In today’s competitive business climate no company can afford to rest on its laurels. Your business may be keeping up with economic and market changes but is your brand keeping pace?
The important factors to consider when assessing the value of a rebrand include market differentiation, brand awareness, relevance, consumer personality and preference, 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. Here are some things to consider if you’re trying to decide if your business needs a rebrand.
1. You’re looking to gain a competitive advantage
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. You want to 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. You’re preparing for 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 being dwarfed by more dynamic competitors.
4. You want to refocus and reinvigorate employees
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.
So, how much could your company benefit from a timely rebranding exercise?
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.
After all, a rebrand is about much more than making your business look good. It’s about making your bottom line look good, too.