By: Halle Guzolik
In a world where new brands are constantly surfacing and trends are continuously changing, businesses and companies need to employ rebranding strategies to cater to consumers’ needs and stay on top of their fierce competition. Without having and maintaining a strong brand image, it is difficult to deliver effective messages and produce a powerful brand association amongst the target audience. Here is a list of four important reasons why your business should consider rebranding:
Changes in the market can threaten your relevancy.
The rapid speed of today’s business landscape results in changes and improvements in convenience, pricing, and technology. Staying on top of these changes is crucial in maintaining relevancy and making your brand noticeable amongst an abundance of evolving brands. Even small changes in the market can seriously damage your business’s reputation and make it vulnerable to these threats.
Consumers’ behaviors and habits are constantly evolving.
In this new digitized world, there are a plethora of choices available for your target audience. Understanding the new-age consumer and having a flexible brand is crucial in adapting to their needs and building brand loyalty. According to a Business 2 Community blog post, “In the late 1990s and early 2000s, loud and proud branding was the flavor of the week. Apparel companies like Abercrombie and Fitch, Louis Vuitton and Prada made billions selling their heavily-logoed merchandise … Fast forward to 2016, and conspicuous branding is a signifier of retrograde marketing and outdated attitudes about consumption and display of wealth”. In an ideal world, your rebrand should appeal not only to new customers but existing ones as well.
Outdated branding can halt predicted growth.
Say your company is preparing for an expected growth after the launch of a new product. If your brand is outdated, your voice, message, and mission that you’re hoping to project to consumers will contain clashing styles and inconsistencies. According to a blog on HubSpot, “ brands are designed to connect companies with their customers, so if you reposition your business to target a completely new customer profile — whether through product, place, prime, or promotion — your brand will need to follow suit”.
Competitive influences can make your brand look outdated.
A rebrand can give your business the strength to successfully stand out against your competitors. By showcasing a new and improved identity, consumers are more likely to recognize your company for being different and better from the rest. Generic branding will not only hurt your brand, but it will also help your competitors obtain high-end recognition. According to an Onsight blog, “You might think that aligning your company with more successful competitors may make you successful by association; however, you need to stand out from the rest in order to be noticed”.
Rebranding is an essential part of creating an impressionable brand image that resonates with your audience and for building the foundation for your business’s success. If your company is considering a rebrand, you must start by establishing a core message and identity and researching what strategy will most effectively represent these principles. The Martin Hall Agency is currently working on a rebrand for one of the clients that we service this semester. As the account services manager, I understand the client’s need for a new brand identity and the success that it can bring to the organization based on the reasons as stated in this blog post.
References
Creating a logo that stands out from your competitors. (n.d.). Retrieved from https://www.onsightapp.com/blog/creating-logo-stands-out-competitors
Ervin, B. (2016, March 25). 6 Important Stats on How Consumer Behavior Has Changed in the Digital Age. https://www.business2community.com/consumer-marketing/6-important-stats-consumer-behavior-changed-digital-age-01489789
Whitfield, D. (n.d.). The Ultimate Guide to Successfully Rebranding in 2020. Retrieved from https://blog.hubspot.com/marketing/rebranding
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