20 December 2018
Here are 5 good reasons to rebrand your company:
1. There is a change in leadership roles
When there is a change in leadership roles, there is usually a ripple effect of change in the business. The new leaders have their own vision of the direction they want the company to take, as well as the mission and values of the company. A rebrand is the company’s way of reflecting and enforcing this change. Rebranding gives consumers an insight into what they should expect and what benefits they can reap.
2. Your purpose or mission has changed
A company’s mission, values and focus change over time as the company grows and evolves. What was important when the company started, might be completely different to what is important now. Companies need to realign their brand so that it reflects their new mission and purpose accurately in order to reach their desired target audience.
Rebranding gives you the opportunity to clarify your purpose, mission and goals to fall in line with your target audiences expectations. This in turn can have a positive impact on your company and its future.
3. Your target audience has changed
Your current brand identity, mission and message may have worked 10 years ago for a certain target audience, but the world has changed and so has your target audience. With the speed in which things change nowadays, consumer’s behaviours and needs are continuously evolving. Your company’s marketing strategy, values and message also needs to evolve in order to keep up and appeal to your ‘new’ target audience. Staying noticed and relevant is key, otherwise you risk getting left behind. A proactive, new brand is more powerful than a company fighting for client retention, or trying to win back customers who have switched. A rebrand will help reposition your company more in line with your target audience and their new expectations while also attracting the attention of a different demographic.
4. Differentiate yourself from your competitors
One of the most important things when it comes to branding is differentiating your company from your competitors. Each company has a unique selling point. This is what differentiates your company from your competitors and what needs to be communicated through your brand.
Your company not only needs to be differentiated in looks, but also in in the brand messaging and promise your are offering. You need to position your company in such a way that it seperates you from all companies with similar offerings. Your goals is to be top of mind with your consumers.
5. Staying current
The world and the industry is ever changing as new trends develop. Perhaps, back in the day, you were the only company with your type of offerings or targeting a certain audience. But now the competitive landscape has changed. There are now several businesses with similar offerings and they are targeting the same audience as you.
Design trends and styles also come and go. What was cool 5 years ago is now outdated and irrelevant today. It’s not only the brand identity of a company that can become outdated, but the messaging and marketing strategy too.
A rebrand generates excitement and increases the visibility of your company. It attracts a new group of consumers who are looking for offerings that will best satisfy their wants and needs. An outdated brand will only loose the interest of current consumers and allow competitors to gain advantage over the market.