In the world of business, your brand is the cornerstone of your success. It's what…
Rebranding can be an excellent strategy to help update your business’ image, help you stand out in a crowded market and/or capture the attention (and ideally, wallet share) of a new crop of buyers. While it’s not the only the strategy that can do the job, it’s certainly the one recommended by our rebranding agency in Raleigh NC.
But beware—if you’ve been in business for many years, you’re clearly known for something; you don’t want to lose hard-earned equity in your brand unless the upside you’re expecting to gain with the new brand is a reasonably sure bet. If there’s any type of disconnect between your branding and your business, however—be it in style, vision, customers, or offerings—it’s probably time to rebrand.
Depending on your situation, here are a few examples to consider, ranging from most-to-least drastic:
Rebrand your company when it has changed its products, services, market or mission. Duke Energy’s new logo after its merger with Progress Energy, complete with a strategy for incorporating the subsidiary name within the design, is one example.
Another, more radical, rebranding example is the 25-year old, North Carolina commercial furniture supplier Macthrift Office Furniture. Now under new ownership, the company recently launched a new approach with far greater emphasis on consultative service as well as style; all-new branding has helped make it clear that the new firm, Delve Interiors, has equal or better quality and design, but a new mission and method.
If there’s nothing wrong with the current company or brand but you’ve identified new needs to fill that don’t fit tightly within your existing portfolio, you might consider a brand extension. The women’s apparel chain Ann Taylor did this when it introduced LOFT several decades ago, to meet their executive-oriented customers’ needs for weekend and casual-Friday dressing.
There’s an underlying consistency between the two, yet it remains easy to know which brand to turn to when you’re shopping; their website says it best: “Two distinct customer experiences united by a vision to make every woman look, feel and be her best.”
Another example is local logistics and fulfillment firm Guardian that decided to form two separate, yet still related entities, Logistics and Guardian Fulfillment.
Consider a brand refresh when you’ve determined that while your company’s products, services and mission serve your audience just fine, the look and feel of your logo, overall brand graphics and/or design aesthetic are a mismatch with your company’s current personality, style, size or customer segment.
The Big Kahunas
Among the big kahunas, KFC and Walmart come to mind. Locally, well-known patent law firm Myers-Bigel decided that their branding had not kept pace with the sophistication of the firm’s staff and expertise, so updated their look accordingly.
Scottie’s Building Services in Apex is refreshing their branding to better reflect their balance of experience and innovation, as well as exhibit a little friendly warmth along with their professionalism. This company also chose to tweak their name slightly, making it consistent with how their customers referred to them—another good reason to refresh your brand.
Implement a new brand awareness campaign when you want your audience to take note of benefits and/or brand attributes that they’ll connect with, and that set you apart from the competition. This is also the right strategy when you need to re-establish relevance with the next generation—tricky, but not impossible. Look at Coca-Cola and Ford as two good examples.
Keeping Brand Equity
As mentioned earlier, if your company has been in business a while, you’re clearly known for something; what is it? Quality products? Responsive service? Being an innovator? Or something aside from the core deliverables like your charitable works, a charismatic leader, or championing industry improvement? Any of these and many more could be your success lever if it builds a bridge to your customers’ needs and wants.
Standing out in your market is the first step to growing audience share. Look at your company; does your branding reflect what it really is? What you aspire to? If you don’t come up with a resounding “yes,” then it’s time to dig deep and develop a brand with the power to command your market!
For more information, contact the leading rebranding agency in Raleigh NC for a free evaluation of your brand’s equity and a quote for taking your business to new heights.