Rebranding: Why is it important?
Keep your company current
Have you been in business for at least 7 to 10 years? Congratulations are in order. In the same breath, however, for any company that’s been around for a number of years, that 7 to 10 year mark is when your identity starts to lose that original sparkle and you get that not-so-fresh feeling. Rebranding is vital for every business that looks to continue growth. Here’s why you should consider it.
Why branding and rebranding is important
Branding is critical to business. It is your identity, sets you apart from the competition and presents a memorable impression. This recognition increases company value, provides insight, sets expectations, and makes acquiring new customers easier.
Over time, a brand can become dated. That’s when rebranding has to be considered. Even big brands like Coca-Cola, Target, Dunkin’ Donuts and Disney know this. Apple has rebranded three times. Starbucks? Four. And Pepsi has rebranded 11 times.
Why to consider rebranding
Rebranding can breathe new life into your business and keep you from being overshadowed by the competition. Here are some reasons to consider a rebrand:
Keeping up appearances. Basic elements go in and out of fashion. Typeface, colors, images and logos can become dated. Keep up with the marketplace and contemporary styles. Want your company to look fresh? Consider a makeover.
Customer-centricity. The speed of business today is incredibly fast paced. Consumer behavior changes and evolves. Your brand has to keep up to remain customer-focused and relevant. As technology advances, customer retention will be challenging. A new brand grabs attention and gets you noticed by the target audience.
Leadership change. Brands are commonly linked to company leaders. When the founder departs, a new CEO comes in or a company is handed down from one generation to another, the company starts transitioning overall. This is a good time to consider a new identity to reflect this shift.
Mergers and acquisitions. When these changes happen, key messages and brand focus should be examined. Rebranding helps provide a new visual identity, especially if there are overlaps in audiences, geography or products.
Repositioning. As a company matures, it grows in the marketplace, evolves over time and may be something much different than what it was when it first began. The original identity could become more of a liability and hold the company back. Shifting emphasis puts the brand in a new light.
For every successful rebranding effort, there are also rebrand failures. Take time to examine your company, brand and specific needs. Rebranding can be a daunting task, but it provides numerous rewards.
Getting started with a rebranding
At T.E. Digital, we are experts in branding and know how important it is to your identity. Our team can take the guesswork out of it for your business, develop an appropriate strategy and help your brand freshen up. Contact us to discuss ways a branding or rebranding strategy can work for you.