Some thoughts on the 'right time'.
Branding can be risky, intimidating and shrouded in mystery especially if a business name is somewhat established and the existing company has a following. It may be hard to justify the reasons to change something that has worked in the past, but most businesses arrive at a dead-end at some point, when they notice a drop in website traffic, a loss of customers, or being outperformed by the competition. There are a few other possible scenarios when rebranding becomes a viable option to boost sales, gain visibility and attract customers:
+ New business without an existing identity needs to show their offering in a competitive way.
+ The current brand is unremarkable, forgettable and outdated.
+ The competition looks a lot better and has more success.
+ A sub-brand or a product needs to exist independently of the parent brand.
The Benefits of a Rebrand
In a vast ocean of offerings, a company or a product has to get noticed first. There is no way of selling anything, when no one notices you.
People have to notice a brand but that’s not enough— they have to see the real value, that one special thing the business has to offer above everyone else. Its about finding the “it” and articulating that offering to the world.
If customers not only notice, but remember the brand and come back time and time again- that is called brand loyalty—the best business model there is.
The benefits of a well known or at least good a looking brand.
An outdated logo and a Power Point font won’t take a business very far, the brand will disappear in the sea of other equally unexciting brands or worse they will be beat out by a better looking competition.
Consumers instinctively gravitate towards good branding, and as brands become recognizable, their value becomes tangible—it gets translated into sales, clicks, reviews and word of mouth recommendations. Eventually the most successful brands penetrate the collective psyche and become embedded in our culture—Apple, Nike or Coke evoke emotions, aspirations and even memories— that’s real brand equity and it’s a powerful thing. Some marketing researchers have concluded that brands are one of the most valuable assets a company has, as brand equity is one of the factors which can increase the financial value of a brand to the brand owner. (1)
A rebrand-a few things to consider?
For new business and entrepreneurs, this is a gain-it-all no brainer, but what about the existing companies? Rebranding carries some consequences for an established company, and if done for the wrong reasons it can become expensive and a useless exercise and exchanging ideas in the dark. Before a business is ready to rebuild their brand, the key players have to know what is no longer valuable for your company’s growing success.
Here are some basic questions to consider while thinking of rebranding a business:
1. Why are we trying to rebrand?
2. What has changed in our company in the last 5-10 years that does not fit who we are as a business now?
3. Who is our competition, and what are they doing?
4 What do we do differently?
5. Who buys our products/services?
6. Why should they buy our products, take our business and what we have to offer?
7. How has our audience/clients changed? Are they younger? more Technologically Savvy?
8. Is our brand aligned with the current needs and wants of our customers?
9. How are we selling, speaking, convincing them we are what they need?
10 How do we want them to feel while interacting with our brand?
11. What is our brand story and is it relevant to now?
12. How far are we prepared to go to rebrand our business?
13. Is the leadership team (the ones that sign off on the project) aligned about the direction your business has to take?
By answering even some of these questions, the business owner(s) will inevitably find issues with the company that currently halts its growth. Identifying these weak spots however is the foundation of brand building. We are prepared to walk our clients through this process and help them find the solutions that will elevate the company and align with their vision of success.
More on how we do it here.