The 4 Economic Reasons to Rebrand Your Business

Rebrand your business This is a guest post by Sookie Shuen from Tomorrow People.

How much can your company benefit from a timely rebranding and revitalization?

When considering this question, one must keep in mind that rebranding does not necessarily address the wants and needs of the company directly, but rather speaks to the wants and needs of that company’s current and prospective customers.  Therefore, the important factors to consider when assessing the value of a rebrand include equity measurement; market differentiation and accessibility; brand awareness, relevance and vitality; and consumer personality, preference, usage, associations, and emotional connectivity.

If your company can improve relationship to its customer base in any or all of these key areas, you may want to think seriously about revitalization.

Reason #1: Competitive advantage

Your brand is the public face of your business.  As the economic climate changes, it must change along with it.  A well planned and executed rebrand will enable your company to reflect current market dynamics and thereby gain competitive advantage, accelerate pipeline performance and become a leading voice of the industry.  Sidestep the competition and increase your market share through an updated image.  By revisiting your brand messaging, you can counter a loss in consumer confidence and/or decreased profitability.

Reason #2: Stimulate growth

Rebranding can serve to reduce the cost of operation and to cater more efficiently to current customer demands.  In markets where complex and confusing mixes of product portfolios frequently undermine brand impact via advertising clutter and media proliferation, a rebrand can combat incongruence and audience fragmentation to regain customer impact and promote growth.  As the company continues to grow, subsequent rebranding will ensure that customers hungry for change will keep coming back to see “what’s new.”  In this sense, the rebrand becomes a public expression of the company’s evolution and a constant check to potential outgrowth.

Reason #3: Long terms market expansion

When a small business prospers and expands, they and/or their products frequently require a rebrand or revitalization to reflect the larger, more sophisticated business it has become.  Any emergent company not employing this essential business strategy will inevitably be dwarfed by its competition. The modest brand offerings typical of the small company and its contingent budget restrictions will ultimately prove inadequate as that company grows and evolves.  However, budding economic prosperity and subsequent operational expansion are not the only facets of business growth and evolution that necessitate revitalization and rebranding.

Reason #4: Innovation = Profitability

Just as a company’s brand must reflect changes in size and market position, it must also reflect changes in technological innovation.  Constantly evolving at an exponential rate, technology and business prosperity are often inseparable from one another.  Any brand associated with technology or technological advancement, must keep pace with the industry of which it is a part.  Therefore, tech-dependent businesses, such as those associated with the internet or with computer hardware or software, might need to consider more frequent revitalization and rebranding.  If a company’s production line is subject to a constant, rapid rate of change, the wise owner and/or manager will subsequently revitalize his or her brand at a commensurate rate.  Again, your brand is the public face of your business.  When it fails to reflect the level of innovation your business has achieved, your customers will quite naturally assume that you have fallen behind the times.  Competitors who consistently rebrand their products and services—even those competitors who have yet to achieve your company’s level of technological acumen—will likely outperform you in terms of reputation and/or economic profitability.

Whatever your reason for rebranding—be it economic and operational expansion, technological innovation, or any other type of growth and/or change—your company’s brand must remain consistent with the latest and greatest your business has to offer.  Whether reflecting advancements in your product and/or service lines or the evolving nature of your business in and of itself, the process of rebranding is essential to communicate your level of quality to your audience of consumers. Furthermore, although taking the step to rebrand your business will, first and foremost, revitalize your consumer base, the change can also have quite a rejuvenating effect upon the internal culture of your company.  As your brand evolves to reflect new innovations in a constantly changing marketplace, your employees will inevitably be swept up in the momentum.  Launching a rebrand will call for new levels of worker support, knowledge and feedback, as well as affording them the opportunity to join in the creation of a new, positive business culture.  In this way, the process of rebranding not only brings the public face of your company in step with its internal machinations, but also, in turn, actively engages your management team and workforce to contribute to the new business culture that your new brand represents.

The business rebrand is about a great deal more than making your business look good. It’s about making your bottom line look good, too. So what is it that makes a company rebrand such a valuable proposition for your business? Please share your thoughts and comments.

  • Susan Alexander

    Great post.  I’m super interested in this topic now.

    Wondering if you can explain (via links or in a subsequent post):

    1) What a “rebrand” is in the first place (i.e. what’s the definition); and

    2) What are some examples of rebrands done well (and not so well)?

    Short case studies would be super helpful.

    Thanks.

    Susan

  • The Zoober Inbound Marketing philosophy.

  • How much can your company benefit from a timely rebranding and revitalization?

  • Caitlin Rambo

    Awesome post. I especially agree with your opinion in relation to technologically savvy companies. In order to maintain their competitive advantage, these companies must constantly evolve their communications to parallel the innovation within the industry. 

  • Rebranding will depends on person making promotions and advertising. Business strategy are meant to make or break  the company’s brand. I think it’s a matter of making the right strategy plan.

  • Great post. In today’s constantly changing world, businesses need to constantly focus on rebranding to some degree. For some it’s to give a fresh face and feel and for some it’s simply to adjust and catch up. Regardless of which a company is, it is extremely beneficial to do so.

  • Hi Susan, thanks for your feedback on this. I will make a note on this and include these in my next post. (:

  • Caitlin, you are absolutely right. In order to gain their competitive advantage, they all need to be a step ahead of the others. People would never want to be classed as “obsolete” (:

  • The whole process of rebranding can not only can it be expensive to execute a complete rebrand, but it can also be risky. Having the right strategy and a clear thought on your goals and objectives is definitely essential.

  • Thanks a lot Aryeh, I really do appreciate it.
    Regards
    Sookie

  • That company’s current and prospective customers.

  • How much can your company benefit from a timely rebranding and revitalization?

  •  How much can your company benefit from a timely rebranding and revitalization?

  • When considering this question, one must keep in mind that rebranding
    does not necessarily address the wants and needs of the company
    directly, but rather speaks to the wants and needs

  • That company’s current and prospective customers.

  • By revisiting your brand messaging, you can counter a loss in consumer confidence and/or decreased profitability.

  • Sidestep the competition and increase your market share through an updated image.  

  • Alex

    Sookie, great article!

    It looks like one of the headers may be misspelled: “Reason #3: Long Term*s* Market Expansion. Should it be long term (no ‘s’) market expansion?

    Great article nonetheless and I plan on passing this along.

    Thanks!
    Alex

  • If your company can improve relationship
    to its customer base in any or all of these key areas, you may want to
    think seriously about revitalization.
     

  • You may want to think seriously about revitalization.

  • assurprox

    Therefore, the important factors to consider when assessing the value of
    a rebrand include equity measurement; market differentiation and
    accessibility; brand awareness, relevance and vitality; and consumer
    personality, preference, usage, associations, and emotional
    connectivity.
    http://www.assurprox.com/tag/mutuelle-optique-remboursements-de-lunette.html

  • Sookie, you should check out this LinkedIn post: https://www.linkedin.com/pulse/20140807052105-14398125-four-economic-reasons-it-s-time-for-a-rebrand. It looks like they’ve ripped off your post.