The importance of rebranding your business and reasons why you should consider doing so.
Whether you have been working with the same brand for your business since you started or are currently working on building one now, your brand should never be stagnant or lack evolution. Just as your business and your reputation continue to grow as you gain experience and expertise in your industry, your brand should also continue to evolve with your company.
Rebranding doesn’t mean starting over–it’s all about improvement
If the idea of a rebrand sounds intimidating because you’re afraid of the risk or what it might take to successfully rebrand your business, let’s start by clearing up the basic misconception of what a rebrand is (and what it isn’t).
First, let’s recall what business branding is all about from our previous article, “Do I really need a business branding package?”; remember that the fundamentals of a branding package consist of the following elements:
-Conveys what is special about your business and tells your story
-Resonates with customers and broader community in positive way
-Recognizable, stands out amongst the competition
So if your brand is all about telling the story of what’s unique to your business, then shouldn’t that story always be evolving as you improve as a company? This is where the concept of rebranding comes into play for businesses of every shape and size. Now when assessing whether a rebrand is the right decision to make for your company, ask yourself the following questions;
- How much brand equity do we have as a business? In other words, how do customers and potential customers value your brand, and does this translate into an increased likelihood of them purchasing your product as a result?
- Does our brand promote market differentiation? Meaning, is your brand distinguishable from other brands and products in your market?
- Is our brand relevant and engaging to our audience? If your brand doesn’t resonate with the right people then no matter how excellent of a product or service you provide, your business won’t have the relevance or vitality that other successful business brands have.
- Do our customers feel a sense of emotional connectivity when they see or think of our brand? No matter how big or small your business is, when it comes down to it, your success as a company depends largely on how customers and potential customers feel about you and your brand. Even for the smallest of purchases, research indicates that consumers are more likely to do business with a company that they share values with, or can relate to on an emotional level.
After asking yourself the above questions and getting a better idea of how well your current brand is performing for your company, you now have a sense of which areas of your brand might need improvement. And that’s exactly what rebranding is all about; identifying which aspects of your brand messaging require improvements and adjustments to keep your brand packaging in sync with not just your product and your company story, but the values and commitments of you and your employees as well.
But why attempt a rebranding of your business all on your own? For all of your business branding and rebranding needs, our friendly and experienced team at LOJO is happy to answer any questions you have so please don’t hesitate to give us a call today!