Rebranding is not something businesses should be wary of. Sometimes businesses need a name change because of international growth, new management, or updating the brand’s image. Rebranding is also crucial for reputation management. All this is because a stellar brand name is one that people remember.
On average, companies and brands keep their brand for seven to ten years before rebranding. This often involves changing a logo, color palettes, visual language, and photographic style. A few small businesses might even change their name in the process.
Check out these five reasons why rebranding is necessary, and see if your business needs one today:
1. Outdated Brand Image
If you’ve long been in business, it will be necessary for you to make your brand current and relevant via purposeful rebranding. It helps you strengthen your brand’s identity and awareness, especially when competition is thickening.
Most businesses had to extend or completely migrate to online services during the pandemic, thus increasing the number of your competitors. To accommodate this shift, it may be time to refresh your brand or simply add a new dimension to your image.
Your aim is to be a top-of-mind brand in your niche, which means when a consumer needs a product or service under your target market, you are the brand they remember. This is how well-known brands stand out from their competitors, which is vital in a crowded market.
2. Create a Better Corporate Identity
Your business may have a corporate identity, but rebranding can strengthen it. This could be by adding or revising color, logo, or font to make it more unique. Or, you may want to rewrite your mission statement or adopt a style guide to create consistency across different marketing and communications.
Your corporate identity is crucial because it creates trust and credibility among your clients. This is vital in building a solid professional image and projecting authority.
3. Alignment with Key Target Demographics and Evolving Business
As your company grows, it’s important to ensure that the target markets you are trying to appeal to are still being effectively reached. Younger audiences may prefer a more fun and quirky brand, while older demographics may appreciate a more traditional design.
Moreover, your business is constantly changing, which should be reflected in your branding. Your brand identity should be flexible enough to allow you to respond to the changes in your market. A flexible brand helps differentiate your products and services and shape your organization’s image, which helps build your reputation.
4. International Expansion
Growth doesn’t just mean that your business is booming; it also means new opportunities. When expanding your business across international borders, your branding must be consistent. Otherwise, you may risk losing customers.
If you’re planning for some business expansion in the global market, it’s very important to make sure the brand is instantly recognizable across borders but relatively acceptable no matter what country and culture it tries to integrate with. Avoid overly complex visuals and color schemes because they can instantly put off potential customers. More often than not, simplicity is key to better global branding.
5. Reputation Management
Maintaining a good reputation is not a walk in the park. You must constantly keep your reputation across different channels by engaging with your consumers and target market. However, not all reviews you get will be good.
A sensible business will be prepared for reputation mitigation if necessary. Sadly, several companies have had a good reputation in the past but have seen a downward spiral in their status due to recent events.
A rebrand could be the solution to improving the company’s reputation among consumers and gaining lost trust or credibility. However, rebranding efforts must also come with better products, services, and customer support.
Rebranding is a complex and multi-faceted process, but it can have a massive impact on your business if carried out successfully. So, if you feel you have a problem with your brand or feel your brand is outdated, you should look at the possibility of rebranding.
Rebranding can be complex and will cost you extra, but it’s an investment that will keep giving back. Moreover, rebranding is essential to keep up with your ever-changing industry and competitors.
Elly and Nora Creative is a trusted digital marketing agency in Phoenix providing branding, content, and publicity for purpose-driven entrepreneurs, businesses, and experts looking to increase their income and impact. If you’re excited to take your brand to new heights, get in touch with us immediately!