As the “human face” of your business and how you communicate to your customers, your brand is a true reflection of your company values, and to improve brand value, strategically rebranding in challenging times could communicate to your customers that your business is open to change and show a dynamic, evolving and inclusive attitude.
Many businesses will have used the time over the last few months to reflect on business strategy and planning; a vital part of that process is assessing the relationship you have with your customers and how your brand is perceived. A great example of brand agility and showing a strong customer focus was Time Out magazine, who became Time In focussing on virtual events for people staying at home during the lockdown.
Here are some thoughts on the benefits and challenges of a rebrand to help you weigh up the value of brand development activity for your business.
- Staying current – a revamp of an existing brand through minimal changes can modernise and freshen a dated brand
- Consolidating existing brands – for companies that are looking to merge existing companies under one brand identity, a rebrand can successfully achieve this without confusion
- Communicate that your business is open to change – a rebrand can show a dynamic and evolving attitude
- Appeal to a new audience – a rebrand may appeal to a new market, demographic or generation
- Recognition – with a well thought out campaign to introduce the new brand across your digital channels, rebranding can actually increase brand recognition
- Rebrand cost – do you have the budget to change your brand identity across all marketing activities
- Loyalty – rebrands are not always well received by longstanding customers
- Resources – have you got the time and resources to roll out a rebrand
So if you are thinking about a brand refresh and worried that now may not be a good time, consider the fact that rebranding may revive your current brand and its position in the market, especially if the events of recent months has left your business stagnant.