The impact that rebranding has on a company depends on how effectively the process is carried out.
Most rebrands aim to breathe new life into a business and boost its performance.
However, the outcomes of rebranding vary significantly. When rebranding is carried out effectively, it can boost brand loyalty and business growth. However, an unsuccessful rebrand can have the opposite effect, causing a loss of customers and a decline in brand recognition.
In this article, we’ll learn more about the impact of rebranding, exploring both the positive and negative effects that the process can have on a business.
WHAT IS REBRANDING?
Rebranding aims to change or refresh certain elements of a business’s identity. This could involve updating visual brand elements like the logo or colour scheme, the brand’s voice, or its core mission statement and company values.
Rebrands come in all shapes and sizes, from a simple change in colour scheme to partial or full rebrands.
WHAT ARE THE BENFITS OF REBRANDING?
When rebranding goes to plan, it positively impacts the brand’s performance. Some of the benefits businesses may experience from rebranding include:
- Enhance brand recognition
- Attract new customers
- Gain a competitive advantage
- Enhance credibility
- Increase customer loyalty
- Improve perception
- Increase profitability
- Generate interest
- Boost brand awareness
- Improve company culture
- Attract top talent
- Increase company value
ARE THERE ANY CONS TO REBRANDING?
However, it’s not always plain sailing when it comes to rebranding. Businesses should also be aware of the less appealing effects the process can have when things don’t go quite as planned. Some of the potential cons of rebranding include:
- Wasted time and money
- Customer alienation
- Negative reception
- Loss of customers
- Loss of revenue
If a rebrand goes badly, there are some steps you can take to reverse the effects and steer your brand back on course.
First, you’ll need to determine what’s gone wrong. Some common mistakes businesses make when rebranding include not having a clear objective, inconsistent implementation, failing to communicate the changes effectively, discarding popular brand elements, and rebranding without sufficient market research.
Once you understand where you’ve gone wrong, you can listen to consumer feedback, re-evaluate the rebrand, and start putting things right again.
HOW DOES REBRANDING AFFECT A COMPANY?
Rebranding a business is more than a simple cosmetic change; it’s a strategic move. Rebranding can either propel a company forward or cause significant setbacks, depending on how carefully and effectively the process is planned and implemented.
A meticulously managed rebrand can boost a company’s performance, attract new customers, and enhance customer loyalty. However, a poorly executed rebrand can have a negative impact, resulting in erosion of customer trust, poor brand equity, and even financial decline.
Every rebrand should begin with thorough research and the creation of a robust rebranding strategy. When deciding whether rebranding is right for your business, you should make sure you’re informed about the potential risks as well as the rewards of a successful rebrand.
COLLABORATE WITH IBRAND SIGNS ON OFFICE SIGNAGE FOR YOUR REBRAND
At iBrand Signs, we design, manufacture, and install signage for businesses across various industries.
Many businesses use our services to support their rebranding strategies. We can help your business to communicate its new brand identity effectively using impactful office signage.
Create an impression that will last
Get a quote for your rebranding needs today