There are many reasons to consider a new brand for your company.
Perhaps it’s been years since your brand was created. The business was smaller then, and the investment in the brand was done quickly with cost efficiency in mind. Now that the company has grown, you are questioning if the brand is as impactful and recognizable as it could be. And also let’s be honest, it was probably someone’s cousin who drew that logo.
In another scenario, maybe you want to shake things up, you are taking over or purchasing a company, and you’d like the business to go in a new direction, one that reflects more of your personality than the old ownership.
Or, maybe you are just trying to increase market share and recognition in your industry and want to create a new brand that makes the company look bigger, more modern and more relevant.
Whatever led you down this path (and here to my amazing article), a rebrand has many pros and cons to consider before you take the leap. Let’s do the cons first and get the bad news out of the way early.
The cons of a rebrand
No surprise here. The number one factor to consider in a rebrand is cost. Of course the first cost will be hiring a professional to create the brand, but after that there are many other costs to consider. Are you prepared to make the investment in changing signage, vehicle graphics, trade show materials, your website or even wearables and swag?
2. Loss of brand awareness.
If you’ve had your current brand for a long time, chances are that your customers are familiar and comfortable with it. And people hate change. You’ll have to approach a rebrand with caution, taking the time to properly roll it out and explain to your customers why you are making the change.
3. Time investment.
There are no shortcuts to creating a new brand, this is going to take time and thought. If you are already run ragged within the business, you might need to consider bringing on a marketing assistant or manager who can take the lead. Whatever your situation you need to make sure that you have allocated the proper amount of time and attention that a rebrand will require.
The pros of a rebrand.
1. Increased brand recognition.
Brand recognition has a lot of value, even more so when the identity is memorable and appealing to look at. When done right, you can minimize the loss of recognition from the old brand, and create buzz and renewed energy and recognition around your new brand.
Creating a new, strong visual identity that is memorable and looks professional and trustworthy has the ability to sway buyers, resulting in a higher chance of purchase.
2. Higher perceived value of your product.
A brand that is beautifully designed and professional creates an immediate association to better quality and higher prices. This means that when you invest in a professional rebrand that looks professional and established, you can charge more.
Yes, a really great brand would allow you to increase the price of your product, and if you don’t believe me, I’d like to ask: Which would you rather wear, Lululemon or the no name workout clothes from Costco? I know which ones I’d choose for my birthday.
3. Increased confidence in your product and company.
A strategically presented political candidate is able to close 12% more votes. If the same metrics hold true in business as in politics, a strategically designed, authentic brand will convert 12% more people from prospects to customers. We’ll be more conservative in the impact the new “face” of your business will have and reduce that amount to 3%.
4. Improved staff pride.
Today it’s important that employees are part of the rebrand equation. Why? Well, when employees feel pride in the brand, the vision, mission and values of a company, they feel more loyalty and pride in where they work. When employees are proud of where they work, they work more, try harder, and care more about what they are doing.
An employee who works harder and cares more results in higher productivity and a better experience for your customer. It’s important that a new brand is presented to your team no different than how you are rolling it out to your customers.
5. Customer pride.
The same way your employees feel pride, your customers do as well. When a customer believes in your company and feels a genuine connection to your brand they will do something extremely valuable: tell their friends, family and co-workers about their purchase.
Customers who love your product and the experience will share their feelings, resulting in more referrals and word of mouth resulting in new business generated from referrals. That’s a powerful rebrand benefit.
There is a lot of emotion and nostalgia that comes with considering a rebrand, especially in family businesses or when the original owners are still heavily invested. It’s important to know that a professional, well-implemented brand is important in order to achieve the most success.
Are you considering a rebrand? We’ve created an easy to use calculator that will let you see the potential return a new brand can give your company, based on your current annual revenue. Come give it a try here and see if this is the right path for you.
Just please, please, don’t let that cousin draw a new logo. We beg you.