7 Benefits of Rebranding
Rebranding offers a powerful opportunity to revitalize your organization and grow its success. With thoughtful management of public perceptions, you can use rebranding strategies to drive behavior that has meaningful financial impacts. From aiding stagnant growths or erosion in profits to helping during an existential crisis—the value for organizations makes the investment worth considering more seriously. In this blog post, explore 7 key benefits of rebranding which are sure to help understand why it’s a central part of any successful business strategy today.
When you consider the practical benefits of a well-positioned brand, it’s hard to argue that rebranding isn’t one of the best investments you can make.
In this article, we will cover:
What is Rebranding?
Rebranding is a powerful tool for any company or product seeking to reframe the way it’s perceived. Properly executed, this process can be transformative – from examining research and redefining taglines through reinvented logos, visuals, websites and marketing materials to brand activation stages. Rebranding breathes new life into an organization with its strategic approach that enables companies/products to reach their full potential.
1. Attract More and Better Customers
A successful rebranding involves extensive brand research to discover the right customers who align with your company’s goals and values. Not only will they be more likely to purchase, but these patrons are also willing to invest in higher-priced products or services while demonstrating stronger loyalty over time – making them valuable advocates for building a larger customer base. Rebranding can further clarify customer personas so that you create meaningful messages tailored specifically for those audiences.
2. Command Premium Prices
Your brand is influential in shaping customer perception, which has a direct impact on the pricing of your products and services. Rebranding can help you increase monetary value to stay ahead of competitors and drive growth within your business. Research shows that strong brands are more profitable, build equity faster, and enjoy higher price multiples – all thanks to their powerful positioning when it comes to asking prices compared with rivals. Additionally, exceptional brands protect against competitive pressure while enabling revival for underperformers too.
3. Differentiate from the Competition
When it comes to standing out from the competition, identifying and communicating your brand’s key differentiators is essential for success. Without a clear understanding of why customers should choose you over others in the industry, sales, and business growth are extremely difficult endeavors. Rebranding creates an opportunity to refine these points that set you apart – allowing employees and clients alike to recognize what makes your offering superior. While tangible assets certainly play their part in competitive advantage, no factor has more sustainable power than that of a strong brand; just look at Apple as a testament.
4. Close Sales More Easily
Rebranding your brand is the key to creating a unique and compelling narrative that resonates with customers. It’s like upgrading from an outdated jalopy to a Ferrari – you’re taking what was previously seen as commonplace, and transforming it into something remarkable. With a well-defined brand identity in place, sales teams can approach conversations already armed with potent arguments for why their product or service stands out from the competition. Rebranding gives companies confidence in knowing they are ready for any eventuality during business negotiations.
5. Reduce Marketing Costs
With a well-crafted rebranding initiative, you can construct an effective brand identity that speaks to your core value and resonates with the right customer segments. This allows for marketing campaigns that are highly targeted and remain consistent across all channels– creating maximum impact from every effort made. A successful rebrand facilitates radical differentiation in message delivery, promising more efficient use of resources and higher returns on investments.
6. Attract Top Talent
A successful rebranding effort can be the key to transforming your workforce, helping you draw motivated and talented candidates who fit with your core values. With a distinctive employer brand, employee turnover is dramatically reduced as employees stay for longer periods of time due to their dedicated commitment to delivering on the company’s mission statement. Overall, this enhances team camaraderie by having people united under one vision that motivates everyone from new hires to existing staff in achieving greater objectives together.
7. Boost the Value of Your Company
Through rebranding, businesses can realize an impressive array of benefits that extend beyond consumer perception. From commanding stronger price points to improving share prices and increasing future sale value – the potential gains are worth investing in a successful brand refresh. As with any long-term improvement project, when handled correctly it adds valuable equity to your business that will pay dividends well into its life cycle.
Examples of Companies that Successfully Rebranded
For the world’s top brands, rebrands and brand refreshes are common occurrences. Strong brands should be refreshed every 3 to 5 years and rebranded every 7 to 10 years.
These rebranding guidelines go for B2B brands as well as B2C brands. In a modern world of dynamic digital media, brand perception is critical regardless of which sphere your company operates in.
What follows are some examples of companies that have successfully rebranded in both spaces. As you’ll see, the benefits of rebranding have real-world business implications.
In 2007, Dropbox launched as a file-storage and file-sharing web service — but in 2017, the company now wants you to think of them as ” the connective tissue for teams and businesses of all sizes”. Instead of just a file-sharing service, Dropbox is now a full suite with APIs, tools, and integrations.
Along with the internal mission shift, Dropbox refreshed its logo to reflect its new products. In a statement regarding the new logo, the Dropbox design team said, “Our old logo was a blue box that implied, ‘Dropbox is a great place to store stuff.’ The new one is cleaner and simpler. And we’ve evolved it from a literal box to a collection of surfaces to show that Dropbox is an open platform and a place for creation.”
In a sea of biased cable news outlets, only C-SPAN carries the non-partisan mantle with true authority. The brand is often lovingly parodied for its no-nonsense, straight-laced approach.
C-SPAN’s 40th anniversary was an opportunity to update its stodgy image with a focus on the brand’s relevance, breadth, and uniqueness.
The new C-SPAN visual identity was designed to work across a vast broadcast, print, and online landscape, including multiple television channels and digital assets. New messaging reminded viewers that C-SPAN is unique in its unbiased reporting.
Rebranding is the key to unlocking long-term success for your organization. A successful rebrand can help you acquire higher-quality customers, maximize brand equity and market leadership, and cultivate customer loyalty – all while creating a lucrative return on investment over time. When it comes to protecting your business’s future trajectory in an ever-changing marketplace, investing in rebranding is almost certainly one of the wisest moves that any savvy entrepreneur could make.
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