To rebrand or not to rebrand – it isn’t an easy or straightforward question to answer as there are many factors to consider when thinking about rebranding your business. Opinions can vary widely depending on who you speak to about it, ranging from active encouragements to stout objections, but at the end of the day it is a very personal choice.
It is understandable that anyone considering rebranding is nervous, as if it isn’t handled well, it could badly damage a business, undoing potentially years of customer trust in one foul swoop. However, rebranding doesn’t always have to be a bad thing, in fact, if handled correctly; re-branding could be just the jumpstart your business needs in these difficult financial times.
If you are thinking about rebranding your business, then it is worth taking a bit of time to think through the following points:
Strength of your existing brand:
- How much time and money have you put into building your brand? – This isn’t necessarily as important as it first seems, it is entirely possible you have spent years and millions building up a brand that is doing nothing for your business. If your branding isn’t working for you after years of sweat and spending, then something needs to change – but if your business has only been running a few months or a couple of years, have you really given long enough for your brand to become the “household name” you want it to be?
- Is it instantly recognisable to your potential clients? Never underestimate the familiarity of a brand, think of the big brands you encounter every day, and how you would feel if they suddenly changed their branding, would it put you off using them? If the answer is yes, then it is possible your clients would feel the same way.
- Does it still reflect your company image/ethos? Your brand may be special to you, but does it still reflect your company? As years go by, your company will have evolved and grown, and it is highly likely it has gone in directions you hadn’t even considered at the outset, so try and look at your brand with a “harsh eye” does it still reflect your company or has it become outdated?
How rebranding may be able to help:
- Stimulate growth – Many businesses offer lots of different products, to a wide audience, and as mentioned above, over time these can get even more diverse, and it can be hard to reflect that in your image, by rebranding it may help you to engage with your newer customers and keep your older ones coming back to see what is new.
- Help get a competitive advantage – A well planned and timed rebrand can help you to gain the edge over your competitors by providing a fresh image that will help accelerate any pipeline work and allowing you to revisit your brand message to increase consumer confidence in your product or service.
- Expand your long-term markets – The branding is your public face, and by rebranding it can help people view you as a bigger more sophisticated company then when you first started out, by keeping a dynamic brand image, you can help ensure you don’t get left behind by more inventive competitors
- Increase your profits – As has been mentioned several times, your brand is your public face, and you must keep a close eye on it to ensure you are presenting the right “face” to your marketplace. Technology and business development are often closely linked, and your brand should be managed to keep up with this. Tired, outdated branding will reduce your profits as people will lose confidence in you when compared to more vibrant brands.
How do I go about rebranding?
This is something that has to be handled carefully, ensuring it is all in place and ready to “roll out” at the same time so not to confuse your message. You will need to update any of your marketing including:
- Business cards
- Headed paper
- Compliments slips
- Flyers and posters
- Adverts in magazines and papers
- Online marketing – including websites
It can be very time consuming though there are many companies out there that specialise in helping companies of all sizes rebrand, and it may be worth talking to them to ensure you can rebrand your business in the least stressful way.