When should I rebrand my business?
So the thought of rebranding your business has crossed your mind but is now the right time and will the business benefit from it?
The thought of rebranding a business can be scary for many business owners worried about the cost that it will be too expensive, the time consumed to create a new brand identity and if the new branding will take off or customers won’t align with the new vision of your brand.
But my brand has been fine for all these years you may ask yourself?
An outdated brand will limit possible opportunities in which your business can grow, creating the right first impression for your business is paramount, effective branding is at the front of the cue and will either make or break a business, if you give off the wrong first impression you’re going to have a much tougher time winning new clients and selling products.
The strongest brand identities are instantly recognisable and immediately convey a message about that business, some of the worlds biggest companies such as Nike , Coca Cola and Apple spend millions of pounds every year to promote and develop their brands because they know how it will directly affect their sales and market share.
What does a rebrand involve?
Rebranding a business may involve a name change, modifying a logo or creating a totally new one, its a way of redefining how your business is presented to people who could potentially be your customers and audience. You may want all your marketing material re-designed such as business cards, flyers, leaflets and exhibition stands or simpler more smaller tweaks may be justified.
The size of the project, time and cost involved of a rebrand depends on the purpose of a rebrand and what problems you’re trying to solve.
Check out this article from HubSpot’s blog – The Ultimate Guide to Successfully Rebranding in 2019
Let’s take a look at the main reason’s behind why company rebrand
Your brand name no longer reflects your brand vision
You may still have the same logo from initial starting the company 10 years ago with an old school style fonts and outdated colour palettes or even the name no longer represents what the brand is all about. A “rebrand” is something all successful businesses do to stop their business from looking outdated.
You’re struggling to differentiate yourself from the competition
Its easy to get lost in a crowded marketplace you need to stand out from the crowd, investing in your brand identity can help you start winning bigger contracts and the business you want.
Struggling to get rid of a bad reputation
Over time some companies can build a negative reputation, a fresh brand can win back customers with a new improved vision, identity and brand values.
Price premium and perception of quality
Why do we pay more for branded items the non branded items? A standard coffee in a cafe may cost you less than one pound whereas Starbucks and Costa can charge triple the price even though it may be the same product.
A strong brand identity positions you in the mind of a customer providing quality worth paying for.
Recognition and loyalty
Customers and you’re audience are far more likely to remember your business and product with a strong brand identity, a strong logo and image helps keep the company in mind for your potential customers.
People like to be associated with “good” brands and will more than likely refer you to others when they have a good customer experience and feeling about your brand.
We all tend to use a more established business that is well known, a well branded business is more likely to be seen as experienced and generally more reliable and trustworthy.
In short a rebrand will help the business evolve and develop, attracting more business and the right sort of business you’d like, it will also help larger organisations take you more seriously. It will solve many problems you face as the business grows and help you move into new marketplaces.