Your brand is your business’s most valuable asset. Like other business assets, your brand needs a revamp every now and then. But how do you know when to rebrand your business? It’s important to understand the benefits of rebranding as well as the purpose of rebranding.
In addition to identifying the benefits and purpose of rebranding your business, it’s helpful to understand the different types of rebranding. You may just be looking to refresh your current brand to tighten it up and keep it up to date. In other circumstances, your rebrand may be stemming from a company merger where two or more brands must be combined into one.
In comparison to refreshing your current brand and merging your company with another, the most drastic type of rebrand out there is a full rebrand. A full rebrand involves a new approach and strategic direction for your entire brand. This can occur for many reasons; when there is a shift in leadership, a change in products or services, or an expansion of your company into a new market. However, most of the time you will know that your business is ready for a full rebrand when your current brand is failing to connect with your audience. For example, with a reputation of rock bottom prices, in 2007, Walmart wanted to reposition its brand to suggest its low prices will actually help its customers’ lives. They changed their slogan from ‘Always Low Prices’ to ‘Save Money. Live Better’, putting a positive spin on the company. As a result, Walmart became the world’s largest corporation by revenue in 2010 according to Forbes Global 2000.
To help you better decide if your business is ready for a rebrand, we have put together a breakdown of the top signs it’s time to rebrand your business. This list investigates both the benefits of rebranding as well as the purpose of rebranding.
A business should rebrand to better differentiate itself from the competition.
If your company’s brand is generic and similar to that of other businesses, you’re actually hurting your brand. This is where the power of rebranding comes in. It can elevate your business and help it to stand out from your competitors by showcasing the things that make your company different and better.
Even the biggest and best companies change their brand identity. Did you know that Google started with the name Backrub? It’s not atypical for a company to outgrow its name and look for a fresh, unique business name and brand that can help it to grow. Maybe it’s time that your business should do the same.
A business should rebrand to give new life to outdated branding.
It’s possible that your dated font, flash-based website, or vintage color palette is dragging your brand down, making your business look antiquated. Some of the most successful businesses rebrand for this very reason. A good design can make or break a business and it’s important to identify that you’ve outgrown your original mission and take control. Maybe your business started off as a dine-in restaurant, but now you want to add catering to your repertoire. If your branding revolves around dine-in only, customers won’t know that they can look to you for catering too.
Companies should rebrand when their business evolves.
Sometimes, a business gets the opportunity to expand or target a new market. When that happens, it’s important to ensure that your new customers and prospects can connect with your brand. Pabst Blue Ribbon is the perfect example of this. They are known as a low-price beer popular with fraternities and hipsters. China’s version of the beer, Pabst Blue Ribbon 1844, sells for a whopping $44 a bottle! Pabst was successful with the opportunity because it saw a chance to re-market itself to the Chinese craft beer market, which is a market unaware of its budget reputation in the United States. By doing their homework, Pabst expanded into a new demographic and significantly grew its business.
A rebrand is an expression of your business’s commitment to upward growth. Change is never easy, but sometimes a change will do you good. Step one, however, is finding the right rebranding company to assist your business with brand development and building brand awareness. You must implement a long-term plan for the development of your successful brand in order to achieve your short-term and long-term goals. Are you ready to rebrand your business? Contact us today!
Kelly Matz, Senior Graphic Designer