years ago may not work as well today. Going back to basics and looking at how your brand behaves right now can help you ask the questions that allow you reach out to customers more strongly.
One of the problems with your industry is that everyone is trying to compete with everyone else. That means businesses will start to merge into one in the eyes of customers, offering the same packages and sending out almost identical messages. Standing out in this environment can obviously get you noticed and redressing your brand to make your services different can bring huge benefits.
Refresh, Renew, Stay Current
Rebranding is not about pulling up the infrastructure and throwing in something entirely new – it’s more about making sure that your business stays current and relevant to customers. It shows that you are a forward thinking company and always looking to improve things rather than standing still.
Expanding into New Markets
Rebranding is also a great way to facilitate your move into different areas and markets. It’s often not a case of simply tweaking the old messages but finding the most coherent new ones that match the changed world you will be operating in.
The Bottom Line
The major benefit of rebranding and the primary reason it should be carried out is to improve your bottom line. Increasing sales by being more relevant to customers comes from a having a brand that stands out, provides what people want and is reliable, standing head and shoulders above your competitors.
Yes, undergoing a rebrand can be time consuming, a step in the dark, and, if done badly, could lose valuable business. But it can also invigorate your brand, get you noticed by whole new demographics, increase sales and help you jump into new and exciting markets.