Considering a rebrand but not sure where to start? This blog is for you!
What comes to mind when you think of a phone? An energy drink? Fast food? You probably thought of Apple, Redbull and McDonalds, with their logos clearly pictured in your mind. This is what branding is. The ability for your ideal customer to position your business in their mind.
Your business’s brand is its most valuable asset. Contrary to some beliefs, your brand is not just your name and logo – it is so much more than that. A brand is your business’ personality. It is the relationship you have with your customers and clients. A good brand is attributed to trust and credibility and communicates exactly who you are, what you do, and how you can help, just in a matter of minutes.
We have seen the power of how a good brand can influence action. Think of the Kardashians for example. It is true they may not be everyone’s favourite, but the brand that the family has created is extremely successful at influencing their fans that they need to buy what they are selling. Consumers will happily spend money on a product if they connect with the business and its values.
At The Marketing GP, we like to use the metaphor that if you took your business to a party and weren’t proud to introduce it to your ideal customer, it might be time to consider rebranding.
How do you know if it is time for a business rebrand?
There isn’t a straightforward answer to this question – aside from an extreme change in your business. Rebranding is a big decision, so to help you to determine if it is the right fit for you, we’ve outlined some things to think about below.
If your brand visually looks outdated, it is probably time to zhoosh it up a little
An outdated brand will limit your growth as a business. When you are too embarrassed to hand out your business card or refer people to your website, it might be time to consider a rebrand.
You want to stand out from the crowd
When comparing yourself to your competitors, do you stand out? Or blend into the background? Rebranding is a great way to shake things up a bit, and to show your audience why they should choose you over your competition.
You might just want to connect to a new audience!
Has your product or service offering shifted? Are you connecting with a new customer base and finding that that is the direction you want to move towards? A rebrand can help redefine your business to better connect with your audience. It needs to evolve as your audience does!
Another reason for rebranding is to outgrow a poor reputation
This is a tough one and the decision here shouldn’t be taken lightly as to whether rebranding is the right fix. But it could be the solution to separating you from a previous perspective that may have positioned your business in a negative light. Just make sure you’ve crossed your T’s and dotted your I’s before making the move – you don’t want to make the same mistake twice.
You might need to rebrand to align with a geographic expansion
If you’ve recently expanded your business from the Hunter Valley to Sydney, or from Australia to a global setting, you might want to think about whether your current brand and messaging aligns with that shift. If you wouldn’t be comfortable sitting next to it on the flight to see your first overseas customer, you might want to give your brand a makeover.
Or you may be merging with another business, and need a brand overhaul
If your business structure is changing, for example you are merging with another business under the name or a new name, a rebrand might be a must. This can be an effective way to tie your businesses together in a modern and engaging way. Take Collective Financial Partners for example. We recently rebranded their business to what it is today after two local financial planning and wealth management businesses merged. Click here to take a look.
How often should your business rebrand?
There is no real rule of thumb as to when to rebrand. It comes down to the needs of your business. Established household brands often go through major rebrands every 7-10 years. Smaller businesses may rebrand more frequently.
For example, since the company was founded in 1976, Apple has undergone three major rebrands, whilst Pepsi has rebranded eleven times. A rebrand should be a simple next step in your business’ evolution.
What are the benefits of rebranding?
If done right, rebranding can do wonders for your business. However, it’s important that it is treated as a natural progression to your why, purpose and goals.
So, why rebrand?
Reach new audiences
by rebranding, you can appeal to a new target audience! And if that’s the right audience for your products and services, you’ll see more profit from your actions!
Stay relevant
as the world changes, so too do your customer’s needs. If you want to stay ahead and maintain an edge over competitors, keeping a fresh approach to your brand can be vital.
Reinforce your values
particularly as the world has started to adapt a focus around doing social good, rebranding can help reinforce your values and make you stand out in the marketplace.
Increase the perceived value of your
products or services
delivered in the right way, a rebrand can increase the perceived value of what you are selling, and as a result you may be able to increase your pricing, which can do wonders for your business.
Take our clients AccountCom and Maitland Air & Electrical for example. Both Hunter-based businesses chose to revamp their current logo to ensure they stay relevant to their audience and ahead of competitors.
Ready to rebrand your business?
Rebranding your business is a big move and a decision that shouldn’t be taken lightly. It needs to be done right, reflect the growth of your business and products, and connect with your previous brand so as not to lose your community (if that’s what you want to achieve).
As an agency that offers professional rebrand services and packages and a team of experienced branding experts, we’re often asked a host of questions about rebranding when we first chat with our clients.
- How much would rebranding my business cost?
- How do I know if rebranding is the right option for me?
- What do I need to consider when rebranding my business?
- How would rebranding my business work?
When comparing yourself to your competitors, do you stand out? Or blend into the background? Rebranding is a great way to shake things up a bit, and to show your audience why they should choose you over your competition.
