The Benefits of Rebranding
For many businesses, there comes a day when you need to refresh your image. That might seem far off on the horizon for startups and small businesses – but if your goal is find sustained success, you’ll be faced with the problem eventually.
But rebranding is hard work and will require a substantial investment of both time and money. A new logo and new brand guidelines usually mean new signage, stationery, equipment, websites, sales scripts, business cards, and more. With all that potential difficulty, it is important to understand the benefits of pursuing a rebrand before you jump into the process.
Today we’ll look at two factors that surround the decision to rebrand: how you know its time and what benefits it will bring.
When Should I Rebrand my Company?
Rebranding is not something that you should get into lightly – and businesses that go overboard with rebrand often end up suffering in the long run. If you’re chasing after a rebrand every year, pump the brakes and settle into things for a bit. But if you’ve been rocking the same logo and tagline for a decade, then it might be time to start researching a rebrand.
But just the passage of time isn’t enough to justify the need for a rebrand. So, when should you rebrand? Consider the following scenarios:
- Outgrowing your old brand – Businesses grow and evolve over time. And sometimes they change so much that their old brand just doesn’t fit anymore. If you’ve added features, shifting focus, or taken on new challenges, then it might be time to reimagine your logo and brand to reflect the new business you’ve built.
- Staying current – Old brands are trustworthy, but sometimes they just look old. If your branding feels trapped in the ’90s, consider a refresh to bring it into the modern age. This doesn’t have to be a total rebrand – but you could benefit from a modernized look and feel.
- Breaking into a new market – Your logo might be perfect in the past, but if you are looking to break into a new market you might benefit from a rebrand. Understanding how your brand is received by your target audience is one of the first steps toward expanding your business.
- Standing out from the competition – Maybe you were the only game in town when you started – but if you’re facing stiff competition a rebrand can set you apart from the sea of copycats and competition.
These aren’t the only reasons to start into a rebranding effort – but you should get the picture. There’s no need to jump into a full rebrand every other year, but if your company is going through changes then it’s time to start considering a rebrand.
Benefits of Rebranding
Now that we have some idea of when a rebrand might be necessary, it’s time to look into the benefits that an investment in rebranding can bring to your business. As with any marketing decision, there should be a clear ROI goal before any campaign is launched.
Your specific situation will determine your exact rebranding benefits, but the following list should spark some ideas about how to measure your success.
- Re-engage old customers – sometimes old relationships grow stale and they need a kickstart. A rebrand can get your old customers to perk up and pay some attention to a brand they had all but forgotten about.
- Speak to new values – Has your business taken a new direction? Are you driving toward new goals or advocating new values? A rebranding can help to spread that message and mark the shift to your customers.
- Generate buzz – Sometimes you need to shake things up for your own sake. And a rebrand is a great way to generate buzz around your business. While it might not make the front page, a rebrand can help to jumpstart your social media or even end up with some press coverage.
- Improve bottom line – This is a broad one, but the goal of every rebrand should be to improve the company’s bottom line. Whether you are looking to reconnect with old customers or generate media buzz, a rebrand should drive more customers, more sales, and more money.
Taking Your Brand into the Future
Knowing when to go after a rebrand is a balancing act between respecting where you’ve come from and anticipating where you are going. But keep in mind that even the most established brands can benefit from a rebranding effort.
When it comes to executing a successful rebrand, you should look for a full-service agency that has experience in a variety of service areas – including graphic design, marketing, content creation, branding, and public relations. At Fusion Group USA, we offer all that and more. Contact us today to learn more about how we can help to shape your future.