Branding is an essential component of every successful business. Based on a report from Circle Research, 77 percent of B2B marketers believe that branding is a compelling factor for the expansion and development of their businesses. It can help create a memorable impression on target consumers and set certain high expectations for clients.
Branding can also set the tone for a company’s social media campaigns, which can prove to be crucially important for today’s consumers. Refreshing your company’s branding strategies is necessary from time to time, resulting in a lot of advantages for the expansion of your business.
But proper rebranding requires the right timing. Here are the signs that your brand is ready for revamp.
When Should Your Consider Rebranding?
One of the first signs that you need to start changing your brand is when it otherwise might be becoming a liability. As soon as one of your clients or customers begins to associate your brand with a negative event or action, then you need to initiate the necessary changes.
One of the best examples of this is the rebranding of Philip Morris to Altria. The company opted to change its name in order to veer away from its strong affiliation with tobacco products.
Another reason to rebrand your business is when your name has no strong recall. Ideally, a good brand should stand out. One of the brands that changed its name in 2018 is Weight Watchers.
The company opted to simply call itself WW to signify that they want to shift their focus on improving overall health instead of just weight loss. Choosing the right name is very important when establishing a brand. Award-winning naming agency Namestormers explained that great names are not only remarkable, but they also have lives of their own.
The right name can single-handedly help a company expand its reach to garner clients. Finally, you may also need to rebrand your business if your company mission has reached a standstill and you’re no longer getting enough attention from customers.
Advantages And Disadvantages Of Rebranding
There are a lot of positive changes that rebranding can bring about for your company. First, you can capture the attention of a new base of customers and accomplish new goals. Since more people will begin to notice your brand again, your social media engagement will increase.
In addition, changing your brand can solve the problems of inconsistencies with your old reputation. It can also allow you to refocus your message that may have been forgotten over the years.
However, rebranding can also unleash several problems if not done properly. The changes can incite confusion if you don’t promote the change properly. As a result, you may lose a significant number of customers along the way, especially if your target market doesn’t accept the changes that you want to implement.
In addition, rebranding requires a lot of spending. You need to invest in advertising your new brand so the people will know about it.
When deciding to refresh your brand, you need to weigh all your options before you make your final call. The process can be long and tedious, yet it can yield good results when done properly.
Bringing new life to your brand you help you attain several goals for your company like attracting new customers and recapturing the interest of old clients. You only need to meticulously plan your move to make sure that rebranding will work for you and not against you.
