BRANDING

5 Reasons to Rebrand Your Business

There are multiple reasons you might want to rebrand your business in the near future. Some of the factors that go into the decision to start rebranding a company include wanting to increase consumer engagement which can also lead to a growth in revenue. The company might need to evolve to stay competitive by changing its branding. In addition, the idea of rebranding to reflect new goals, products, or values can be very appealing to a business. No matter your reason for rebranding a business, we have listed the top five reasons why companies make a decision to rebrand their identity.

Reasons That Companies Rebrand

Acquisition or Name Change
One of the reasons to rebrand your business might be related to a change in your business structure. Mergers and acquisitions can be the driving force behind a rebranding effort as well as a company name change that is needed due to legal requirements. The name change can also be motivated by a desire to simply create a different image for the company.

Targeting a New Audience
Rebranding a company might be necessary in order to target a new audience. The rebranding of your business might not be successful if you simply make superficial changes in your messaging. The gaining of a new audience may require a new look to your logo, new messaging, or a total overhaul of your name and identity.

Outdated & Less Relevant
The act of rebranding a business might be necessary in order to remain relevant in the marketplace. If your current brand is outdated or seems out of touch with the needs of your audience, it is time to update your branding.

Too Similar to a Competitor
One of the main goals of rebranding is to set yourself apart from the competition. If your brand is too similar to a competitor, your target audience might go to them thinking they are contacting your business.

Bad Reputation
Whether it is deserved or not, your business might not have the best reputation among consumers. Your current brand image might be tainted or beyond salvaging with your current strategy. If so, rebranding can give you a fresh look in the eyes of the public and make them change their mind about working with your company.

How Long Does it Take to Rebrand a Business?

The length of time it takes to rebrand a business depends on the amount of work that needs to be performed and the level of complexity of the rebranding plan. On average, it can take twelve to eighteen months but it also depends on how much of the current messaging is actually rebranded. In other words, it could take six months or it could take two years.

How Much Does it Cost to Rebrand?

The cost of a rebranding strategy is different for each company due to a number of variables such as the extent of the rebranding plan, the amount of collateral that needs to be updated, and whether all of the tasks are outsourced or performed in-house. Some of the collateral that likely needs to be changed and updated includes printed marketing materials, branded promotional products, and the company website. The final cost can range from five thousand dollars all the way to five million dollars.

The Rebrand Checklist

As mentioned earlier, there are multiple factors that go into rebranding a business. While the following list of items is not comprehensive, it is a good starting point when considering a rebranding strategy: