Branding – Is it Time for a Refresh?
Well-managed branding can give you a genuine sustainable competitive advantage. This is especially relevant if you are looking to accelerate your growth.
Rebranding can take in every aspect of your business such as a revised name, slogan, visual identity, or brand values. A simple â€˜brand refresh’ can include changes to an existing colour palette, logo, or font style that are subtle improvements to your brand.
So, how can brand research help, and when’s the best time to rebrand?
How can brand research aid your rebrand?
Brand research is a key component in uncovering your customers’ perception of your brand! It also grasps opportunities for your brand prior to rebranding. A rebrand will only resonate with its target audience if the brand has invested in getting to know its customers’ true needs and pain points.
Why should you consider rebranding?
Rebranding can be a long process. It may take up to six months to a year, so should be considered carefully. You may seek to rebrand if any of the following applies to your company;
- Your business has changed due to the pandemic
If you’ve become more of an online business due to the pandemic, it may have affected the brand and how it’s perceived. If you already have good brand recognition, a total rebrand may not be the answer. This is unless it doesn’t fit in with your current messaging and core values, so you may consider a brand extension.
- Your branding is undifferentiated
If your branding looks similar to your competitors or it’s indistinctive, then it’s time to consider a rebrand. Your visual identity needs to reflect who you really are and your strategy. If your visual message is unclear, vanilla, or confusing it will harm your brand.
E.g if you’re a high-end hotel fit-out company yet your branding screams â€˜budget end’, it’s time for a rebrand.
- Your existing branding is out-dated
Perhaps when you started your business you had a limited budget. Branding was an afterthought – you may even have asked a family friend to help with the design as part of their college project. In this case, it’s probably become outdated.
If your company has been around for a few years or more, your original customers will have probably grown up, like your business. Are those same customers who are now part of a different age group still your ideal customers? The risk is that your company has evolved but your branding has been left behind.
Brands are designed to connect companies with their customers. If you reposition your business to target a completely new customer profile, your brand will need to follow suit.
- Mergers and acquisitions
Finding a new brand that reflects the new entity is a must if your company has been acquired or joined forces with another business.
How is rebrand effectiveness measured?
Without some form of benchmarking exercise, a rebrand can quickly become just a cosmetic exercise, leaving you wondering if it’s had any impact at all. It’s important to plan for how â€˜success’ is going to be calculated. So, it’s important that you firmly outline exactly what you want to achieve through your brand refresh. This could be new customers or more orders from existing customers for example.
A true rebrand involves comprehensively analysing what has changed within your business and strategy. It brings that change to life through well-articulated brand positioning and a visual identity that signals the change to the market.
If you’re considering a rebrand or are unsure if you need one, please get in touch here for further support.