22 May Branding – The Difference Between Rebranding and Refreshing Your Business
It’s mind blowing how many people use different devices for their work, entertainment and most importantly shopping. On top of the increase in digital devices, somewhere between 80 and 90 percent of shoppers do most of their research online!
It’s imperative that your branding reflects your business and serves it up in a competitive and competent light to catch the hearts, attention…and wallets of potential customers.
As a business owner, you always try to keep your branding fresh and current in a world where attention spans are decreasing and the propensity to buy and research online is dramatically increasing.
So what is the difference between rebranding and refreshing a brand? Moreover, how do you know which one is for you?
Rebranding is a beast that you should be prepared for. It is more than just changing a logo or a website design. Rebranding literally means to change the image of your company or business from top to bottom. Your are changing your brand philosophy and your brand story.
- Your current brand is no longer current, effective or working for your audience.
- Your target market has changed.
- Your business has changed fundamentally.
- Your business is preparing for growth including a merger or acquisition.
RISKS OF REBRANDING?
- A poor rebrand can alienate or confuse your audience.
- Customers can feel like they are betrayed if your brand equity is not taken into consideration.
- If not done well it can clutter your brand instead of streamlining it.
- Employees may not resonate with the rebranding strategy.
Have you ever gone to buy a new suit to replace the old one you’ve had for several years? You might look at a ton of suits but then settle on one that has all of the same elements of your old suit but it has a more modern cut or uses updated materials.
In essence it still reflects your style and image. It simply shows an updated, more relevant and essentially more professional you!
WHY REFRESH YOUR BRANDING?
- To update an older brand and make it appealing to a current audience.
- To address current market conditions.
- When it feels disconnected from your offerings.
KEEP THESE THINGS IN MIND
- Avoid being too trendy. Retain the essence of your brand.
- Create messaging that is clearer and more focused.
- Build on brand equities you own and resonate strongly with customers.
- Consider timing and leverage that to your company’s advantage.
In our rapidly changing business climate it’s necessary to stay current and build brand equity with your target audience through your branding strategy. If you are considering a rebrand or a refresh of your current brand, contact Iconic for a free consultation today.