What Are The Benefits Of Rebranding? (8 Reasons)

What is Rebranding?

Rebranding is the process of reshaping how your product or company is perceived by the public. It usually involves changes to the name, logo, tagline, or colours associated with the brand. For some companies, rebranding can be a complete overhaul of their entire brand identity. On the other hand, some companies might only make small changes to modernise their look. Regardless of the approach you take to regenerating your brand, your brand must remain authentic – especially considering that 88% of consumers say this is one of the most important factors when deciding what companies they like and support. There are many steps involved in rebranding a company, including:

• Brand research
• Brand positioning
• Reimagining of visual and verbal identity with a focal point on brand consistency.
• Brand Activation
• Key focus on maintaining brand awareness

The 8 Key Benefits of Rebranding

1) Attract Better Customers (and More of Them)

One of the biggest rebranding benefits is that it can help businesses attract higher-quality customers (and quite a lot of them). A well-executed rebrand will allow you to target a specific audience with your new identity, message, and marketing campaigns. This audience is more likely to purchase your product or service, stay loyal to your brand and may even pay more (but more on that in a little bit). Building and maintaining brand loyalty is essential for modern businesses looking to grow exponentially because once your customers transform into brand advocates, they will convince their friends and family to also use your services or products. In fact, loyal customers are five times more likely to purchase an item again, and four times more likely to recommend the company to a friend.

2) Stand Out from the Competition

In many industries, competition is becoming fiercer than ever. Competitive differentiation has never been more important for businesses looking to succeed in the long term – and rebranding can be a key part of that. By differentiating and rebranding your company, you can make it easier for potential customers to understand what makes your service or product unique, and why it’s superior to the competition. A well-researched, successful rebranding could be the key to establishing your business as an industry leader with a personality that appeals to your target audience.

3) Charge More for What You Do

Customer perception lies at the heart of every brand. Without it, businesses would have a hard time convincing people to buy their products or services. By shifting the customer perception of your business to be a premium brand, members of the public will see your product as worth more, therefore allowing the monetary value of what you’re offering them to increase. However, as much as you shouldn’t undersell yourself, you should be able to deliver on the expectations that come with labelling your business as a premium brand. This means your product should be of high quality and the experience the consumer has when purchasing your product should feel personalised. What’s more, data shows that 46% of consumers are more likely to pay more for a product from a brand they trust, compared to other competitors.

4) Attract Top-Tier Clients and Talent

As your business begins to be seen as a premium brand, you will also start to attract bigger and better clients. Growing your business and brand effectively will encourage other businesses to view your company as being on the same level as them, making it more likely for them to do business with you. With 75% of job seekers using the company’s established brand and reputation to evaluate whether they would like to work for the business, and thus apply for the role, it’s clear to see the importance of Having a strong brand will allow your company to stand out to motivated, high-skilled talent within a highly competitive job pool. Not only will this allow your business to keep growing, but it ensures that you’re interviewing candidates suited to your company’s core values. However, while branding can play a key part in attracting top talent, the brand must match the culture of the company. Research shows that 20% of new hires would quit within a month if the job wasn’t what they expected, based on initial expectations from the brand.

5) Reduce Marketing Costs

A highly relevant brand message sits at the root of rebranding, helping increase the effectiveness and efficiency of your marketing efforts. You’ll be able to target the most valuable demographic for your brand through campaigns that are better thought out and executed, thanks to the brand guidelines set in place during the rebranding process. Brand cohesiveness means that your company will come across as trustworthy and reliable, leading to your target audience being more likely to make a purchase. Increased brand loyalty and cohesion could lead to a reduction in your overall marketing spend as you’ll no longer need to rely on multiple campaigns or strategies to reach different people – one effective rebranded campaign will be able to do it all.

6) Boost Your Company’s Value and Brand Awareness

As your business grows, your brand needs to reflect that. You’ll want potential investors and customers to see that your company is doing well and that it has a promising future. Rebranding can help support this by making your business appear larger than it really is, giving it a professional edge that makes it seem more credible in the eyes of those conducting due diligence. Updating your website can be an integral part of a rebrand, in turn boosting your brand awareness. Although measuring brand awareness can be a difficult process, taking a proactive approach to growing your brand can lead to increased consumer trust and higher lead conversion. An updated website matched with a professional SEO strategy can help boost your company’s organic Google rankings and get your brand in front of more potential customers – however, this must be set out in a marketing budget to be truly effective.

7) Keep Your Business Relevant

We all know how fast the market can move, so you need to ensure that your company is responding to changes in your industry. Not only will a successful rebrand keep your business relevant, but it will send the right message to stakeholders, showing that your business is keeping up with the latest industry trends and is ahead of the curve. It’ll also show that you’re willing to invest in your company’s future and adapt to change, which can encourage customers and employees alike to stick around.

8) Close Sales Faster

If you’re selling products or services, a rebrand can help increase the likelihood of closing a sale. Your new branding will communicate to potential customers that your company is professional, trustworthy and knowledgeable – three essential ingredients when it comes to making a purchase. Investing in rebranding now could mean that you see an immediate boost in sales, as well as an increase in long-term customers.

Ready to Start Your Rebrand?

There you have it – eight key benefits of rebranding! We hope you enjoyed the article. Please consider sharing this post if you have found it interesting! While rebrands are important, it’s also vital to maintain brand consistency to continue building consumer trust and brand awareness. If you’re looking to rebrand your company, develop an engaging website or form an effective SEO strategy, we may be biased but we believe that Inc Studio is the best place to meet your needs. Inc Studio is a creative agency that focuses on design and SEO that provides an impressive ROI. To enquire, simply contact us today to let us know about your company. We look forward to hearing from you.