4 Pros of Rebranding
The positive effects of rebranding a company are pretty straightforward. After all, the purpose of a rebrand is to improve your image in one or more ways, to become more relevant, more competitive and more profitable in your target market. If there aren’t many positive outcomes of rebranding, why would anyone spend the time or effort going through it?
1. Attract New Customers
Perhaps your current branding isn’t portraying the message clearly enough; it has become stagnant over the years or irrelevant to your target audience. While your goals and mission as a company may have adapted over time to your customers’ unique needs and challenges, your brand may not clearly reflect that anymore.
One of the most common reasons for rebranding is to completely change which market and audience your company targets. If you’re known for making, say, electronic toys for children, your brand name might struggle to sell other things if that market starts to decline.
Rebranding can boost your company’s image and brand message, which means fresh prospects, updated personality and drawing in customers, including reaching new demographics.
People are much more likely to buy a product from a new brand than from an old brand they associate with a different product entirely. A failing demographic can be cut out of the equation with ease simply by changing your business’s name and colour scheme. Of course, that doesn’t mean you HAVE to drop that demographic – you could also use the rebranding as a way to target more audiences with your products, especially if you’re stigmatised as only being for a specific type of person.
By rebranding your image, your company personality or your target audience, you can attract new customers and rekindle interest from your existing audience.
2. It Can Help Build A Story Behind Your Brand
Customers get attached to brands, brand identity and packaging. That’s a constant trend that’s been seen for many years– customers trust the history they have with a brand, to the point where certain words such as “Google” have become part of certain countries’ everyday language.
Using a rebranding period to shed off one of your flaws, even something as minor as using more recycling-friendly packaging, will ensure that your customers will see the rebrand as a positive change in your company’s history, even if the timing was purely a coincidence.
Burberry also pulled this off well by marketing themselves as a stylish, high-quality clothing brand, completely reversing the idea of their clothing being ‘gangwear’, which had progressed to the point that merely wearing Burberry clothing could get you thrown out of certain British pubs. By adjusting how their brand was marketed without overhauling their entire company, they managed to shrug off the stigma against them, which let them gather much more attention than they would have otherwise.
3. Streamline Messaging and Increase Engagement
Somewhere along the line, your message and brand may have become diluted or inconsistent. Rebranding offers the opportunity to bring everything back to the main focus again. If getting your online reputation under control has been on the back burner, this could be the perfect time to get to it and kill two birds with one stone.
Whenever you add something new and exciting to your product line or make a change to your brand, you have the opportunity to make a big splash. Use your rebrand to get people talking on social platforms by showing them what is great about the changes you are making and your reasons.
Instead of fearing the change, focus on shaping novel ideas in customers’ minds to recognise your product/service value.
4. Achieve New Goals and Staying Current
Rebranding allows you to achieve new goals. Some of your new goals may be to develop new products or to improve existing ones. Or, you may decide to have your employees become more involved in advocating on behalf of your company, in which case a rebrand is a great excuse to get everyone in the company involved.
On staying current, it is a good idea to keep updating your mission, vision and goals to survive and stand out amidst a competitive landscape.