For example if the company Penrose Plumbers now services the entire upper North Island rebranding to something generic like Power Plumbers would help with marketing, building a stronger and more recognised brand, and more accurately reflects its new business setting.
When it’s time to come up with a branding solution that suits your industry make sure it’s eye catching so it looks great on building signage, window signs, and vehicle graphics, so that it is easily recognised by potential customers.
A rebrand isn’t only changing the company name on a letterhead, it can be a powerful strategic advantage for your business and help to gain marketplace cut-through. Perhaps the business should differentiate itself from competitors and portray its point of difference in a clear and memorable way. Rebranding can be daunting for small businesses as this conjures up thoughts of a high-cost, high-risk project with uncertainty on whether it will take flight, however when done right rebrands or refreshing a brand can foster business growth.
So… Why Rebrand?
Good question. There’s many reasons why companies rebrand and many of them can positively impact on the bottom line when done right.
- You’ve moved or expanded beyond your original scope. If you used to do “this” but now you do “this and that,” it might be time to rebrand. Remember, your customers will only know that you do “this” unless you find a way of making them see that you also do “that.” Make sense? If you have a business with a geographical location in the title – like the Penrose Plumbers example – but you plan to service the greater North Island as well – it’s time to come up with a branding initiative that doesn’t place the emphasis on location.
- Your brand is boring. It might be hard to accept, but sometimes it’s time to rebrand simply because the brand image you started out with is a little boring. Rebranding can give your business new life. It can help you to retain old customers, while successfully bringing in new ones.
- New name. If you’re a retailer and you sell products that are not your own, but complement your business, you may be at risk of being associated with the product – especially if the product outsells your own. If this is the case, it’s definitely time to rebrand so that your clients are clear on who you are and what you sell. Perhaps your business has expanded beyond your original scope. You want to be remembered by customers and prospects so when they have a need that your business provides then they come to you for the solution.
Every business is different and if a rebrand isn’t suitable right now then perhaps consider a re-imaging project. The first few months of a year is perfect for critiquing the appearance of your building and asking if there’s anything more that can be done. Old and tired signs give consumers and clients the impression that your business would be old and tired and overtime can effect business. Same is true for great signage. Clearly visible branding makes it easy for people to find your business, grabs their attention, and will increase brand recall. Removing objections or difficulties for customers to reach you can result in improved sales and a higher profit.
Rebranding may be a future project however taking the time to assess your businesses’ appearance and visibility in the marketplace, and perhaps freshen up your building’s image, is a great thing to do while coming up to a new financial year.