Rebranding is a catch-phrase in the business world — but rebranding isn’t always profitable, and can sometimes actually hurt the bottom line. Sometimes, a brand needs a total overhaul rebranding. Other times, what a business needs is just a minor refresh that builds on that existing brand. Here are four factors to consider to determine whether to rebrand or to build on your existing brand.
What is your brand currently?
If you can’t answer that question, a complete rebranding may be warranted because you don’t have a brand. A brand should be easily definable. If you can’t even define your own brand, your customers won’t be able to either. If that’s the case, it’s time to start brainstorming everything you want your brand to be and working to make sure every aspect of your company conveys that message, from the company name to the logo.
If your brand is already well-defined, changing your brand may just confuse customers. Building on that established brand may be a better option.
Is your brand distinct?
Think of all the brand jingles you can hum to, or the logos you can recognise even when stripped of any text. Your brand should be distinct, or easily recognisable, from just a quick glance. Your logo, the exterior of your store, your website — they should all work together to create a distinct brand. If not, you may be able to build on your current brand to create a more cohesive look.
Will a rebrand bring a return on investment?
Any complete rebrand costs money — you’ll need to replace everything with a name or logo on them, and often, redesign your website and sometimes even the brick-and-motar storefront. Before doing any rebranding, consider how much return you’ll get for investing in that new look. If you do not have an easily identifiable brand or a distinct brand, that return will likely be higher than if you already have those elements in place.
How well-known is your brand currently?
If your company has been a neighbourhood staple for years, rebranding could be detrimental, especially if that rebrand comes with a new name. If your company is already well-known in the area, consider a refresh instead of a rebrand. Keeping the name and most recognisable aspects of a brand recognisable, such as a colour or the shape of the logo, you can still create a fresh, modern look that incorporates a refreshed vision for your company.
Rebranding may be essential for small businesses that never built a successful brand identity to start with, but for established companies, a refresh rather than a total rebrand may be the better decision. Consider how much of your brand is recognisable and how much return on investment you could receive. In many cases, building on what you have is often a better option than starting that brand over from scratch.
