The bottom line is, branding is important to your company’s bottom line. Nearly 60% of shoppers actively buy from brands they know, and 21% say their purchase was because they liked the brand, according to a Nielsen survey.
If you thought branding was a “set it and forget it” kind of thing, you may want to reconsider – especially if your company still rocks the branding equivalent of leg warmers and fanny packs.
Think of it this way: if your company was a person, branding would be their looks and personality. Branding visuals include your logo, colour palette, typography, and graphics and imagery.
Like people, it’s important to look beyond appearance and think about what your company says and how they say it; essentially, what your company’s tone of voice, impact, messaging, and projects are. After all, leg warmers aren’t the only thing to go out of style.
Depending on how long you’ve been in business, you may have considered a rebrand. There are many reasons to do it, which is probably why so many of the biggest brands have gone through a rebranding process. Here are our reasons why you should consider rebranding your business and how to successfully do it.
Why to Consider Rebranding Your Business
- Differentiate from your competition. When a business first starts out, launching and staying afloat is priority number one. Perhaps you chose a generic typeface, copy, and logo to get your feet wet and haven’t changed anything since.
Whether your business is already thriving or not, 61% of consumers are more likely to buy from a brand that delivers unique content. Rebranding can help you stand out from the crowd and cut through the noise.
You’ll want to ensure your branding aligns with and helps to communicate your company’s unique value proposition.
- Stay fresh and up-to-date. Have you ever seen an old logo of a brand, such as Apple’s, and nearly did a spit take? You can avoid dated branding by staying on top of current trends and developments in your industry, and setting a schedule to periodically review and refresh your typeface, logo, colour palette, website, tone of voice, etc.
Beyond your visual brand identity, it’s also important to look at your messaging – after all, language and specific phrases get dated too. Every day we are learning more politically-correct and inclusive ways of addressing issues and communities. It’s important to be on top of the latest terms and phrases as the world moves towards more inclusivity.
- Target a new audience or market. Are you trying to reach a new audience base? Your current branding may be holding you back. Gen Z makes up around 40% of customers, soon to surpass millennials. This group responds to relatable, mobile-friendly, purpose-driven brands, among other branding considerations.
Whether or not you’re not trying to reach new markets, you don’t want to alienate your current one; rebranding can help ensure you grow with your audience as well.
- Evolve your business. Not every business has the luxury of staying the same while still maintaining (or growing) their business. In fact, it’s probably only mom-and-pop shops that have been around forever whose time capsule-esque branding actually adds to their endearing quality. By rebranding, you can evolve your business to meet your goals, such as improving your reputation or attracting new, top talent.
How to Successfully Rebrand Your Business
- Evaluate your current branding. To make a full evaluation, start at the beginning: why your business was created in the first place. By revisiting your company’s purpose, you can ensure your branding elements accurately reflect your mission, values, and vision.
It’s also a good idea to look to your current customers and audience to see if your mission, vision, and values are aligning with them. If you’ve noticed sales are down, perhaps customers aren’t clicking with your brand; 77% of consumers buy from brands who share their values.
- You could also run a focus group to determine the sentiment towards your brand to find any gaps in what you’ve been hoping to achieve versus how you’ve actually been perceived. As well, you can ask the focus group about your competitors and supplement this information with your own research about your competition.
Then, take stock of your branding: your products or services, logo, website and other digital channels, and brand voice. Is something not adding up? Maybe the focus group named a competitor before your company. How does their branding differ from yours? Something as simple as colour can make a huge difference – in fact, having a signature colour scheme can increase brand recognition by 80%.
- Create a rebranding strategy. Once you’ve evaluated your current branding, the next step is to create a rebranding strategy. This is where you use your research to figure out what needs to be changed.
There are typically two options: total and partial rebrand. A total rebrand is a complete overhaul of a brand from head to toe, while partial is the refreshing of existing assets while maintaining the overall look and feel.
Total rebrands are often used if there’s been a merger between two or more companies, a complete shift in values or direction, or a public relations issue.
Partial rebands, on the other hand, are recommended for companies who have a good foundation, but need a fresh coat of paint to really bring their purpose and messaging to life.
Throughout this process, consider the assets that can be repurposed. For example, if you have a high-ranking SEO blog post, you don’t want to throw it out the window. In fact, your SEO performance may temporarily take a hit during your rebrand, so preserving and updating high-performing content can be useful.
- Launch your rebrand. As your branding elements get completed and put in place, make sure to maintain consistency across every customer and internal touch point. Not only will this improve brand recognition, consistent presentation of a brand can increase your revenue by 33%.
It’s also important to be transparent to all stakeholders why you rebranded and what it means for them. Communicate internally first, then communicate to your clients and other stakeholders (i.e. investors) next, so they don’t feel left out of the conversation.
After that, you can do your big external launch. This is where you can try to attract new potential customers, get a PR buzz going, and celebrate your new look!
Let Sparx Help You Rebrand Your Business
At Sparx, our mission is to create content to make the world better.
If you want to rebrand your business but aren’t sure where to start, the experts at Sparx Publishing Group are always available to chat. We help purpose driven organizations secure their website, create great content, build experiences to delight their customers, and help grow their business. You can reach us here.