The beginning of a new year is not just for resolutions and goals. A new year is a perfect excuse for some fresh branding. We all want to be better versions of ourselves in the coming months, so why not give the business a fresh look as well? A lot can change in 365 days, and when we take a look back at the past twelve months and reflect on our triumphs and shortcomings.
We will see that our branding might go through some changes too. But, even if your business isn’t suffering from an identity crisis, rebranding offers many benefits that will make it feel like a brand new person or company.
In business, it’s essential to rebrand every so often to keep up with changing times and promote growth.
What is a rebranding
Rebranding is a process of changing the way your business or company appears to the outside world. It could be as simple as updating your logo, adding color to old templates, or creating new marketing materials with fresh images. The key is that rebranding forces the brand up-to-date, so it doesn’t become stale in consumers’ minds and lose out on potential opportunities due to outdated materials. Rebranding means making subtle tweaks to communicate who you are as an organization and what you stand for today.
There are two ways to rebrand the business:
- Partial where it can be done with just a few key changes.
Sometimes, the best way to avoid losing your brand is by refreshing it. A partial rebrand can help retain customer loyalty while keeping up with changing times and preferences in today’s market.
The more established your business and brand are, the less risk there is in redesigning it. If you’re looking to refresh or update an aging image for a younger client base, consider doing so through a partial rebrand instead of starting from scratch. This can help retain customers while still giving them something fresh – unlike when to start over entirely anew. - Total. It could mean an overhaul of your business’s image.
It means a complete transformation for the company. A total rebrand can be an incredible way to revitalize ailing businesses and give them the fresh start they need. But before you take this bold step, make sure that it will be worth the time and money invested to succeed in the complete transformation.
Signs for rebranding
Stand out from competitors.
The need to rebrand your business is an indication that you are feeling like everyone else. If your brand doesn’t reflect who you are, then you need a rebranding to set yourself apart in the competitive world.
Rebranding is the best way for any company or organization, especially one that’s been around for a long time, to remain competitive with the latest trends and technology available today. That means updating the branding periodically not to get left behind by what consumers want tomorrow.
The goal of rebranding should always be the stimulation of growth in an ever-evolving market, which will make you stand out from your competitors, who are not constantly adapting.
To attract a new audience.
The best way to reach new customers is by refreshing your brand. As businesses evolve with changing trends, brands need to change as well, in order to stay relevant among consumers. A rebranding forces companies into a state of mind where they focus on what makes them different from others. By changing up how things look or feel on the outside, we give potential customers something fresh. In addition, a well-done redesign can help stimulate growth by creating new avenues that could lead to successful revenue streams down the line.
Brand expansion
Expanding to international markets may require changing the branding if it’s not globally recognizable.
Disrepute.
A bad reputation is like a contagious disease. Once you get it, other people might not want to associate with you because of your past mistakes or wrongdoing, which could make things difficult for business in the future.
Outdated image
Rebranding is a great way to get fresh blood and draw even more customers. However, new brands are constantly emerging, so your business needs to be on point with what you currently offer and have assets in potential clients who might want something different.
The benefits of rebranding
Rebrands can lead to increased profits and brand loyalty. It is a strategic move that can help:
- Stand out from the crowd.
- Attract new clients
- Increase profits for the business
- New opportunities to grow and expand. Many years ago, Starbucks changed their name from Seattle’s Best Coffee Company into just “Starbucks”. From humble beginnings in one store located at Pike Place Market down on Second Avenue during the 1970s, there are over 1 million locations worldwide that sell this brand. Their rebranding helped them to attract new clients globally. In addition, they had a fresh new look that made them stand out from the rest.
- Feel confident that your business is on the cutting edge of marketing trends.
- Rebranding can help bring stores back from the brink of bankruptcy, like Gap, which rebranded its logo after 20 years on hiatus and saw an increase in shares by 11 percent within two months of the change.
- Rebranding can also help companies that have lost their edge, like IBM. Rebranding in 2006 allowed the company to shed its stodgy image and focus on more modern technologies.
- Increase the stock price and higher market value.
Go for a fresh start in the New Year.
Rebranding is about more than updating logos and slogans. It’s about creating a new image for your business that aligns with who you are and what you want to accomplish.
If you’re too busy for rebranding yourself in the New Year, then update your business cards or other marketing materials and business correspondence. Rebranding can be a challenging process, but it’s often necessary for critical business benefits. Even the slightest streamlining of your logo could deliver visibility and recognition in spades.
Don’t let 2022 sneak up on you without any refreshment or refinement for your business plans! It will help bring about more business opportunities and promote growth for your company by modernizing its image even through minor changes.
The new year is the perfect time to make sure you are projecting your best self with a refreshed website, logo, and correspondence.