No business today can afford to rest on its laurels. Your business may be keeping up with economic and market changes but is your brand keeping pace? Sookie Shuen, digital and social media specialist, explains how to decide if your business needs a rebrand
How much could your company benefit from a timely rebranding exercise? The business rebrand is about a great deal more than making your business look good. It's about making your bottom line look good, too.
The important factors to consider when assessing the value of a rebrand include equity measurement; market differentiation and accessibility; brand awareness, relevance and vitality; and consumer personality, preference, usage, associations, and emotional connectivity. If your company can improve its relationship to its customer base in any or all of these key areas, you may want to think seriously about rebranding.
1. Gain competitive advantage
Your brand is the public face of your business. A well-executed rebrand can allow your company to reflect current market dynamics and gain competitive advantage, accelerate pipeline performance and become a leading voice in your industry. Sidestep the competition and increase your market share through an updated image. By revisiting your brand messaging, you can counter a loss in consumer confidence and/or decreased profitability.
2. Stimulate growth
Rebranding can help you to cater more efficiently to current customer demands. Many businesses operate in markets with complex product portfolios, fragmented audiences and promotional clutter. An effective rebrand can help improve your impact in a crowded market. As the company continues to grow and develop, customers hungry for change will keep coming back to see what's new.
3. Long-term market expansion
A rebrand can become a public expression of a company's evolution. As any small business prospers, a rebrand can reflect the larger, more sophisticated company it has become. Businesses that fail to develop their brand risk becoming dwarfed by their more dynamic competitors.
4. Innovation = profitability
Just as a company's brand must reflect changes in size and market position, it must also reflect changes in technological innovation. Technology and business development are often inseparable from one another. Any brand associated with technology must keep pace within its sector and may have to consider rebranding to reflect changing trends.
Again, your brand is the public face of your business. When it fails to reflect the level of innovation your business has achieved, your customers may assume that you have fallen behind the times. Competitors who consistently rebrand their products and services - even those competitors who may not have your strengths - could potentially outperform you in terms of reputation and profitability.
Whatever your reason for rebranding, your company's brand must remain consistent with the latest and greatest your business has to offer. Whether reflecting advancements in your products or service or the evolving nature of your business as a whole, the process of rebranding is essential to communicate your level of quality to your customer base.
Rebranding can have a rejuvenating effect on the internal culture of your company as it calls for new levels of employee support, knowledge and feedback. It gives staff the chance to get involved in creating a new, positive business culture.