The action to rebrand your business is a big decision that can have a huge impact on the success of your company. It’s a great way to reinvigorate your business and reach a wider audience, but it also comes with certain risks – risks that can be expensive.
Before you take the leap to rebrand your business, it’s important to consider the pros and cons of rebranding. We’ll explore the key benefits and drawbacks of rebranding as well as provide tips on how to make the process as successful as possible.
Rebranding can be an exciting and rewarding process, but it pays–literally–to take the time to make sure it’s the right move to make
What is Rebranding?
Rebranding is the process of changing the way people perceive your company and its products and services. It’s an opportunity to reposition your company in the marketplace and convey a new and improved message.
If your company has been around for a while, it, no doubt, has evolved. Therefore, rebranding can help you keep your business relevant to your consumer base.
Rebranding involves several different tactics. For example, you probably will have to change your logo, tweak your marketing message, alter the customer experience, or include new services and products.
With respect to web design, a rebrand may involve making changes to your website’s color scheme, fonts, and tone of voice.
The Benefits of Rebranding
You’ll find several potential benefits for rebranding a business, including the following:
An Increased Customer Base
A business rebrand can lead you to reach new customers and expand your local and online reach. So, this type of process is not just about changing your brand. It involves changing the entire message for your business. By taking this approach, you can broaden your followers while staying true to your core marketplace.
If you wish to reinvest in your business, you need to begin with a business rebrand. Doing so will also help increase your company’s bottom line. If your old branding is outdated and is costing you money, a rebrand can help you eliminate the expense.
Differentiation is a major benefit when you choose to rebrand your business. If you wish to stand out from the competition, a rebrand can help you make an impression that gives you an edge professionally and industry-wide.
Increased Customer Loyalty
Rebranding is also a great way to increase customer loyalty. If your new rebrand is helpful and transparent, customers are more likely to stick with what you’re selling.
The Drawbacks of Rebranding
Although you can experience several advantages from rebranding, you also have to consider some of the drawbacks. These potential risks may include the following:
If you have customers that liked your old brand, they may resist accepting your company’s “new and improved” brand. Therefore, you need to align yourself with a website design and development company that knows how to handle and manage rebranding. To avoid any customer pushback or loss of business, this is a necessity.
A rebranding of your business may also trigger confusion, causing customers to wonder how the new business differs from the old business, or even why you’re displaying such variation.
Loss of Momentum
Sometimes a rebranding will derail your efforts, especially if the rebranding is extensive. If this happens, it may take your company off-course, which could be detrimental to your company’s continued growth.
The Rebranding Process: How to Make It Work
Rebranding depends upon the situation. Before you dive into the rebranding process, it’s important to note the following:
1. Know the Problem
Don’t rebrand your business unless you know exactly why you’re doing it. Ask and answer the following question: What is the problem that you’re trying to solve with the rebranding effort?
2. Know your Core Values
Your core values make up your company – its message and structure. Before you start rebranding, it’s important to make sure that your core values and core messaging are intact.
3. Establish Clear Goals
Once you know the problem you’re trying to solve and your core values, it’s time to establish the goals for your rebranding effort. What are you hoping to achieve? What are you setting out to do?
4 Tips for Successful Rebranding
With the right approach, a rebranding effort can be hugely successful. Below are tips so you can realize your branding objectives and realize success.
1. Remember you may have to rebrand again. If your company continues to evolve, this will be a necessity.
2. Choose the right time. Don’t let the desire to rebrand be the primary reason for rebranding. Make sure you need to rebrand to increase sales and grow your company.
3. Be transparent. Let your customers know what the rebranding is all about.
4. Invest in the process. A rebranding effort isn’t a quick fix. It’s a long-term investment in your business and future. Be prepared to invest in the rebranding process to make sure it’s done right.
Make sure you have set aside enough in your budget to rebrand your business.
How to Lower the Costs for Rebranding
Fortunately, rebranding doesn’t have to be an out-of-control expense. There are ways to keep costs down, including:
- Make sure you’re using the right branding strategy. A branding strategy can help you identify specific problems so you know the best way to solve them.
- Outsource where possible. If you don’t have the in-house resources to create your new brand, it’s worth investing in an outside resource. Whether it’s a freelance designer or a branding agency, outsourcing your rebranding efforts will help keep your costs down.
When is the Right Time to Rebrand?
There’s no hard and fast rule for the right rebranding time. Depending on your business and goals, you could decide to rebrand tomorrow or never.
Warning Indicators that Point to Rebranding
However, there are some warning signs that may indicate you should rebrand now and not later. These indicators may include the following:
- Your current branding is dated
- Your brand name is causing customers problems with understanding your message
- The brand name or logo does not resonate with our core audience
If you need to reinvigorate your company brand and wish to attract new customers, you’ll need to discuss rebranding with a web development and design agency.
You may need to rebrand your business to stay a step ahead of your competitors or to stand out from the crowd.
With a business rebrand, you can change the conversation around your company, making it more positive. It may also reverse any negative sentiments that you experienced in the past.
Contact Website Depot If Your Want to Rebrand Your Business
If you feel our company’s logo needs to be updated or that your brand has lost its appeal, you need to discuss your situation with a professional web design and development company. Find out more about the rebranding process by contacting us now.