Branding is an important factor in business success and it can take many years to shape the image and direction of your company. As such, attempting to change the audience and market perception of your company is not something to be entered into lightly.
Rebranding can be a process that evolves over time or a revolutionary change, the logical conclusion of a company’s growth, or an about face to take the business in a new direction. Regardless of the situation, the objective is the same: to resonate with your target audience more deeply.
Top 5 reasons to rebrand
- Your business has expanded beyond its original vision. This includes:
- Expanding your products and services into new areas, which can mean moving from computers to consumer electronics, or adding a new style of food to your menu.
- You’ve developed beyond your initial location or coverage area, and have grown from a citywide company to a national one, or from a national to a multinational.
- You need to reposition your company within its marketplace because:
Your brand is too close to a competitor’s and greater differentiation is required. This is particularly important in highly regulated industries where products and approaches are similar in scope, such as the financial services sector.Your company may merge with or acquire another business. Rebranding can take the form of becoming an entirely new brand and organisation, or incorporating the new entity into the existing.
- Your business is attempting to repair a damaged reputation. For smaller businesses the internet is a powerful and effective tool for receiving positive and negative feedback alike. However, it can easily get out of control and bad user and consumer reviews can be detrimental to your company’s image and performance. A successful reinvention can show that the company has learned from it’s mistakes and is ready to make positive changes.
- Your brand risks becoming irrelevant to consumers in a changing market. Every business needs to keep pace with changing styles, emerging technologies and changing consumer behaiviour. In some industries these change rapidly, in others these changes can take longer. Businesses that don’t keep up with advances effectively will be left behind and may develop the perception of being outdated or outmoded in their operations. Once this happens, shaking a stuffy or dated brand image can be a tricky proposition and a complete overhaul may be the better option.
- Refocus. As a company evolves and grows it may acquire different products, or offer an increasingly broad range of services. Sometimes consumers may have trouble understanding what the company does, or the brand no longer effectively represents the company. A rebrand can help a company to refocus and consolidate its strategy.
The gains of a successful rebrand
Rebranding can be more than simply changing the public perception of your business. If done successfully it can be an invigorating experience, revitalising your company’s internal culture, improving productivity and giving it renewed focus. If done correctly and for the right reasons, it can be one of the most rewarding and transformational undertakings an established business can perform.