In this weeks blog, I will discuss some of the different reasons you may need to consider a rebrand.
1. Stay current
One of the main reasons companies rebrand is to stay current. Design trends have a huge impact on how customers perceive a brand and what products/services they offer. Having your branding kept up to date shows your customers that you pay attention to trends in your industry.
Staying current goes hand in hand with having an outdated brand. However, there is a difference between an old logo and an outdated one. Brands that have an old logo, but a well-established audience and brand, then it is best to do research before rebranding as it can go wrong. Such as the infamous Gap logo rebrand. You can rebrand in a subtle way where you keep the same core identity but add a contemporary element to the aesthetic. An example of this is Mastercard.
2. Connect with a new audience
Whether you’ve changed your business approach, have new products or something else, you may want to attract a new/wider audience. It is essential for your brand to speak to your target audience, so a rebrand may be an option so that you can ensure you are doing that.
A perfect example is if your products/services are for millennials but your branding hasn’t been changed to suit their different media consumption habits or values, which differ from other generations. Your branding may not appeal to them and will be less successful.
3. Stand out from competitors
In some cases, it is a great idea to rebrand as a way of standing out from your competitors. It is an effective way to set your company apart from others, showing potential customers that you are the experts and are unique. It helps you become a leader in your industry by having your own voice, look and feel. You shouldn’t just change your logo or branding because a competitor has, it should have a purpose to feel authentic and original.
New companies are energised and want to make a statement in their competitive markets, so they will come for your customers and if their brand looks better, provides a similar service and is contemporary for their target audience then they have a good chance of attracting your customers. If this happens, it is due to you having low brand equity. You need people to recognise your brand and to spark positive emotions to stay relevant and in contention to be the best your brand can.
4. New goals/products
A common reason for a rebrand is if your brand has new goals/values or you’re offering new types of products/services. In this sense, a rebrand can act as a way to show your company is evolving. Your rebrand ensures your brand is updated to reflect your new goals/values.
It is very common for a brand to change as they grow and it is important that your brand strategy aligns with what you are trying to achieve, without having outdated branding that isn’t adapted for all platforms or is too product specific. Here is an example of a rebrand we have done for Holt Twins. We completed a rebrand for the launch of their new product.
5. Boost your bottom line
The other 4 points of this blog post all come into this one. The main benefit of a rebrand isn’t to just impact your inbound strategy, but it can make your company more profitable. By standing out, reaching new customers, keeping hold of your clients and showcasing your expertise will enable you to maximise your profit just by giving your brand a new look.