Rebranding isn’t just about looks; it’s a strategic decision driven by several key needs. A company may rebrand to update an old brand to match modern values and technology. A business may rebrand because its original messaging no longer aligns with its current goals or operations. Major organisational changes like restructuring or expanding into new markets require a rebrand to bring the expanded entity under one roof.
Most entrepreneurs and business owners have much on their plate when starting a new business. Branding gets put on the back burner. Unfortunately, most business owners find out too late that weak branding keeps them from growing their business. This guide by FOR® shares insights, tips, best practices and expertise.
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A well-planned rebranding can be a game changer for companies, let’s talk about the rebranding benefits from a brand management perspective.
Get More and Better Customers
Getting customers is key to any business. To do this companies need to have a strong online presence that’s not just functional but engaging and easy to use. A good website and social media can get people in, but the real magic happens when the products and services deliver more than expected. Statistics show companies with strong digital marketing see up to 2.8 times higher revenue growth. That’s why investing in quality online content and interactive platforms can get you more and better customers.
Stand Out from the Competition
In a competitive market, you need to blend in not just stand out. To thrive businesses need to develop unique selling propositions that set them apart. Whether it’s through innovation, customer service or marketing campaigns being different is key. For example, brands seen as responsible attract 92% more customer trust than those not. So incorporating responsible practices and transparency into the brand strategy can differentiate a business and build long-term customer loyalty.
Attract Top Talent
Getting top talent goes beyond competitive salaries. They are creating a work environment that values work-life balance, flexibility and ongoing professional development. For example, companies that promote remote work have seen 25% lower employee turnover. Companies that invest in employee growth and development are 15% more likely to get top talent. By creating an inclusive and supportive culture, you can get skilled professionals, highly motivated, and loyal professionals.
Get More Sales and Leads
Closing sales is an art form that requires initial contact, ongoing engagement, and trust building. Salespeople who engage with their prospects through informed and confident communication are more likely to succeed. Statistics show a well-planned customer relationship management system can increase sales by up to 29%. By being proactive and responsive you can convert inquiries into sales and build relationships that get repeat business.
Charge More
To charge more you need to exceed customer expectations consistently. This means understanding and delivering on customer needs at a level that separates the brand from the competition. Brands seen as high quality can price their products 20% above the market average and still get customer loyalty. Effective strategies include exceptional product quality, standout customer service and a brand that communicates unique value.
By focusing on these you can rebrand and position yourself for long-term success in a competitive market.
When and How Should a Company Consider Rebranding?
You should rebrand when big things happen like mergers or your current brand messaging doesn’t align with your vision or target market. It’s not a decision made on a whim but a response to changing business landscapes or new opportunities.
Rebranding can be tough and introduces some risks and costs. Rebranding doesn’t require a full brand overhaul (you don’t have to change your company name to rebrand for example) but you need to make meaningful changes to build a new brand when you rebrand.
So make sure it’s right for you and your business right now. A rebrand can boost your business but must fit your overall business and marketing strategy.
Start with Your Mission, Vision and Values
Before you rebrand, you need to know your company’s mission, vision and values. What makes your company unique? Why does your company exist and what are its values? What’s your brand voice? The words, tone and voice you use for your brand must match your messaging.
These are the foundations you need to build on. A rebrand can only work with this.
Have a Rebranding Strategy that Works with Your Existing Branding
While it’s easier if you’re chucking everything out and starting from scratch, many companies don’t have the luxury of starting from a blank page.
If you’re doing a partial rebrand, consider the existing brand assets as you build your brand strategy. You want a rebrand that works with what already exists.
Make sure any new branding is consistent with your brand elements. For example, if you have existing product packaging or package graphics, update those to match your new brand.
Consider Your Audience, The Market and Your Competition
Before you rebrand, do your homework.
Research what your competition does. Work out how you differ from your competitors and your unique value proposition. Look at what’s hot (and what’s not) in brand trends. Be aware of what’s trendy and ensure you’re adopting a trend that’s right for your company.
Your new brand image must be fresh and relevant but not so of the moment it looks dated too soon. It’s easy to get it wrong during a rebrand and lose market share when you mess up your rebranding strategy. Rebranding and brand recognition is part art and part science.
Consider, among other things, testing your rebranding assets with your customer base and target audience through focus groups.
Work with Your Team
Your brand may be one of your most valuable company assets, but the people who grow your business every day are just as important.
Your marketing strategy should include those people. Get voices from across your company: some of the best ideas and most valuable feedback come from departments you might not think of.
It’s easier to get your company behind a rebrand that was a true team effort. Give your employees a voice. They’ll be the faces and voices of your brand to your customers.
Final Thoughts
A rebrand is a statement of intent to grow. It’s a chance to refresh the main point of contact between you and your customers. Change is never easy but sometimes as the song goes a change will do you good. Whether you rename your business, rebrand the logo or rebrand completely you’re ready to think about the next steps after reading this rebranding guide.
A strong brand identity is one of the best investments you can make for your business in the long term, and it will pay the most long-term dividends. Rebrand to keep your brand strong and to position your business in the market. Yes, it’s a lot of work but it’s worth it. So, if you want to boost your online presence by rebranding, you can work with a specialist like FOR®’s Branding and Marketing Agency.
