Should you Rebrand your company?
Before we dive into knowing how much to spend,. We should understand if Rebranding is really necessary for every brand.
There are both Pros and Cons of rebranding. So before you swipe your card for rebranding know these facts:
Let’s start with Cons:
Clients who are used to your brand might not get accustomed to it right away. Not everybody likes a change. So making careful changes that don’t change the brand story is very important.
There are plenty of failed rebranding. The main reason behind them was the refreshed identity did not convey the idea of the product being sold. Which makes the clients confused; we absolutely don’t want that. We are not running a government where a confused citizen is always the best option.
In the majority of cases the branding agency does not complete the process of rebranding, instead, they deploy it in a hurry. This makes you look immature in front of your clients.
Now the Pros:
Even though there are a few drawbacks in rebranding, the advantages overshadow it.
We have to agree that fashion sense changes with generations. There was a time when people found toothbrush moustache style hot. So the ideology of fashion changes with time, so should your brand.
If you want to appeal to the younger and newer generation a brand refresh always comes in handy.
We all make mistakes, though our individual mistakes are repairable, it’s not the same with brands. A small mistake could cost them a fortune and an even bigger one could wipe them out. So if you think an unknown mistake is haunting your brand you should definitely give rebranding a try.
When we start a company our pockets are not so deep. So we tend to design our company more cheaply. Now that we are a prominent player in the industry we don’t want to be that cheapo anymore. We want our brand to look more premium and opulent and be like what it’s supposed to be. So a rebranding will make you look mature than a new player.
Almost 75% of brands who underwent rebranding had positive outcomes. Usually companies see a rise in revenue by 200%. So if you are an older brand and your clientele is declining then rebranding is definitely for you.
We live in a competitive era, there are plenty of brands with the same ideology. So if you don’t want to be one among many you should glow in the dark. A proper rebranding does exactly that.
To conclude, rebranding brings in a lot of positives when it’s done the right way. The money spent on rebranding is always a good investment. If you plan on doing it, then just do it before your competitor does.