You may be wondering if doing a brand refresh is worth the time and effort. When you rebrand your business, you have the opportunity to create a new brand identity that reflects what you are and what you stand for. In this article, we’ll cover some reasons why you might want to do a brand refresh.
1. Growth requires change
If your business is doing well and growth is on its way, you might want to consider rebranding. Often, growth goes hand in hand with the broadening of your target audience, and a refreshed brand identity design will give you the ability to reach new customers. For example, if your business is growing so well that it’s ready for the international market, your brand has to be formed in such a way that it speaks to different cultures and audiences.
2. You’re going after a new audience
Maybe your target audience has evolved over time. Or maybe you’d like to expand to a new group of consumers, whom you hope will make up a large share of your audience. If so, you should think through whether your current look and tone fit that new audience. If not, you may want to change things up to appeal to that specific group of consumers more effectively.
3. Differentiate from the Competition
Branding is all about competitive differentiation. But you’d be surprised how few companies are able to effectively communicate or even identify their key differentiators. Sales and business growth can be extremely challenging when you don’t have clearly articulated differentiators. Both your employees and your customers must understand why your brand is superior to the competition.
One of the most valuable benefits of rebranding is that it can help you clearly define your key differentiators, including your competitive advantage.
At the end of the day, no competitive advantage is as powerful or sustainable as a strong brand. As is evident in a wildly effective brand like Apple, a strong brand lets you outcompete the field whether your products or services are tangibly superior or not.
4. Lack of Brand Clarity and/or Consistency
A new company might start off as one thing, but over the course of time transforms into something else, perhaps with a completely different focus and set of values. The branding needs to be updated to reflect this, otherwise there will be a jarring inconsistency in the image it portrays.
In other circumstances, a company may acquire different services from different consultants along its journey, and some of these may have strayed off-brand. Again, there is a clarity issue and this needs to be addressed with rebranding.
5. Globalisation
Large corporations like Coca-Cola, Shell, and PepsiCo have long dominated global markets. However, the internet has empowered mid-sized and small firms to reach international customers as well. When venturing into new, global markets, it is crucial to re-examine your brand or product names.
Product names must make sense to overseas customers, and you should not rely on computer translations. Instead, consult with a local to help you communicate effectively. For example, Lay’s uses different brand names in various markets, including Walkers in the UK and Smith’s in Australia.
LG electronics is another company that changed its name to conquer overseas markets. The Korean brand was formerly known as Luck and GoldStar. It began using the name LG in 1995 to appeal to western customers. If you use a new logo, ensure it is not offensive or culturally-sensitive.
6. Change of Business Goals
When the focus of your business changes, it can mean a complete rebranding of your company to reflect its new objectives. As you rebrand, you should keep your new business goals in mind. Rebranding might be necessary if your current image does not align with your new business goals.
If the goals of your business do change, you might consider rebranding your company to adequately represent what you are trying to achieve. By rebranding your marketing materials to achieve the new objectives, you can be sure that your image conveys these goals and makes them more achievable.
7. Customer Expectations
What does your customer expect from you? Studies show that 64% of consumers who feel they have a connection to a brand state shared values as the reason.
So, look at your target market values, do you share these? If so, how can you show these mutual values? These are some of the expectations you should consider coinciding with your current brand strategy or new identity. A fresh display of mutual values shared is a great reason for rebranding as it will show you in a different light and help consumers connect with you on a deeper level.
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