The decision to rebrand your company is not an easy one to make. After all quite a bit is going to be riding on this and there is certainly the potential for a big downside. With so much at stake it’s only natural that many companies will forgo the idea of rebranding altogether. However, under the right circumstances rebranding can be an extremely successful strategy and for many companies the benefits will outweigh the risks and help the company reap major rewards. Let’s take a look at some of the biggest benefits that rebranding has to offer.
A desire to stay current and relevant in changing times is one of the biggest and most common reasons for a company to decide to rebrand. As everyone knows the marketplace and its customers are constantly changing. Perceptions and opinions are constantly evolving too, and what was once considered desirable and classic might start to feel old and dated. A successful rebranding can be just the thing a company needs to shake things up and pump new blood into the system.
One of the dangers of being successful is that your competitors may start to emulate you. In fact they may become so good at doing this that customers forget your uniqueness altogether. On the other hand, perhaps conditions in the industry have simply conspired to make most of the companies similar to each other. In either case, your company might benefit from rebranding itself as a way to differentiate it from competitors and bring its own set of strengths to the forefront of consumer perception.
Reflect a Shift in Focus
The best companies are those that are innovative and able to adapt to changing times. What that often means is that these successful companies will see a new opportunity for growth and aggressively pursue it. If that growth was in a slightly different area than the company had previously been operating in then that can lead to a shifting in the overall focus of the company. Thus in these kinds of cases the rebranding efforts might be required to bring the company’s image in line with its new, actual focus.
Capitalize on Advances
We live in a very exciting time in history. Technology is continually changing our quality of life and our lifestyles as a whole. It is imperative that companies who want to get ahead and stay ahead evolve with technological advances in their industry. If there is a new piece of equipment or discovery which makes the company more efficient or profitable in general, then they must capitalize on it. In some cases the best way to achieve the capitalization may be through an all out rebranding.
Connect with New Demographics
Along with technology, society and culture itself tend to evolve. That means that whereas once a good or service appealed to one segment of the population, it may now appeal primarily to a completely different segment of the population. If a company was once well-positioned to resonate with the original demographic, then there is every chance that they will not be in the best position to connect with this new demographic. In this type of situation a rebranding might be order to shift the company back into line with the values, attitudes, and preferences of its, now-different, customer base.
The final takeaway message from all of this is that rebranding is something which must be considered very seriously before acting. However, when the change is thoughtful, well-researched, and well-executed it can yield very positive results, especially in the scenarios presented above. In fact, often the risk of rebranding is less dangerous than the risk of not rebranding.