Is Rebranding Worth the Investment? Why Rebrand Now?
As businesses grow and evolve, they often need to consider rebranding. We know that rebranding can help a business stand out in a competitive market, attract new customers, and revitalise an organisation’s image. But is it worth the investment? Why rebrand your business now?
The answer depends on many factors, such as the size of your company, its goals and objectives, budget considerations, and more.
But one thing never changes: having a strong brand presence is key to any business’s success. If your current brand isn't providing that, a rebrand might be more urgent than you first anticipated.
Here we will explore some of the reasons why now may be time for you to rebrand your business or organisation. We will discuss how to determine if a rebrand is right for you and provide tips for the successful implementation of any changes made.
What is rebranding and why should you consider it ASAP?
Newcore Capital Management Rebrand by Huddle Creative
Are you ready to take your brand strategy to the next level? If so, rebranding is a powerful tool that can revitalise and strengthen your business or organisation. With its help, you can create a distinct identity for yourself in the competitive market of modern brands vying for your customers’ attention.
Usually, a successful rebranding strategy depends on experienced branding professionals and requires research, analysis, planning and strategizing.
It takes into consideration all aspects of your business that are related to branding, including logo design, tone of voice, advertising campaigns and marketing strategy assets, social media presence and website design.
By investing in a rebranding effort ASAP, you can get a head start on the competition by creating an identity that stands out above the rest, alongside a host of other benefits that we'll dive into below.
Why rebrand? 6 key benefits of rebranding your business
Target new audiences
A new target audience, new customers and new markets are all exciting potential benefits of rebranding.
A successful rebrand can help you reach out to new audiences and attract new customers, while also providing existing customers with a modernised version of your business that they will recognize and engage with.
Rebranding is also an opportunity to redefine exactly who your target audience is or expand into new demographic groups that you previously had not been able to reach. For example, you might consider a rebrand if you decide to target a younger buying audience after previous efforts have failed.
Identifying the right target market for your business, and then reaching out to them with a new branding strategy, can be a real game changer for your business.
Improve customer loyalty
To build loyalty with existing customers, and turn potential customers into loyal customers, you need to communicate with them in a consistent and impactful way. This means that your brand should remain recognizable, but also agile and modern enough to always fit the market’s needs.
The rebranding process can help you do this by communicating the values of your business in a meaningful way, providing customers with an easy-to-remember experience.
It can also give you the opportunity to create a new emotional connection with customers, which will in turn increase customer loyalty.
Don't lose customers with stagnant branding. Get people talking with a fresh look and engaging, up-to-date branded content. Get started today.
A fresh and modern look
VibeIQ brand refresh by Huddle Creative
Rebranding your business or organisation can bring a number of significant benefits, but the first one that springs to mind, naturally, is a fresh new look for your brand.
Brand image and visual identity are key components in any successful business, as customers often form instant opinions of a brand based on its visual brand appearance. A new brand identity, new logo and fresh, contemporary brand messaging can therefore help you stay ahead of the curve in an increasingly design-savvy market.
A well-executed new identity can also help you differentiate your business from the competition, making it stand out from other companies with similar offerings. This is especially important for businesses looking to break into new markets or attract new customers.
Boast new values
With a strong rebrand, you can build on your existing brand values, or breathe new life into your brand with new core values that accurately represent your business.
Values are essential to any successful business, as they define the relationship between you and your customers, and help distinguish you from other companies.
Rebranding is a great opportunity for creating a clear set of values, which can act as a foundation for future marketing efforts and provide customers with an insight into what makes your business different and valuable.
Whether it's how accurately your company's logo reflects its values or the amount of trust you can build through consistent branding efforts, rebranding is an invaluable exercise for any business. Invest in your brand now and reap the rewards well into the future.
Bottom line improvements
Rebranding can yield exponential returns for businesses, both in terms of increased customer loyalty and increased profits.
By establishing a brand identity that accurately reflects the values of its business, companies can communicate their message more effectively to potential customers. This, in turn, leads to greater brand recognition and a stronger connection with consumers.
In addition, a successful rebrand can help differentiate your business from the competition and give it a competitive edge. With improved customer loyalty, increased visibility in the market and an expanded target audience, businesses who invest in their branding are sure to see bottom-line improvements.
Support mergers and acquisitions
If you're now running a merged or acquired brand, you will likely have a number of internal and external stakeholders, as well as a new audience, to keep on side with your branding.
You don't want to confuse loyal customers or risk brand loyalty by veering too far from your old brand identity, but you need to keep up with the times and show you're embracing your new positioning in the market.
This might mean you need to rebrand your business. In fact, many companies rebrand to help ensure the success of their merger or acquisitions.
