You probably already know this, but before you can win over a customer and convince them to buy from you rather than your competition, you’ll need to expose them to your company or product multiple times. Learn about when it’s time to rebrand your business.
According to Pam Moore, chief executive and co-founder of Marketing Nutz, that likely will be an average of 5 to 7 times. But those exposures only work if your audience recognizes each exposure as being connected to your company. Those exposures also need to resonate with your target audience.
Seeing an outdated logo on your Facebook page, a product post that lacks your brand’s colors on Instagram and an ad on a news site won’t count as 3 impressions if the customer doesn’t automatically register that all 3 are from the same company. Neither will they feel inspired or connected to each of those impressions.
How do you ensure that they do recognize that your company is behind each one? Through branding. How do you improve the impact of those impressions? Through rebranding.
Branding isn’t a timeless or permanent thing. But if you want your company to stay relevant and recognizable, you’ll need to rebrand from time to time.
What Is Rebranding?
The process of refreshing, repairing, and breathing new life into your branding is called rebranding.
The goal of rebranding is to change the entire corporate image of a company. Changing a single element of a brand often isn’t a possibility, as it can ruin the cohesive image of a company’s branding. Whether that means updating an outdated look, aligning your company’s message with modern expectations, or choosing colors that better catch the eye of your target audience, a total rebranding is the answer.
While rebranding rarely involves changing a single element of a brand, this doesn’t mean that it’s a one-size-fits-all approach. Companies rebrand for different reasons, and their rebrands are approached in different ways as well.
While rebrands may be unique, each falls into one of two categories: proactive rebranding and reactive rebranding.
Proactive Rebranding
As the name suggests, proactive rebranding is completed when a company wants to get ahead of changing trends, tap into new customer markets or make moves to increase its sales.
An example of proactive rebranding would be a company choosing to undergo rebranding to breathe fresh new life into a brand that’s beginning to look outdated. They might choose a new modern color scheme or use language that better resonates with how their target audience communicates.
Reactive Rebranding
Reactive rebranding is performed when a company has no choice but to rebrand. The business must react to changes, influences or situations. This doesn’t always have a negative connotation. For instance, when two companies merge, they’ll often rebrand to set themselves apart from their previous brands and to communicate a new and united front.
However, reactive rebranding might also be necessary when a company’s brand is too close to that of another company, in order to avoid legal troubles. Or it may be enacted by a company looking to distance itself from a negative reputation.
When To Rebrand
There are a number of different reasons why a company might choose to undergo rebranding. Before you can begin to undergo rebranding, it’s important to define your reasons for doing so. This will allow you to avoid any issues that your current branding is facing as you create your new look and message.
Let’s take a look at a few of the common signs that it could be time to rebrand your business.
1. Competition Differentiation
Competition differentiation is a common reason why brands choose to revamp their look.
If the competition is using similar brand colors and language, it can make it difficult for customers to differentiate between the two. This makes it difficult for your company to stand out.
This is an example of reactive branding because the competition has already implemented branding that’s standing in the way of your company’s individual success.
2. Reputation Management
Another example of reactive rebranding is when it’s done for the purpose of reputation management.
If your company has suffered from negative press, rebranding can be a way to distance yourself from that negativity and to announce to audiences that you’re actively making changes. While negative customer opinions might be a sign that you need to rebrand, this rebrand will only work if you also make an effort to change the practices that led to the negativity in the first place.
3. Modernization
Pantone releases a color of the year annually for a good reason: Which colors are considered modern and popular change with each passing year. It isn’t just your brand’s colors that go out of style, either. The language that you use, your logo, and the style elements of your ads, product labels, and website also will begin to look outdated with time.
If you feel as though your brand elements are looking out of date, it’s time for a proactive rebrand.
4. Business/Audience Evolution
Sometimes it isn’t just the views of your brand’s colors or style that change with time. As customer behaviors or expectations in your industry change, your brand may need an update to keep up.
For instance, a product that was formerly aimed at a younger audience may find itself with a willing audience that’s more mature. A rebrand can help you to keep up with audience evolution. Changes in the industry your company operates in can also result in the need for a rebrand. Products that were once designed for a specific purpose may find themselves in demand in other areas and your company will need to rebrand to ensure that your products reach a new, wider audience.
Rebranding Benefits
Rebranding is more than just an opportunity to choose a modernized color scheme or to create a logo that better resonates with your company’s audience. It also is a chance to rethink how you apply your branding across the board. Statistics show that branding that is used consistently across all platforms can result in an increase in revenue of up to 23%.
Undertaking a rebranding is no small task. But when you weigh the benefits, you’ll find it’s well worth the investment.
Reach New Audiences
Rebranding can help you to reconnect with your customers as their opinions and interests change. But it can help you to reach new audiences.
A fresh new brand and message will no doubt resonate with new audiences. You might also find that your company better connects with audiences that were previously uninterested in your company. For instance, a company that once utilized branding that was professional and polished may not have been of interest to younger audiences. A youthful rebrand still may allow you to connect with those same mature audiences you once did, while also connecting better with younger consumers.
Attract New Talent
Your customers aren’t the only ones that will take notice of your new brand. Rebranding is a chance to change the entire dynamic of your company. For older companies looking to refresh their image, this might mean a more laid-back and youthful aesthetic. This won’t just be reflected in your products and branding, but in your office and work culture.
As a result, you might find that talented workers who once couldn’t connect with your company are now interested in getting on board. To reap this benefit, you’ll need to revamp more than just your exterior branding. Consider giving your office and inter-office materials a refresh, too, to reflect your new and modern brand.
Signals Growth/Strength
A rebrand lets the world know that you’re changing your image. It also can let customers, employees, and even investors know that your company is strong — and experiencing growth.
If your company is undergoing a rebranding, it signals that you have the funds, time, and confidence to undergo this kind of change. This can be reassuring and attractive to your audiences, your workforce, and any investors you might have or hope to have in the future.
Rebranding Your Business
Whether your company’s reputation is in need of help or you want to get ahead of changing trends, rebranding may be the answer. Besides updating your company’s look, rebranding can help you to connect with new audiences, attract new talent and even let the world know that you’re strong and growing.
While it takes an investment of time and money, and a willingness to accept change in every area of your business, rebranding can help you to recharge your company and set it up for future success and growth.
Caitlin Lamb, a contributing writer at Fast Capital 360, is a content marketer and freelance writer with a focus on small businesses.
