Is your brand pulling its own weight in your marketing strategy? If not, it might be time to bid “adieu” to your current image in favor of a rebranding strategy.
Many people think of a brand as a stagnant piece of marketing, something that never changes once it’s been introduced. After all, it’s not much more than a name, logo, and tagline, right?
Far from it.
Your brand is what identifies your company. It’s how people connect your name with what you can do for them. It’s the way people view your company’s reputation.
It has the power to attract (or repel) new customers and turn them into lifelong partners.
Your brand is too important not to invest in it. If you don’t, you’re putting your brand at risk of evolving naturally rather than becoming what you want it to be.
And sometimes, that natural evolution can take a downward turn.
If you’re in need of a brand boost, consider these five benefits of brand rejuvenation:
1. Rebranding Can Replenish Your Reputation
In simplest terms, your brand is how other people view you. They may recognize you by seeing a logo or hearing your tagline, but ultimately they’re associating certain characteristics with your brand.
You can control what those characteristics are.
For example, if you have an outdated logo, you might start to gain a reputation for not being cutting edge or behind the times.
Think of what Apple’s old rainbow logo from the 1980’s would look like on a billboard today. Would that affect how you view this modern tech giant?
Perhaps.
Consider how you want your customers to view you. Then, find ways you can rebrand yourself to uphold those images.
2. It Sends a Clear Message
Changing your brand lets people know you’ve got skin in the game.
It tells stakeholders, you’re not just resting on your laurels, but are actively involved in your brand. You’re changing to meet evolving market needs.
These are clear signals that you not only care about your company, but you’re doing everything possible to see it succeed.
3. Better Branding Adds Value
A Nielsen study reveals that 75% of people will make a purchase decision based on brand.
That’s a powerful statement, and one your bottom line shouldn’t ignore.
A company can boost the value of its products simply because of its brand. If you feel your brand isn’t increasing the valuation of your services, rebranding should be in your future.
4. New Brands Mean New Customers
Upgrading your brand isn’t just for designs’ sake. It’s also a way to establish yourself as a leader in new markets.
Including new products or images during a rebrand can make you more appealing to audience segments you didn’t have before.
Before you rebrand, consider your existing demographic and who else you want to attract.
5. A New Brand Offers a Fresh Start
Having a well-established brand can help customers remember their experiences with you. Of course, the problem with this is that some solid brands aren’t providing great experiences, and customers remember this.
Even the best businesses can make poor hiring decisions, receive bad Google reviews, or fail to respond to customers’ needs at times. If these mistakes have made your current brand suffer, rebranding can prove to your clients you’re ready to start fresh.
Wrap Up
As many benefits as rebranding offers, it’s important to realize it’s not always the answer. Changing your brand requires much thought and dedication to make it effective, not to mention resources.