Brand Rescue: Benefits Of Rebranding
Corporate images, symbols and logos that represent your brand are the greatest of all the tools in our marketing toolbox. Think Golden Arches, and “I’m Lovin’ It” and you immediately recall McDonald’s. Strong brand identity can improve the recognition of your brand, empower your marketing strategy and truly communicate who you are as a business through new social media tools. In fact, good branding is so important that John Stewart, the former Chairman of Quaker Oats said, “If this business were to be split up, I would give you the land and bricks and mortar and I would keep the brands and trademarks, and I would fare better than you.”
78% of Internet users undertake product research online before buying a product or service therefore it is more likely that your prospect’s first impression of your company is the image of your online brand and what it represents. In today’s fast changing environment though, trends are constantly evolving, and the transformation of a brand image can make your business stand out in your competitive marketplace. You have a choice to either let your audience make their own assumptions about your brand or take control of how you want to be seen in order to evoke the response you want.
Rebranding a company doesn’t have to be a complete U-turn or an epic rehaul but rather a small change of direction. Yes, the decision to rebrand may be a big investment but trying to change the way customers perceive you with a solid rebrand can reap some hefty bottom line benefits for your business—in the long term. Here are the top 5 ways companies can gain ground by rebranding their business.
- Stay Fresh And Current
Ambitious businesses are trailblazers. They do not follow. They push boundaries constantly to create something new, exciting or challenging. Have you noticed how something as simple as a haircut can make you feel brand new and give you confidence? Change is refreshing, reinvigorating, and exciting. Your brand image is your most recognizable touchpoint for customers, employees and your target market. As business grows and design trends change so will your product offerings, services, customers and internal workforce. What was right for your business a decade back, might not be so today. Rebranding is a conscious way of staying current and relevant to customers and communicating your evolution and current aspirations. Rebranding your company to give it a new look and feel can change perceptions of your business as open to change and improvement and it can also potentially attract new customers.
A brand new identity can inject much needed energy to a business, as long as it is done with proper research and reason. Rebranding is about making changes to accurately reflect who you are today, while honoring your history and retaining the most loved aspects of your original brand.
- Add Value To Your Business
Branding has an intrinsic value of its own. Research studies show that on average, brand accounts for more than 1/3 of shareholder value, which makes brand value a real tangible asset. A well-branded product carries greater good will and consumers are more willing to pay more for it than for something unbranded or poorly branded. Instead of thinking of rebranding as a vanity exercise, think of it as business decision that adds real value to your business by improving your brand equity, image and business reputation. Strong branding helps build awareness and can clearly make your business ‘presence’ felt in the marketplace even when you are not engaged in an active marketing campaign. A successful rebranding does lead to more engaged and loyal audiences and consequently new sales and business opportunities! When Instagram evolved from a photo-sharing app to a community platform, it launched an entirely new, fresh, flat, gradient-oriented app icon design in 2016 that would appeal more to its diverse user base.
- Be Unique
In today’s tough business environment, capturing market share is no easy task. Businesses begin to mirror each other and brand images often look similar. To prevent your company from trailing behind your competitors, you need to invest in a well-planned rebranding exercise. Moreover with a weak brand, your marketing campaigns have to work even harder to establish your business identity and make your offering stand out. Gain an advantage over competitors by adding individuality and creativity in your corporate image. To differentiate your business from other companies offering similar products/services, make your brand unique with a new and improved brand image. For example, when Snapchat was adding more color to their interface, in a bid to defy the trend and stand out, Instagram resisted the urge to do the same, preferring instead to test radically new designs and palettes.
- Connect With New Audiences
Rebranding is a great way to explore new markets entirely and connect with a brand-new audience. A refreshed brand image is likely to catch audience attention, making them more likely to join you on the journey. Creating connections with people is the best way for businesses to stay ahead of the curve. Brand have to establish a human connection to become trusted and loved. Remember the drink label takeover by Coca Cola, showcasing 1000 names instead of their logo. It brought personalization to the brand domain in a memorable way.
- Send The Right Message To Shareholders, And Employees
Creating a new look and identity with your brand image will help your intended audience and stakeholders welcome innovation and improvement in your business rather than shun it. It gives out a loud and clear statement to stakeholders that you are a growing, ambitious company who can embrace change. For example, in October 2015, Google came up with a brand new, more defined and strong logo, with vibrant palette, new typography, and icons, using the same bold sans serif font to announce a reorganization of their company into Alphabet. It was designed to be more flexible and add playfulness and curiosity to help connect with their intended target audience.
Build Your Brand And Continue To Shine
Rebranding doesn’t just leave a positive impression on investor and shareholder opinions but it also can be equally rewarding for employees. Employees are more likely to feel more engaged and motivated to promote your brand if it represents the current culture of the workplace, rather than the ideas of a bygone era.
Companies that engage in the right kind of rebranding exercise ensure customer recall and retention of their brand. By getting the ball rolling on a rebrand, your company can drive sales, engage and connect with audiences, make conversations happen and retain customers for a lifetime.