Saying goodbye to 2018 and welcoming 2019 is a good time for a fresh start. This typically involves new year’s resolutions or new goals, but it can also include a rebrand. The onset of the new year is the perfect time to give your brand a refresh.
A rebrand is more than a new logo design or tagline. Multiple factors go into rebranding that can make it feel daunting, but rebranding can ultimately help an organization to redefine their brand. Our brand strategy consulting partners have extensive knowledge and expertise helping clients with their rebranding strategy.
If your brand is feeling a little stale or doesn’t quite reflect the evolution of your business over the years, perhaps 2019 is the perfect time to rebrand. So, if you’re sitting on the fence, the following are a few key benefits you should consider.
Expose your business to new customers
Today’s marketplace is ever-evolving, with more complex customer needs and fiercer competition. The longer your brand is in the limelight, the more likely you are to build a loyal customer base as customers grow to trust your business and find comfort in the familiar. On the other hand, this makes it more difficult to attract new customers, particularly among the younger generations who tend to gravitate towards brands that are new, exciting, and innovative.
So, even if your brand is at the cutting-edge of innovation internally, its perception may be old and dated. A rebrand could be just the breath of fresh air that turns your business into the “shiny new toy” that younger generation customers are searching for. Furthermore, if your rebrand is successful, you will retain your loyal, established customers.
Show the world your evolution
Every business needs agility and flexibility in their internal processes to keep pace with the markets in which they operate and their customers’ requirements. With intense competition, more informed customers, and stricter regulatory requirements, if you fall behind, you won’t survive long.
Throughout your company’s lifecycle, you’ve undoubtedly had to change, improve, and evolve to keep up with the pace of the market. Technological advances may mean your business operates very differently than when it initially launched. So, while you may be thriving internally and your customers are happy, if you still have the same old logo, tired brand colors, and outdated fonts and imagery, to the outside world, your brand looks like it’s been left behind. Often, the best way for your external brand image to reflect your leading-edge internal processes is through a rebrand.
Keep competitors at bay
Predictably, the growth and evolution of your business will result in enhanced capabilities, as you get better and become more efficient in your processes. Unfortunately, in today’s global marketplace, your competitors are likely doing just the same, and there will come a time where you struggle to differentiate your brand, and its product/service offering from that of your competitors’, and your potential customers may struggle to tell the difference.
At this point, you may be pressed to compete purely on price, as you’re forced to drive your costs lower to remain competitive. However, a rebrand can be an alternate method of differentiation. A business may consider a rebranding project to reinforce individuality and communicate why it’s different from its competitors and increase its market share.
A rebrand is an effective way to redefine your unique voice, face, and character, and broaden your appeal in the marketplace. It’s also an opportunity to connect with your customers on a deeper level than merely offering a product or service and craft a brand story and persona with which your customers can identify and resonate.
If you can relate any of the above to your business, you may want to consider a rebrand. If so, there are a few questions you should consider:
- What are your reasons for rebranding?
- What scale of rebranding are you contemplating?
- What changes have happened at your business that may affect your rebranding?
- Have you evaluated your competitors, the market that your company operates in, target audiences and technological advances, all of which may influence your business now and in the future?
A rebranding effort can have a massive impact and breathe new life into your business and help you resolve issues that are negatively impacting your success. However, rebranding must be done for all the right reasons, with a focus on strategy and a clearly defined vision, a documented process, and creative thought.