Powerful Reasons To Rebrand Your Business
If you’re at a point where your brand no longer reflects the business or products you’re selling, then it could be time to rebrand. This is just one reason to re-brand; others aren't as obvious. This article looks at reasons to rebrand and what rebranding can do for your business.
What is rebranding?
Rebranding is a powerful marketing strategy that aims to change how customers and potential customers perceive the business. It can consist of several things, including altering the company's logo, brand name, and objectives. There are several types of rebranding; the more extreme rebranding completely strips away everything the company has currently and builds a new brand from the ground up. A less severe way of rebranding, often called a brand refresh, keeps the name or other successful parts of the brand and just changes some elements to bring the brand up to date.
Outdated brand
One reason many companies choose to rebrand or refresh their brand is simply because of the passage of time. After a few years or more, your brand might feel tired and no longer stand out in the market. A brand refresh can inject some spirit back into your brand and make potential customers stop and take notice again. Simply altering your logo and changing a few colours on your brand can help to modernise your brand and attract new customers.
Values
It is possible that over time your company has shifted its values to become more environmentally friendly or more diverse; your brand should also change to reflect these differences. Taking time to align your brand with your company values is a good way to bring those values to the forefront. You can let customers know what you stand for and what is important to your business.
Repositioning
If you want to reposition yourself in your market or move into new markets, a brand refresh or complete rebranding will help people see your business in a new light. This type of rebranding can be complicated because you’re trying to shift an existing perspective of your business. As an example, if you have previously marketed your products at the low-end of the market but want to expand into the luxury market, you will need to make changes to your brand. If you don’t change your brand, people will still perceive your company and the products as cheap or poor quality. An expert branding agency in Hong Kong can help you achieve this critical rebranding.
Reputation management
If something has happened to damage the reputation of your business, a rebrand might be an excellent way to restore confidence in your company. Poor press can lead to your brand's name or logo being associated with a specific event or incident, which can put off new customers and cause your current customers to move their business elsewhere. Rebranding allows your business to start again and build up a new reputation with an alternative brand.
Merger and acquisition
When two brands come together to form a single business, they may choose to rebrand to reflect this change. Both brands could alter slightly but keep their own individual identity, or they could come together to form an entirely new brand. If one business has a more dominant brand and positive reputation, it is always a good idea to take aspects of the brand to avoid losing everything they have built up over the years.
Rebranding can be very beneficial to businesses; it can help to make them stand out from the competition and prevent the brand from becoming outdated and tired. Even simple changes to the brand logo and name can stop and make people take notice, increasing their brand awareness and customers. A brand refresh or rebranding can be a difficult process to navigate; you need to get the mix of the old and new just right to make the best impression. Too much change, and customers will no longer recognise your brand. Not enough change could be a waste of time and resources as no one will notice the difference. Specialist branding agencies can help your business achieve the right balance for your brand and set your company apart from the competition.
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