If you’ve been paying attention to what’s happening online, you probably saw the term “rebranding” be thrown around by “marketing gurus” who believe they know everything. What this term refers to is a structural reconstruction of your brand in order for it to appeal to a different demographic or market. Also, if you’re merging with another business, a rebrand should help you adjust the way consumers perceive the merged company. Often, companies go for a rebrand when in reality, all they need to do is refresh their brand. If you’re torn between these ideas, here are four things you need to know.
The risks of rebranding
While rebranding can do wonders for your business, it also comes with some risk. The biggest problem you can encounter is having your regulars dislike the new image of your brand. Not only does this mean you lose loyal followers of your brand, but it also hurts your finances significantly. Just take a look at what happened to Gap in 2010. They came up with a new logo for their company which gained a lot of negative reviews online, and Gap was forced to return to their original logo just six days after unveiling the new one. It’s estimated that the Gap rebrand cost about $100 million. So, if you don’t want something like this to happen to you, either make sure you have good marketing experts by your side or just refresh your brand.
The benefits of refreshing your brand
There’s no need to say that refreshing your brand can help your business a lot. The thing with refreshing your brand is that you don’t have to stray far from the direction you were originally on. However, a little bit of change might just help you get there much faster. Ideally, you’ll be able to come up with ideas for your brand that will still appeal to your current customers and help you attract new ones along the way. Of course, this is a lot easier said than done. If you’re struggling to come up with ideas for your brand refresh, turning to experts who understand the local market is a good idea. For instance, if you’re based in Australia, turning to a renowned brand agency from Melbourne is something you just can’t go wrong with.
Understanding the need to refresh
If you’ve been using the same logo and the same marketing strategy for years, it doesn’t automatically mean you need to refresh your brand. Still, it’s a good idea to take a look at where your company was when you first created the brand and where it is now. If your target audience is wider than before or you’ve decided to tackle new markets, it’s an indicator that a brand refresh is precisely what your company needs. Another thing you might want to have in mind is that changes in the market may also be a reason for a brand refresh. For example, if new types of consumers are suddenly becoming interested in what your industry has to offer, refreshing your brand in order to appeal to them more is recommended.
Creating a cohesive appearance
No matter whether you decide to go for a rebrand or refresh your existing brand, it’s critical that you create a cohesive appearance across all the platforms you use. The last thing you want to do is update your brand on some website and fail to do so on your social media pages and business cards. Not only that this shows your company is unprofessional, but it can also confuse your customers, making them more likely to turn to your competitors. This is even more important to do if you go for a rebrand, as consumers may end up taking you for two entirely different brands. Luckily, if you decide to get help from marketing experts, they should be able to get all the work done for you and ensure that nothing goes unchanged.
Both refreshing your brand and opting for rebranding are big moves that require a lot of thinking. If you’re still not sure what you should do, surveying your customers might be a smart move. Once you come up with a plan, make sure you don’t do it on your own as there are marketing experts who can provide you with all the help you need.
Dan Radak is a marketing professional with eleven years of experience. He is currently working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and a regular contributor to Technivorz.
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