This isn’t a question that many who own and operate their own businesses often think about. Most owners have either adopted the “If it ain’t broke, why fix it?” approach, while others may feel the task is simply too daunting to take on– especially if an immediate return on investment isn’t guaranteed. Not that these concerns aren’t valid, as it is true: To each their own. However, in a time when companies are taking a closer look at shifting market forces, return rates, and potential growth, “frivolous” expenditures such as a rebrand may not be the first thing on their list to boost their bottom line– but it may be the one thing that does. A strong brand can give your business more of a competitive edge and position you as an innovator in the industry.
Let’s take a look at what a rebrand is. It is an attempt to strengthen or change client perceptions or attitudes toward your product or service. It’s safe to say that most businesses seeking a rebrand are hoping to attract new customers. Perhaps their audience has changed. Has competition forced them to think differently? Is the company dealing with new ownership or negative PR? If you know the “Why” for your rebrand, the next step is the “How?” Knowing what your brand essence is may be the key to aligning yourself with your target audience. In order for you to find that key, you should ask: “What makes us unique?”
This question is so important because it will be the driving factor that separates you from your competition. However, one way to stay ahead of the game is to take a look at what your competition is doing. Taking lead from successful rebrands and strong legacy brands is not at all a bad way to figure out where you lie, and serves as an excellent jumping point for where you’d like to be. Knowing what works (and what doesn’t) for companies within your own market will help you from making backward steps during the sensitive process of a rebrand.
By knowing your audience, playing off your strong points, and not prematurely launching a brand identity, you can ensure a seamless transition with greater results. This is by no means a simple task, but it is most certainly a rewarding one. Now, while you toil with whether or not your own brand could benefit from an update of its own, why not take a look at some companies that have? Are they all successful? You decide!