Why should I rebrand my business – especially if it is doing well?
A strong brand is not just a logo.
A brand is the combination of tangible and intangible aspects that represent a business – they make up the totality of your customers’ experience. A logo is a graphic element that represents that brand. Without the brand behind it, the logo wouldn't have real meaning.
So, what is a strong brand?
Strong brands are meaningful (they generate feelings of connection and meet expectations and needs), different (unique and stay ahead to benefit the consumer), and salient (come to mind as the brand of choice).
The most relevant brands are customer-obsessed, deliver consistent brand experiences, make life easier for their customers, make emotional connections, earn trust and often exist to fulfil a larger purpose. They push the status quo, engage with customers in creative ways and find new ways to address unmet needs.
Psychology shows that customers perceive the same personality traits in brands that they do in people. Effective branding defines the emotional experience they want customers to have every time they engage.
What is rebranding, then?
Rebranding is more than just whipping up a new logo. Rebranding is the process of reshaping how a company or product is perceived by the public, both now and in the future.
Influencing consumers’ perceptions is key to influencing behaviour – because it is their behaviour that impacts your bottom line. Rebranding can include the reinvention of everything from a brand’s name and tagline and its visual identity to its website and marketing collateral. But it also includes values – what the brand stands for, and how that’s demonstrated internally and externally.
A rebrand is more than looking the part – it's showing that you follow through on what you say is important.
What can a new brand do?
A new brand can:
Strengthen your reputation,
Reaffirm your goals and commitments to customers and staff (staff are your ‘internal customers’ and are just as important – more on that below),
Increase customer loyalty,
Help you stand out against the competition – especially if consumers may see them as having caught up to you,
Communicate a shift in offering or business model
Deliver proven return on investment (ROI),
Create / manage perceptions about you in your customers’ minds.
Is rebranding right for you?
Investing in a brand that is well-designed and well-managed is one of the most effective ways to build preference and loyalty and transform your company from a commodity to an experience.
When making a decision, here’s a few big-picture things to keep in mind:
What’s on the horizon? Don’t think about your business now, imagine where you want it to be in five to 10 years’ time. What does the market look like and what does your customer look like? How are you engaged with them now, and what will influence them later? This includes demographic shifts and what your competitors will do, too. How can you ensure you protect your point of difference?
How do people hear about you, and at what point do they make up their mind? When word of mouth about your brand is at work (one of the most valuable marketing channels you have), and people act on that feedback, they often enter the exploratory stage of decision making – where they may do their own digging and research on you, especially for higher-involvement purchases like new homes or big investments. So how can you make the best first impression and build trust? And how can you ensure your brand is visible to the new tools and technology – like AI search engines – that people are using?
How can you connect with your staff and customers? A strong brand will also help attract, motivate, and retain one of your most valuable assets – staff. And as demographics shift, rebranding lets your company reach new, untapped audiences and communicates your commitment to growth.
Your business model has changed, but you look the same. This could be advancements in technology, new business arms, expansion, or that your goals have changed. When objectives and strategies shift, so should your branding.
What if I just have savvy marketing?
Ignoring long-term branding in favour of short-term marketing initiatives may work in isolated cases, but companies that have driven above-average profitable growth have invested heavily in building their brand.
The effects of marketing activity quickly decline after activation is complete. And marketing doesn’t tend to build momentum over time.
Branding is a long game. Don’t get too lost with the immediate attribution of marketing activation. A balanced approach leverages both short-term marketing and long-term branding initiatives. The return on brand investment has a cumulative effect, building on positioning and ever-increasing levels of brand awareness.
In the long run, brand-building is a better driver of sales growth than repeated marketing activation initiatives.
In sum:
One of the most measurable benefits of rebranding is that it allows you to redefine the value customers place on your offering, so you can:
Raise your asking price accordingly,
Attract more customers who are happier to buy a little more often / or refer more,
Differentiate from competition,
Increase top of mind brand recall.
Rebranding isn’t the answer for everyone.
If it isn’t broke, don’t fix it.