Branding is not a short term marketing campaign – it is the fundamental core of a company. Your brand is not only your logo, it is your message to the world. It says ‘Here we are, this is what we do, what we stand for and what we believe’.
Your brand reflects the essence of your company. So why change it? Why even consider for one moment that you might need to rebrand?
Well there are some very good business reasons that cause companies to rebrand – what you have to do is determine exactly why rebranding is right for your company. Just what is wrong with your current branding image that is making you consider completely revamping and redesigning it?
In other words – what problem does your current brand not address? If you cannot identify what problem you are trying to fix, if you cannot isolate the underlying issues – then rebranding may completely miss the mark and end up being an expensive white elephant.
So here are 3 questions to answer to help you decide if rebranding is the right move for your company.
- Has anything changed within the company?
Have the company’s values changed and if so in what way? To invest in rebranding, there must be some fundamental changes within the company’s culture or belief system that are so important, that they must be reflected in your brand.
Maybe you have acquired a new company and need to rebrand the merged businesses. You might have branched out into new markets, included services that are profoundly different to your core business or expanded into new geographic locations.
Has your company received negative publicity? Maybe concerning your products or services or even high level members of your company? If so, will rebranding fix this problem or are there better ways to address these issues?
- Has anything changed with your target audience?
Does your branding image continue to relate to your customer base? Are you behind the times or outdated? Do you respond to consumer demands? Are you keeping up with technology and new trends in the industry?
Over time, your customer base may well change and to remain competitive your company must keep up with these changes. So determine exactly who your customers are, how your company fits in with their needs or desires and how your branding image is perceived by your customers. If your company values have changed and you are expanding into new markets or locations, then before you rebrand – you must identify your new target audience.
- Has anything changed within your industry?
Has technology passed you by? Are you on top of the trends or changes within your industry? What are your competitors doing? Are they shifting into new lucrative markets that you have ignored? Are they introducing new lines that take advantage of new technology?
Just because your services or products were valuable once, does not mean that this value is infinite – times change. Make sure that your company remains on top of the current research and trends in your area. Good research can bring you out ahead of the game instead of trying madly to catch up.
If there are fundamental changes within your industry – maybe consumers are demanding a stronger environmental concern from your industry – make sure that you are at the forefront of this movement. Rebranding may help, but the changes have to be fundamental or else consumers will know and vote with their feet.
If you want help with branding or rebranding for your business, feel free to contact us at our Northern Beaches studio in Sydney.