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Four Economic Reasons to Rebrand Your Business

by Sookie Shuen  |  
June 26, 2012
  |  10,351 views

In this article, you'll learn...

  • Four benefits of rebranding your business
  • How rebranding keeps businesses fresh and enhances customer relationships

How much can your company benefit from a timely rebranding and revitalization? When considering that question, one must keep in mind that rebranding does not necessarily address the wants and needs of the company, but, rather, the wants and needs of that company's current and prospective customers.

Therefore, among the important factors to consider when assessing the value of a rebrand are equity measurement; market differentiation and accessibility; brand awareness, relevance, and vitality; and consumer personality, preference, usage, associations, and emotional connectivity.

If your company can improve its relationship with its customer base in any or all of those key areas, you may want to think seriously about revitalization.

Here are four reasons to rebrand your business.

1. Competitive Advantage


Your brand is the public face of your business. As the economic climate changes, your brand must change along with it.

A well-planned and well-executed rebrand will enable your company to reflect current market dynamics and, thereby, gain competitive advantage, accelerate pipeline performance, and emerge as a leading voice of the industry.

Sidestep the competition, and increase your market share via an updated image. By revisiting your brand messaging, you can counter a loss in consumer confidence and decreased profitability.


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Sookie Shuen is community manager at inbound marketing consultancy Tomorrow People, where she handles community activities based on the Zoober Inbound Marketing methodology. She also authors the Tomorrow People blog. You can reach her via Google+ and Twitter.

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Comments

  • by Colin Bates Tue Jun 26, 2012 via web

    You're writing using the term 're-brand' but it seems from the points that you're making that you mean 'up-date the visual identity of the brand'... surely?

  • by Peter Altschuler Tue Jun 26, 2012 via web

    This is generically useless. Without a definition of rebranding, it's impossible to determine whether the intent is to retain or change the name of the company and what it produces, rely on marketing to mold consumer perceptions around new offerings or updates to existing ones, or retain the current products/services and attempt to reposition them in buyers' minds. On a more specific level, there are few actual specifics. Suggesting the need for change without details about what to do and how to do it puts the advice on the same level as most political speeches.

    Granted, space is limited. The alternative is to focus on a single component and focus on the others in a series of articles, each of which provides practical recommendations and the ways to implement them.

  • by Stephen Willard Tue Jun 26, 2012 via web

    I tend to agree that the points here are more closely linked to visual identity rather than brand.

    Also I think that point 4 is a bit of a curve ball. To say that brands must evolve in line with technological advancements simply isn't true. This is a real generalisation.

    The penultimate paragraph is good and almost a blog in itself. You are quite right, rebranding does help to reinvigorate internal engagement. Something often overlooked.

  • by Dan Bergeron Tue Jun 26, 2012 via web

    I understood this article to refer to a 'brand update' which is often confused with a complete re-brand. I agree with the author that Company's need to demonstrate innovation on a continual basis (via brand updates), but only when matched with actual organizational innovation (consumers will see through a rebrand (or update) if a company does it just for the sake of doing it) Starbucks for example went through the visual update, but maintained the brand integrity of what's been built, and their purpose was to make future expansion into non coffee segments easier. Most of the point in this article are valid (in my opinion).

  • by Brittany Mon Nov 26, 2012 via web

    #3 is important...when your small business reaches that next level of growth that you've been trying to achieve, you should consider a re-brand to reflect that growth.

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