Is it time to rebrand?
How do you know if you need to rebrand? Start with some branding basics. Before discussing how rebranding can help your business, it’s important to point out what branding is and what REbranding is not.
What is branding?
- Branding is the process of establishing a company’s reputation and creating credibility and familiarity.
- Branding increases the public’s awareness of a business’s name.
- Branding builds a strong company “essence” that inspires loyalty and trust in current customers, and provides a level of familiarity in order to acquire new customers.
When might it be necessary to rebrand?
- When a company’s current brand attributes are no longer relevant or meaningful in the eyes of the consumers.
- When a company experiences catastrophic brand damage.
- When a company’s core product offerings suffer from negative connotations in the local or global marketplace.
- When your media budget increases to support a serious rebranding campaign.
What rebranding is not:
- Just because you update your logo, it doesn’t mean you’ve rebranded.
- Just because you’ve changed the name of your company, it doesn’t mean you’ve rebranded.
- The same goes for a tagline: just because it’s new doesn’t mean you’ve rebranded.
Any smart small business owner considers the ROI before making an investment in their company, and rebranding is not only an expense but an ongoing commitment to your business.
What return can you get from a branding or rebranding campaign?
- Branding has a positive impact on people’s’ emotional responses
- Branding creates awareness, secures top-of-mind recognition, builds affinity and creates customer loyalty.
- Everyone in your company becomes “brand ambassadors,” which furthers external recognition and internal loyalty.
- 75 percent of buying decisions are based on emotion, and branding is all about creating an emotional connection.
When properly executed and maintained, a rebranding campaign can lead to increased sales. But remember, in order to succeed you need a clear strategy (i.e., targeted messaging) and sound measurement tools in place.
Stay tuned for more in this space!