Rebranding is a famous marketing strategy which helps a company reposition and reintroduce their brand with a new identity and perspective, often to dissociate with negative connotation or image, or to simply revamp and bring the company up to speed with the fast changing interests of society. Rebranding can apply to the company’s logo, theme, existing products, and products still in development.
Your brand is the foundation of your business. If it isn’t right, your products and services will not be communicated well with your audience, no matter how expensive and intricate your marketing plans will be. The most successful companies we know to date achieved their success by being able to align their company’s values with their brand and express what their products are truly for. Most of these big-name brands have gone through rebranding before achieving their great successes too, and are now recognisable by the smallest things – their colours, logos, and taglines.
Thinking of rebranding can be tedious because it affects all aspects of the company, both internal and external. Before you come up with your new strategy, always make sure to check in with all your stakeholders, board members, and consult with a marketing expert, to make sure your rebranding will shoot your business up to the sky, and not hold it down six feet underground.
While you are considering taking these big steps and making these huge changes for your brand, the first thing you would want to take a look into would be the benefits your business would get, in the event of successful rebranding. Here’s a quick list for you to check out:
One of the goals that rebranding has is to stay current. Design plays a major role in your audience’s decision making. With demographics, trends, and the entire market that changes constantly, we find most businesses struggle to stay relevant. Rebranding helps your business tell people that you’re here and that you’re keeping up with the trends, as everybody else is.
2. New Audience
Sure, retention is one of the keys in keeping the business alive, but gaining new customers and entering a new market is essential for your growth too. A new brand will help reach a new audience for your business, creating room for new growth in a market that’s constantly changing.
Your old demographics will still be there to patronize your services, but gaining a new audience can surely help your sales and marketing, as the social media era progresses. For example, if you were a business who catered to Baby Boomers mostly, rebranding to reach Millennials will surely keep your business going.
In this world where trends are changing every now and then, your products and services will need to keep up too. The demands of the market will not be the same as they were 10 years ago, and as a growing company, new products and services will always help keep the business going. Now, as you expand your line, your brand might not work with the services anymore and this is where rebranding comes in.
Rebranding is one of the most perfect and subtle ways of showcasing your company’s growth. Everybody loves a business that keeps on growing and evolving, and with rebranding, you’re updating your services and the ways you market them to gain more business, while still keeping the old stuff that people have loved since the beginning.
4. Stand Out
One good way to gain control over your market and be known is by standing out against your competitors. As you grow your business, your values and goals may begin to align with your competitors, and the only thing left to tell you from them would be your brand. Rebranding is one of the most effective ways to keep your business standing out and getting more noticed than the rest. Making sure your marketing and services are different from your competitors tell a lot about how unique and how much of an expert you are in your field.
Rebranding to stand out is one of the most common reasons business owners have when considering this move. Having a saturated market for your product and appearing similar to every other competitor in the market may seem unavoidable, but with the right timing and implementation, rebranding can make you stick out like a sore thumb and bring more business in.
5. Increase in Profit
Every business should have an increase in profit as one of its goals. Given the many other benefits that rebranding can give you, an increase in profit is one to add to the list too. Rebranding will spark the curiosity of many people. A new brand in the market will always be something to talk about, and something to try out at least once.
This phase in your rebranding is the window to increase your profit, as it also is the peak of the community’s interest and curiosity in what your brand has to offer. This is also the crucial part, as it can make or break your business, depending on how well the responses will be.
While rebranding is not always the answer to achieving your success, it definitely is one of the major steps you could take for your business to steer it towards your goal. As you go through your marketing plans and think of your reasons for rebranding, you will surely discover more benefits that you can get from the changes you will be planning to make. This list is a partial and more general overview of what rebranding can do for you.
If you are looking to rebrand, contact Scarlett Vespa today and she will help you.