13 Feb Rebranding – Is it Worth It?
It may sound like a risky venture but the benefits of rebranding can well outweigh the risks. The risk is understandable; after all your current brand has been with you since your business started. Maybe that was before you expanded your product line, your competitor entered the market, or technology changed the way your customers think about or use your product. You could think of your branding as your company’s choice of clothing. That said, it may be that your branding has become like your favourite sweater: comfortable, familiar, but only relevant to you for reasons that used to be obvious.
If you’re considering rebranding, here are 4 factors to consider:
1. A strong brand attracts. Is your branding attractive? Unique? Do people take notice of your logo, your signage, and the look of your business? Is it attracting the kind of customers you’re looking for? In terms of the clothes closet, you don’t want your brand to be just something you can’t part with, like the shirt on the hanger that you pass by on your way to something else every time.
2. Strong branding informs. People should be able to tell from your branding what it is that you do. More importantly, your branding also communicates about the quality they can expect. Can people look at your branding and expect something current from you? Does your existing brand mask your true competitive edge? In terms of clothing, is your brand like an outfit that accentuates your positive attributes and gives attention to details?
3. Strong branding motivates. Do you still feel as excited about your branding as you did when you started? Do your customers? A strong brand is engaging. It intrigues and invites people to find out more about your company. It inspires customer confidence because it looks like a leader with an obvious goal. Back to the clothes rack, is your company wearing the kind of style that people will want to follow or does it look like you are following a trend that’s already gone by?
4. Strong branding is thorough. From the business cards you offer at networking events, to your website, social media sites and merchandising tools, a strong brand complements everything in a way that enhances the specific purpose of each marketing tool. Like a great wardrobe, professional branding is not a matched colour set that blankets your style. It works with a palette of complementary colours and a great design that come together to evoke the feeling behind your brand.