4 Reasons Why Rebranding is Worth Your While
The decision to rebrand is tough – one most companies dread.
Not only is there sentimentality attached to long-established brands, a loyal customer base is already familiar with how the product looks and behaves. The anxiety surrounding a brand overhaul is understandable and the risk of making an expensive mistake is all too real.
The damning reality is that many businesses underestimate their brand and don’t quite realise how much work it is (or isn’t) doing for them.
A well crafted and executed rebrand can do wonders, breathing life into what could be a stale brand. Significant competitive advantage, increased customer loyalty and access to new markets – all work towards a perfusion of energy into a business that can be infectious, for customers and employees alike.
Here’s a roundup of why we think a rebrand is an endeavour worth embarking on:
1. Reconnect with your target audience
Your brand is your promise to your customers. From it, they will understand what your business is about, the service they will receive, and the expertise and experience that you bring to the table. A rebrand is a tremendous opportunity to evolve and crystalise this message.
While retaining an existing customer base is an exciting proposition, accessing and appealing to a new demographic is the impetus that can unlock unfettered creativity. Stating that you are current, and are boldly engaging with a new market can re-energise your brand.
2. Stand out in crowded marketplaces
In a space that is crowded, a business can often falter in showing customers what sets it apart from its competitors. Reworking your brand can help you discern the characteristics of your business that differentiates you from others in your industry.
This competitive advantage can then be channeled towards an untapped niche in the market, positioning you as a premium brand that stands above the rest, or even launching a new product or extension.
3. Invigorate your business and fortify its place in the market
This shouldn’t come as a surprise, but people prefer to associate and interact with a successful brand, whether that’s by virtue of using it to assert a certain social status, or purely because they enjoy the reassurance of familiarity.
The benefits of customer loyalty are far reaching, but it’s key to acknowledge how valuable employee loyalty is. Creating and maintaining a strong brand that speaks to your values and philosophy will trickle down to a feeling of pride in who they work for, in turn contributing to higher employee retention rates.
4. Measure indicators of success
A successful rebrand must have a positive impact on the bottom line – if it doesn’t then something, somewhere, has gone wrong. How that success is measured will be reflected by your objectives for the rebrand. While ultimately, an uptick in turnover and profitability will demonstrate the return on your investment, more subtle measures should also be considered.
Good old market research has historically proved to be a useful tool to qualify the success of a rebrand. It’s also helpful to periodically check in with the changing perceptions of your brand once the overhaul has been launched. Holding focus groups with your employees can be a handy tool to get a more holistic view of your rebranding efforts.
