As the owner of any kind of business, be it an affiliate marketing company or an ecommerce platform, your brand’s image and identity is everything. Brand image should convey a sense of what your business is all about and should be what your customers and clients associate your company with.
However, there may come a time when you find your brand could do with a refresh. Companies all over the world, us included, rebrand their image for a number of reasons. Let’s take a look at why you might rebrand your business, the benefits and risks, and the best strategies for doing so. Read on to find out more.
Why rebrand a company?
Growth is a natural part of owning a business. As an affiliate marketer, growth could see you work with new products and within new sectors or expand into new territories and jurisdictions.
Rebranding can be an incredibly effective way of reflecting these changes and redefining your company, giving your customers an insight into the new products and services you are providing.
There are various other reasons why a company might rebrand. These include things like a change in management or leadership, a merger with another company, or to salvage a poor public image, the Hermes rebrand as Evri being a perfect example of the latter.
The benefits of rebranding
Rebranding can be an expensive and time-consuming process. However, the rewards and benefits are certainly worth the effort if you can get it right.
In today’s digitally driven world of ecommerce and internet business, competition is fiercer than ever. A rebrand can be an effective way of setting your company apart from your competitors.
What’s more, as consumer habits and preferences change, companies must be prepared to adapt and meet these shifting demands. A rebrand can make a company appear more modern and more attuned to the needs of the modern consumer.
In doing so, your business will both boost its appeal to your existing customers and better target new consumers.
Rebranding can make your business appear more professional, allowing you to attract a higher calibre of client, and in turn charge higher premiums.
In addition, rebranding can even help your business rank higher in Google. Well-established and dominant brands perform better in Google search results, which can see them generate more traffic and more business.
What are the risks?
Rebranding can offer your business a number of benefits, but the process is not without risk.
First and foremost, it can be expensive. New strategies and creative concepts will be required, as will new marketing material and advertising campaigns.
Consumers can grow attached to businesses, so a big rebrand that significantly changes your company’s image could alienate some of your most loyal customers.
Finally, if a rebrand is not planned and executed perfectly, you run the risk of plunging your business into chaos. Mixed messages and conflicting ideas can leave both staff and customers confused, which will negatively impact your bottom line.
So, how can you rebrand your business in such a way that you see the benefits while avoiding the risk? The answer is by following a structured and defined rebranding strategy.
The first thing you need to do is to establish goals. Why do you want to rebrand? Is it to target a new demographic? Attract new clients? Rejuvenate a stagnating public image? What you hope to achieve with your rebrand will determine the approach you take as you move forward.
A rebrand will often involve reviewing and updating your company’s ethos, values, and mission statement. You must ensure these all adhere to and match the new version of your business.
You will also need to think about visuals and aesthetics. A rebrand may mean you’ll need a new logo, a new website, and a new company slogan. This step is crucial. Your logo is what customers associate your business with, so it needs to perfectly reflect your company’s recent growth and expansion.
Market research and competitor analysis are integral when it comes to rebranding. You must figure out what the modern consumer is looking for in a business and study your closest rivals to work out which parts of their brands work and which don’t.
Easter is a time of rebirth and rejuvenation, the perfect opportunity to rebrand your business and take things to the next level. Follow the advice in this guide to successfully rebrand your company.
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