A company’s branding is essential so that leads and customers alike can quickly recognise the products and services they offer. It increases brand awareness and helps build your image as an enterprise both in the traditional market and eCommerce.

Many consider branding one of the most valuable assets of any business. And it goes beyond your company tagline and logo, for branding includes your overall personality as a consumer good and the relationship you establish with your stakeholders. 

Investing in the branding of your business is a great way to attract customers to consistently contribute to your long-term profits. If you are interested in learning more about business rebranding, read on.

The best time for a rebrand

Rebranding is a major decision you will need to think about for the growth of your enterprise. But when is the best time to undergo this complex process? This may depend on your current situation and needs. 

• You are connecting with a new target audience

If you are offering a new product or service, it is probably time to undergo rebranding. This is because you want to communicate to a different audience with potentially different characteristics and needs.

• You are expanding geographically

Businesses that expand to other locations typically undergo rebranding to prepare prospective and loyal customers for this shift. This is a great way to present relevant information about your brand and demonstrate quick adaptability to an evolving market. 

• Your visual branding looks outdated

To keep your business looking fresh and new to prospective customers, it is important to undergo rebranding and create a new website design and visual materials that will appeal to your target market.

Frequency of company rebrands

Ultimately, how often you undergo rebranding will depend on your ever-changing business needs. Established corporations typically conduct a huge rebranding every 7 to 10 years. In contrast, small enterprises may need to do it more often. 

Consider the many different aspects, milestones, and objectives of your company before deciding on the extent and frequency of your rebranding.

Benefits of rebranding 

• Increasing the value of your product or service – A successful business rebrand has the potential to increase the value of your products and services, allowing you to adjust prices accordingly and bring in greater earnings.
• Reaching a new audience – A new personality for your brand can attract a different demographic than the one you are already appealing to, bringing in more sales and profits for your company.
• Reinforcing business values – Your values are a significant part of what makes your brand unique and what compels customers to trust you. Rebranding is a cost-effective approach that will reinforce these values and help you connect to more people.
• Staying relevant – The online environment is constantly changing, and so are consumer needs. Keeping your brand fresh all the time is an excellent way to maintain an advantage over your competitors. 

Conclusion

Becoming familiar with the best strategies for rebranding will help you go through this process much more seamlessly and efficiently. With our quick guide above, you will have an easier time planning out your rebrand and focusing on critical elements. Remember to employ the skill and knowledge of professionals who can design and execute the best solutions for your rebranding needs. 

If you are looking for a design studio in Melbourne that can effectively handle your rebranding efforts, contact Studio Lore. Our team of creatives can cater to all of your needs, from website design to content creation for your entire organisation. Book a free strategy session with us today!