Rebranding is one of the most significant ways you can keep your business fresh and in focus. In order to be successful though, this needs to be done in the right way and at the right time. So let’s take a look at why you would rebrand your business in the first place and the pros and cons of this important task:
Pros to rebranding your business
1. Connecting with new consumers
A rebranding exercise draws in new customers who will enjoy your fresh new look and important offering. The new connection with a different kind of consumer empowers you to be make new sales and grow your business in incremental ways.
2. Set yourself apart from the competition
As you grow, you will start to become competition to other businesses that play in your space. Rebranding is a highly effective way to set yourself apart. A fresh image shows potential customers that you are unique and that you stand tall as an expert. So when it comes to making a choice between you and your competitor, they will choose you.
3. Keep an accurate representation of your brand
As businesses grow, their priorities may shift. In many ways, the brand you began as, may not quite fit the company you have become. A rebranding exercise can be an excellent way to re-think how your evolving business should be positioned in the market, today.
4. Grow that bottom line
Standing out from the crowd, showcasing your expertise and edging into new markets will all expand your reach and systematically build your sales and profits.
Cons to rebranding your business
1. Change is always unnerving
When people don’t know what to expect they can become easily confused or frustrated. So if you do decide to rebrand, consistent communication is critical in order to keep customers in the loop and let them know what’s coming and why.
2. Customer drop-offs
If not implemented in a careful and methodical way, rebranding can actually have an adverse effect and you can lose customers. Whenever you shift your image, you risk that customers don’t like the change you’re subjecting them to. But if you are able to carefully explain your thinking and take customers along that journey with you, you may be able to minimize the risk of alienating long-time customers.
3. It’s expensive
A thorough rebrand is never going to be cheap. Be prepared to spend on a redevelopment strategy, graphic design, fresh content, printing and campaign material. It’s well worth doing but should be done right and never on the cheap.
The bottom line
There are many pros and cons when it comes to rebranding your business. If you choose to do it, tend to your existing customers with you with clear communication so that they don’t resist the change you believe in. Remembering that if you’re able to successfully implement your rebrand with a solid strategy under your belt, rebranding is a highly effective place to invest in your business. In fact when done right, it has the potential to build your business, reconsolidate your position, get customers excited and increase profits.