Rebranding requires a significant upfront investment of time, money, and internal and external resources—but the short and long-term benefits and rewards are well worth it. Here’s how a rebrand can help you stay relevant, position you ahead of your competition, and breathe new life into your business.
Out-of-touch branding can seriously damage your business. If your brand looks old-fashioned, then your current and potential customers are more likely to perceive your business as being behind the times too. Not only will outdated brand elements affect your ability to attract and retain customers, but this may also affect your ability to attract fresh talent.
A rebrand shows your audiences that you are self-aware, have knowledge of the market, and that you are staying current. A rebranding also suggests growth. Customers like to see that a company can evolve. It sends the message that you are successful, ambitious, and staying on top of an ever-changing market.
Increase your value
Rebranding your business increases the value of your products and services, even if your products and services themselves have not changed. The perceived value of a product increases when it is presented in attractive and well-designed packaging.
It can be helpful to think of your branding as the packaging for your business. The more professional, attractive, and well-presented it is, the more value will be attributed to what you do.
By creating a cohesive and consistent brand, you’re showing your customers your values. When your values align with the values of your customers, you can significantly boost sales. Branding allows you to increase your target market and tap into new customer base where you brand had not previously resonated.
A rebrand of your company will change its position in the marketplace, helping you stand out from your competitors. If customers perceive your brand to be of a higher value and if you’re attracting a wider audience, you will be able to adjust your pricing accordingly.
Leave the bad stuff behind
Going through the rebranding process can be cathartic. It’s a fresh start which allows you and perhaps your customers to leave past problems and issues behind you. Rebranding can demonstrate that you have the ability to learn from past mistakes and understand how to grow from them.
Rebranding is more than a facelift; it can be an entire identity shift, allowing you to take the time and resources needed to re-evaluate your business and what it stands for—and how you communicate it to the world.