Pros and Cons to Re-Branding Your Business

The last couple of years seem to be filled with revolutionary changes for the look of many of the bigger brands. Changes of a logo, brand colours and corporate image as just some of the changes we have seen. As times change, so do companies as they adapt to new and different ways in which they approach their audience. Have you considered if your own brand is going in the direction it needs to keep up? Perhaps your business needs a rebrand of your image.

At Global.Media we undertook a major rebrand in summer 2017, more than two years ago, and we are still feeling some of the pain from that process. Perhaps it the lingering symptoms are par for the course given that w changed the business name (from smallbiz e-Marketing), redesigned our website complete with a new domain name, redesigned our logo and redesigned our corporate materials. So this post is based on what we have gained and learnt from the rebranding process.

Well, there are many factors to think about when changing any aspect of your company.

• Will it increase sales?
• Will it improve your current brand reputation?
• Is it cost-effective?
• Will it aid company growth?
• And quite simply, is it worth it?

Let me help break it down for you…

Pros of Rebranding

These are some of the upsides of a corporate rebrand:

1. Reach New Customers

 A primary objective for a lot of companies who rebrand is to reach out to a new demographic.

This is a broad topic with a lot of conversation to be had about it. Here are two main ways of doing this.

• Add an “extension” of your current brand: you may have a clothing company for adults, and want to introduce a children’s range. This would mean maintaining your existing place in the market, and adding the extension brand while maintaining your current reputation.
• Completely changing your brand appearance to reach a new demographic. It may be that your company has outlived its name. It may have progressed in directions you did not expect it to. As long as you recognize the route your business is going and act upon it correctly, then you are on the right tracks to success!

 

2. Stand Out From The Competition

 Take a look at your competitors and ask yourself these questions:

• What are their advertising campaigns like?
• Do your competitors use a marketing company?
• Are your competitors advertising more online or offline?
• What is their logo like?
• How secure is their brand identity?
• Do you stand out from them?
• Do your competitors receive more interest than you?

If you feel they are ahead of the game compared to you, then you are ticking yet another box telling you to consider rebranding. Steer away from a generic logo and stock art. It is samey and won’t do your brand any good. If you are unsure of where to start with a rebrand, then a designer or marketing company are the place to start.

 

3. Brand Awareness

 Rebranding can be a great way to get noticed. It is a “declaration of your company’s commitment to upward growth.” Change is never easy, but sometimes, it is the right way to go. Changing your brand creates an authoritative place in your market. It also initiates a topic of conversation on both a B2B and B2C level. This leads to an increase in brand awareness.

I cannot stress enough how important it is to get the rebrand right; however because the conversation is only beneficial when it shows your company in a good light. It can be extremely awkward and laughable when it goes tits up.

 

4. Increase Profits

 The final benefit and let’s be honest here, the end goal for most: TO MAKE MORE MONEY.

I’ll keep this simple… If you rebrand with the correct design structure and the right target marketing, you will see an increase in sales and awareness.

Cons of Rebranding

Like I stated at the top of this post, any change in a business demands careful consideration and planning given the potential for unintended negative consequences in the new reality after the transformation. Here are some of the rebrand pitfalls.

1. Time Consuming

 A rebrand is often complicated and lengthy endeavour. Without a careful plan of attack and a well-managed process, the rebrand can quickly go off the rails. Set deadlines and a project plan, and STICK TO IT.

 

2. Losing original customers

 It is almost inevitable that you will lose some of your customers through your rebrand. The aim is to gain more than you lose.

If you feel your rebrand will lose more than you achieve, then it is clearly the wrong direction for you to go in.

Before changing your brand, you must research your target audience in-depth, finds out what is fresh and relevant, and consider whether rebranding is the right way to reach them.

 

3. Costly

Creating a new appearance for your company can be costly. The logo, the social media update, the website rebrand, business cards, staff uniforms… the list goes on. Do you remember how much hard work went into setting up your original brand? You mostly have to do all this again, and unfortunately, this costs money. This is why you have to be sure you are leading your company in the right direction.

 

Bringing it all together

So as you can see, there are strong advantages to consider when debating a rebrand of your company. Weighing up the pro’s and cons is the first step to achieving a successful change of look, so resist rushing the rebranding process, and don’t be afraid to hire a designer or marketing company to help. The cost will be worth it in the end.

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