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Your brand is more than a name and logo, it’s your business’s most important resource. A brand shows people who your company is, what it stands for, what it does, and how it does it. Most marketing experts know that a brand can be portrayed through a variety of marketing assets like a name, logo, colors, fonts, photos, a website, products, and more. While these things are important, it is also essential to note that a brand consists of people’s experiences with your company. A company has a good brand if it is able to establish trust and credibility with people. These things all make up your brand, which is a key ambassador for your company.
No company should be immune to rebranding, whether big or small. In fact, even large companies like Dunkin’ Donuts and Uber rebrand. It can sometimes be difficult to know when to start rebranding, especially since you might be resisting change. To help, we’ve put together a list of some of the top reasons why you should consider rebranding your business. Here are 5 reasons why you should consider an overhaul of your business’s brand.
Your company is trying to attract new audiences
Periodically, a company needs to connect with a different audience than its normal target audience. It may be that you are trying to reach a wider audience or even a more specific audience. Some audience demographics that you may be trying to reach could include age, sex, geographic location, interests, marital status, number of children, or occupation. Whatever your reasons are for trying to attract a new audience, updating your branding to attract this new audience will help you more easily reposition your brand.
In 2007, Walmart changed its slogan from “Always low prices” to “Save money, live better.” Walmart, known previously for its low prices, updated its slogan to appeal to a more affluent audience, as well as portray the variety of merchandise available in its stores.
You want to set your business apart from competitors
A good brand will help set your business apart from competitors. Similarly, a generic or uninteresting logo or name can hurt your brand. Having a unique brand will help consumers remember your company, as well as differentiate your business from competitors. It can showcase what makes your company different and better than others.
For example, Google’s original name was Backrub in 1996. Obviously, the name didn’t accurately share what Google’s founders envisioned for their company or even set it apart from other search engines. So, soon after it was founded, Backrub was renamed Google. Today, Google stands out from other search engines and companies, making hundreds of products used by billions of people across the globe, from YouTube to Gmail and, of course, Google Search.
You need your company to stay current
Over time, trends and styles change, which can sometimes leave your branding looking outdated. If your company’s branding looks out of touch it won’t truly represent the updated products or services that your business offers. Updating your branding can give new life to your company.
Most larger companies have continuously updated their logos over the years to stay current and modern. Shell Oil has updated its logo 8 times since 1909 to keep its image modern. Pepsi has also updated its logo many times, from its first logo in 1898 to now, a modern, circular icon.
Your company has grown
Most companies grow and evolve over time. Likewise, your brand should be growing and changing with your company. Your brand should reflect your company’s new products, services, or offers. It should express your business’s evolution, including if there have been changes in the organization, like a recently hired CEO. A brand can also share your company’s identity, such as updated values and goals.
When Steve Jobs came back to Apple in 1997, he updated the rainbow apple logo to a metallic one. The silver logo portrayed not only current trends, but also reflected a change in the company’s product’s style.
Your company has a poor reputation
Sometimes, oftentimes unavoidably, a company has gained a negative reputation. Rebranding can help refresh perspectives about your business and hopefully outgrow a negative reputation.
For instance, McDonald’s has long been considered an unhealthy fast food restaurant, especially after the documentary ‘Super Size Me’ was released. Since then, McDonald’s has focused its rebranding efforts to be seen as a healthier fast food option. As a result, the company has made a variety of changes, including updating brand menu colors to include greens.
Every now and then, businesses need to rebrand. There are many reasons a company should consider rebranding, including needing to attract new audiences and differentiating itself from competitors. It is also a great way to stay current and show that your company has evolved over time. Lastly, it is sometimes a necessity, especially if your business has gained a poor reputation over time. Whatever the reason, rebranding can help a company become more unique and memorable to consumers.