A well-designed rebrand can help support a successful merger or acquisition, unifying all the stakeholders together under a single umbrella brand, establishing loyalty and helping to improve customer experience.
The ROI of (re)branding
If you're a business leader, you're probably wondering about the Return on Investment (ROI) of rebranding. The answer is simple: a successful rebrand will generate long-term value for your company, leading to improved customer loyalty, increased profits and greater market visibility.
Forbes states:
"The ROI of branding — whether created during website visits, business meetings, company representatives’ communication, logos, taglines, messaging, customer services and other brand touchpoints — can help businesses in significant, tangible ways.
Strong brand ROI can result in word-of-mouth recommendations, increased awareness and reach, increased traffic and sales conversions, improved reputations and the gaining of brand advocates and business growth."
In terms of calculating rebranding ROI, you can usually use the below equation:
ROI = the benefit attained through investment divided by the cost of investment.
Of course, to calculate this, you'll need to consider all aspects of the benefits attained by rebranding, so be sure to explore all avenues, like the benefits listed above and any others that apply to your organisation, at this stage.
Future Platforms rebrand by Huddle Creative
Rebranding ROI statistics
Want some statistics to help you calculate your rebranding ROI? Here are just a few:
- 49% of companies link good employee engagement to good branding, which is higher than other signs like the quality of hire (47%).
- Consumer expectations are rising, with 45% of consumers expecting remarkable design across marketing and sales collateral. If you fail to meet their expectations, they'll likely abandon your company for one of your competitors.
- A large study by Millward Brown analysing consumer habits found that strong brands on average, capture three times the sales volume of weak brands.
- In periods over six months, analysed in the above Millward Brown study, brand-building activity drives significantly stronger sales growth than the temporary uplifts caused by short-term marketing initiatives.
So, is rebranding worth it?
Put simply: whether it's an existing business or a new one, now is the time to invest in rebranding. It's a process that can add value to your company and provide tangible returns in the long run, making it absolutely worth it.
With the right approach, you can create a strong brand presence and ROI that will last for years to come. By taking the time to research, plan, measure and track your rebranding efforts, you'll be well on your way to creating a strong ROI for your rebranding project.
Now, it's time to get to work on creating a rebranding strategy that fits in line with your company goals and objectives.
💡 Learn more: 6 B2B Rebranding Examples That Illustrate It’s Potential
Tips for making sure your rebrand is successful
Here are some final tips to help you make the most of your rebranding efforts:
- Research your target audience thoroughly. This will help you create a brand that is recognizable and appeals to the people you want to target.
- Get your brand elements in order, including website domains if you have changed your company name. Brand guidelines should be updated and distributed to relevant stakeholders, internal and external.
- Develop a unique brand message that stands out from competitors and relay it through social media, blogs, press releases, etc. Make sure your creative content is consistent with the new brand message across all channels.
- Create new, ambitious goals to help you make a big splash with your rebrand. Update your KPIs and tracked metrics to suit your new goals, adjust your long-term strategy, and make sure everyone is on the same page. A/B testing can also help you determine which aspects of your rebrand were successful and which need more work.
- Don't forget about your customers, particularly if you're a larger brand. Invite them to provide feedback on your rebrand, launch campaigns amidst the changeover, maintain open communication channels and be sure to provide excellent customer support throughout the rebranding process.
- Work with experts to ensure your rebrand is successful. Experienced branding consultants can help you craft a rebranding strategy that takes into consideration the short and long-term as well as internal and external goals of your company.
Closing thoughts
From a simple brand refresh to a complete rebrand, the decision to invest in rebranding can make all the difference when it comes to standing out from your competitors.
Not sure where to start? That's where Huddle comes in.
Our branding experts have the experience and expertise to help you create a rebranding strategy that will not only give you a competitive edge but also generate tangible ROI for your business and make sure your efforts are truly worth it.
Grab a free brand health check today to get started!
Why rebrand? FAQs
What are the reasons for rebranding?
There are several reasons a company may choose to rebrand, including outdated branding, a merger or acquisition, shifting target audience, or changes in the company's vision and goals. Rebranding can also help companies differentiate themselves from competitors and stay relevant in the market.
What are the pros and cons of rebranding?
The potential benefits of rebranding include increased brand recognition, differentiation from competitors, and the ability to attract new customers. However, there are also risks involved, such as losing existing customers who were loyal to the previous branding or not effectively communicating the new brand message. As long as all steps in the rebranding process are handled effectively, you should see a number of business benefits from a rebrand.
How do I know if my business needs to rebrand?
If your brand is not resonating with your target audience, or if your business has undergone significant changes that are not reflected in your branding, it may be time to consider a rebrand. Conducting market research and analysing brand metrics can also help you determine if a rebrand is necessary. Ultimately, the decision should align with your company goals and objectives.