What Re-Branding Means For Businesses
In case you missed it, we’ve had a makeover. Yes, we’ve re-branded.
There are many reasons businesses choose to re-brand including, but not limited to; wanting to stay current, a need to refresh a brand that might have gone stale, recent expansion into new markets, a merger with another company, to connect with new audiences, increase profits, wanting to reflect a change in company strategy and/or new products and much more.
Whatever the reason, a full-scale re-branding of any business is a significant investment that includes a lot of time, money and employee investment. However, when executed correctly, the benefits to a business, its customers, and even other businesses can be invaluable.
Some benefits of re-branding include:
Better Service for Customers – Effective re-branding typically requires businesses to do an internal or self-audit. In other words, you first have to take an in-depth look at your business and understand what works and what does not. Essentially, a good re-branding for a business means becoming a better version of itself, which means delivering better service and quality to its customers. And for B2B businesses like ours, better service and quality to our customers means better value to their business and by that token, better service and quality to their customers.
Shows Adaptability – Re-branding by a business shows a willingness to change and adapt. That is always a good thing, as it shows your customers that you are willing to be flexible, especially if it means providing better quality and service to them.
Helps Set Business Apart from Competitors – A well-executed re-branding can help set a business apart from its competitors by making it more distinct and better communicating the value it provides. According to the advertising and marketing communications magazine Admap, “companies that put their brand at the heart of the business, outperform their rivals because they connect better with customers and staff, do things more efficiently and do things differently”.
Increases Employee Engagement – Successfully re-branding your business will call for new levels of support from staff, as well as knowledge and feedback from them. A business cannot successfully re-brand without the involvement and support of its staff to reflect the strategy, goals, ideology, etc. of the business.
Connect With New Audience – A new look, new philosophy, new image are all opportunities for a new target audience who may not have been interested or aware of your business before, to become interested or at least curious about the business. And that new interest can always lead to prospects, then leads and hopefully, into sales.
Reflects Changes – It is the poor business that remains completely stagnant and never evolves at all. Any successful business must change, even in the smallest ways, over time. As a result, a successful re-branding allows a business to reflect and share these changes with the public, whether its new company goals, values, products, etc.
Stimulate Growth – The goal of any business is to make a profit and therefore, the most important benefit of re-branding, if done successfully, is to stimulate growth and by that token, profits.