Thinking about a rebrand but wondering if the advantages of rebranding are worth it? If so, this blog post is for you.
The advantages of rebranding begin with one simple truth: your brand is your company’s most valuable asset.
Your brand is how your organization is perceived by your customers, your employees, and beyond. Shaping those perceptions is the key to influencing behavior, and behavior impacts your important thing.
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It stands to reason, then, that rebranding is one of the soundest investments a corporation can make-especially if your company is in the midst of stagnant growth, waning profits, or even just a good old existential crisis.
Still not convinced? In what follows, we’ll dive deeper into 7 great things about rebranding that are sure to change your mind.
What is Rebranding?
Rebranding is the process of reshaping what sort of company or product is perceived. Rebranding range from the reinvention of everything from a brand’s name and tagline to its logo and visual identity to its website and marketing collateral.
Rebranding is most effective when it starts with brand research before getting into brand positioning, the reimagining of verbal and visual identity, and, finally, brand activation.
The Benefits of Rebranding
Rebranding shouldn’t be observed as another cost counted against your marketing budget. Rebranding is an investment-one that, if done properly, will yield exponential returns over the life span of your business.
The benefits associated with rebranding include:
- Attract More and Better Customers
7 Benefits of Rebranding – Attract More and Better Customers – Ignyte Brands
A key part of rebranding, brand research helps you identify exactly which customers are aligned with your brand’s unique purpose and positioning.
Not only are the right customers more likely to acquire your services or products, they’re also willing to pay more, and are measurably more loyal over the lifetime of their relationship with your brand.
This brand loyalty becomes exponentially valuable whenever your customers become brand advocates, convincing their relatives and buddies to get your goods and services as well.
Finally, rebranding can be an chance to develop obviously defined customer personas, which permit you to craft compelling brand messaging specifically targeted at the right customers.
- Command Premium Prices
7 Benefits of Rebranding – Command Premium Prices – |gnyte Brands
Your brand eventually boils down to customer perception, therefore the monetary value of your offerings is entrenched in the minds of these you serve.
One of the most measurable benefits associated with rebranding is which it gives you to redefine the value customers place on your offerings-and increase your asking price accordingly.
The ROI of branding has shown by research, repeatedly. Strong brands are more profitable, build more equity, and sell at higher multiples.
This is because a strong brand is more than just a sleek logo and clever tagline. They have measurably more pricing power than its competitors.
The pricing power of strong brands allows them to dominate their respective markets, revitalize underperforming assets, and insulate against competitive threats. Pricing power drives growth like few other market factors.
- Differentiate from the Competition
7 Benefits of Rebranding – Differentiate from your competition – Ignyte Brands
Branding is all about competitive differentiation. But you’d be surprised how few companies have the ability to effectively communicate-or even identify-their key differentiators.
Sales and business growth can be hugely challenging when you don’t have obviously articulated differentiators. Both your employees as well as your customers must discover why your brand is superior to your competition.
One of the most valuable benefits of rebranding is that it can benefit you obviously define your key differentiators, including your competitive advantage.
At the end of the day, no competitive advantage is as powerful or sustainable as a solid brand. As is evident in a wildly effective brand like Apple, a strong brand allows you to outcompete the field whether your goods and services are tangibly superior or not.
- Close Sales More Easily
7 Benefits of Rebranding – Close Sales EASIER – Ignyte Brands
The difference between trying to market a boring, outdated brand and a brand new, boldly differentiated brand is like the difference between selling a jalopy and a Ferrari.
Well-defined brands are better to sell because their value propositions are designed into their brand narrative. Rebranding ensures that the argument for the unique superiority of your services or products is baked into your brand narrative.
Another one of the key benefits associated with rebranding is that it offers you a cohesive and compelling brand, meaning almost all of the work has already been done for the salesperson before the initial conversation. It gives your sales force the benefit it needs to close deals with confidence and ease.
- Reduce Marketing Costs
7 Benefits of Rebranding – Reduce Marketing Costs – Ignyte Brands
The cohesive, well-articulated brand that emerges from a successful rebranding initiative increases the efficiency and effectiveness of all of your marketing efforts.
Better understanding your audience through brand research permits you to build up campaigns with highly relevant brand messaging directed at your most effective customer segments. No more wasted effort in scattershot messaging.
- Attract Top Talent
7 Benefits of Rebranding – Attract Top Talent – Ignyte Brands
The best brands have a way of attracting the best talent. Not only the most impressive resumes, actually, but the talent that is most effective to their unique needs and goals.
Among the internal benefits associated with rebranding is the fact it allows you to redefine your brand not simply for your customers, but for your and future employees as well.