Rebranding an established company can be a difficult task to undertake, but sometimes adapting a company’s brand is necessary in order to ensure lasting success in an ever-changing market. Some companies have been able to do this successfully and while others have simply been acquired or dissolved due to a lack of relevance and the resulting effects on their profitability.
Taking advantage of an outside agency can help to make the rebranding process easier by relying on an unbiased source that isn’t influenced by an emotional history. At Innovation Bookings Services, our branding experts will work with you in order to determine the positioning that works best for your company, and bring your new brand personality to life through awesome web design, beautiful marketing materials, and advanced technology.
Why Rebrand Your Business?
Over time, companies may find that their customers’ wants and needs have evolved, or that their primary consumer group has changed entirely. Other companies may experience bad publicity or simply find themselves unable to compete in an overly-saturated market. Whatever the reason, businesses can achieve long-term success when they commit to evolving their brand over time.
Top 4 reasons to rebrand:
1. Change/Update Your Image
The most common reason for companies to rebrand themselves is to represent a new business direction, sometimes relating to a merger or acquisition. It can also be used to shed any negative or outdated brand image, paving the path for a fresh start.
2. Differentiate Your Brand
Differentiating your company from your competitors is imperative in order to obtain a larger portion of the market share and gain a loyal customer base. The need to stand apart is especially important and prevalent in saturated markets such as those in the hospitality industry.
3. Increase Market Share
Companies often choose to rebrand themselves when they’ve lost too much market share and are seeing their profits steadily decrease. In cases like this, the brand has decreased in value to their customers because they are usually being beaten by competitors on quality or pricing, sometimes both. Target was able to pull away from being grouped with K-Mart and other low-cost and quality companies by partnering with well-known fashion designers to offer their customers exclusive clothing lines at an affordable price.
4. Stay Relevant
In the wake of iPhones, social media, virtual reality headsets, and free 2-day shipping, more and more companies are choosing to rebrand themselves so that they can remain relevant in industries that are quickly changing. The ones who don’t, think Blockbuster, end up going out of business because their competitors, think Netflix, are better serving the needs of their customers.
Successfully rebranding your company requires more than just a new logo. Rebranding requires a customer-focused vision, quality products/services, impressive marketing materials, and an updated corporate culture that supports the company’s goals for the future. Set your company apart from your competitors with a fresh brand from Innovation Bookings Servioces today!