Should You Rebrand Your Business?
Every so often, you’ll need to come up with ideas to introduce your brand to new markets. Perhaps you want to stop marketing to a particular niche and, instead, aim your sights at a more valuable type of customer. There are many ways to achieve that goal, with one being rebranding.
In a nutshell, rebranding is where you redesign your brand’s logo design, motto, slogans, and so forth. For some brands, it can even mean a complete change of name! But, why should a business or organization go to such a drastic step to reinvent themselves, you might be wondering?
The truth is that familiarity can sometimes be a bad thing. If consumers don’t see anything new or innovative from a brand, the chances are high that they will go elsewhere. In the business world, it’s crucial to evolve along with the market. For some enterprises, this could mean the need to target a different type of audience due to a smaller marketplace.
By now, one question that will be at the forefront of your mind is this: should you rebrand YOUR business? If any of the following statements apply to your company, the answer will most likely be a resounding yes:
You want to shake off a negative image of your company
It’s no secret that the stigma of scandals can hang around a brand like a bad smell. The harsh reality of such situations is that it can seldom be easy to shake off a negative image of your brand caused by an individual or entity.
If your business were once embroiled in a scandal, you would no doubt be keen to tell consumers that things have changed. Short of closing down your company and starting a new business, what else can you do?
Well, here is a prime example of where rebranding can turn something negative into a positive outcome. Because the negative connotations will be associated with the “old” name, the new one can start out in the market with a clean slate, as it were.
You want your brand to appeal to younger audiences
The trouble with some companies is that their brands only appeal to people of a particular generation or age group. Take the luxury car marque Jaguar as an example. In the past, the name was often associated with older high net worth individuals and business executives.
Thanks to a rebranding exercise and model refresh, Jaguar now appeals to younger audiences, even those with a more modest income! The last thing you want to do is associate your brand with only a niche demographic. For a start, it limits your brand’s growth potential. And, second, it alienates potential new customer groups.
Although Jaguar didn’t change their name, they rebranded themselves in other ways. First of all, they revamped their Internet site with a fresh new website design. They also refined their logo to make it more in-keeping with a prestigious brand of the 21st century. Plus, the styling of their current models has evolved to better appeal to a broader audience.
Your business is doing something different
Sometimes the leaders of a company may decide to diversify into other markets. They may even completely change direction and move away from their original mission. Google is an example of such a company. In fact, they created a new holding company – Alphabet – to encompass the different products and services usually associated with Google.
In their case, they moved away from being “just a search engine” to offering a plethora of digital products and services. Some of the things they offer aren’t related to their search engine, such as their range of smartphones and their cloud storage solutions.
If your business is now doing something different, it’s time to think about rebranding your enterprise as something else. Your company’s logo and slogans are two important things that consumers will associate with your brand. If they are no longer relevant to what you do, it’s time for a change.
You want to take advantage of new technologies
Technology is often the driving force behind many businesses. It can shape them and help companies to evolve into ones that better suit the needs of its customers. Believe it or not, rebranding your business because of technology is a positive step towards growing your concern exponentially!
Let’s use another example: Microsoft. Their logo and mission have changed over the years thanks to the evolution of Internet and computer technology. They are no longer just a company that sells an operating system and suite of office productivity applications. They provide a full solution to all kinds of IT and consumer markets and have found their old branding no longer suited what they were doing.
Because they are considered as an innovator in IT, they needed a brand that reflected their approach to embracing new technology.
You want people to recognize your brand
One of the top reasons for a company to rebrand itself is simple: they are fed up of being unmemorable! As you can appreciate, a memorable brand is more likely to attract new customers than a name that no-one has ever heard of.
Sure, being established in the market for some time will also help. But, if your company has a name that is hard to remember or isn’t easy to pronounce, consumers will seldom think of you.
If your company has that problem, it makes sense to work with a branding expert. They can help you to align your firm’s goals with the image you want your brand to portray to your target market. Plus, they can explain to you why your current branding just isn’t working for your business.
A rebranding exercise is something that many businesses go through at some point. It doesn’t have to mean a complete change of name, logo, and marketing strategy, for example. It could be a simple as a refinement to a logo or even the way products and services get perceived by consumers.