Things change, people change, and a business has to change too. After some time, a business needs to change its brand, which is its face to the community, in order to keep up with these changes in people’s outlook. The corporate branding process is crucial to a business’ survival, and here’s why:
1. GAIN COMPETITIVE ADVANTAGE
In order to remain in the game despite other businesses coming up around you, you need to have a unique look from the rest. Your brand is what sets you apart and a different brand will ensure you keep your customers and attract new ones from other businesses.
This is especially important for online-based companies because they have to compete with similar businesses around the world. A corporate branding effort could rejuvenate your business and make it more attractive.
2. START AFRESH
After making a change within your company, you need to let your customers know about it, and this could involve corporate branding. For example, if you’ve begun offering a new service or product, the only way to make it known is by changing your brand. It is important to do this so that your look matches what you offer.
3. KEEPING UP WITH CUSTOMERS’ NEEDS
People’s needs are always changing, and the business has to respond to these changes. The only way to do so is through an overhaul of the brand itself, making it concur with the current demands of the customers.
4. RESPONSE TO CIRCUMSTANCES
One very good reason to change your company’s name is when that name becomes associated with something terrible. For example, a sport drink had to change its name from ’Tsunami’ after the actual tsunami hit in 2005 and caused serious damage. This is unusual but also a clear sign to refresh your brand immediately.
Also, a company may send you a letter claiming your brand is very close to theirs, and often times it tends to be a bigger company. Your recourse could be to fight it out in court, which will cost you a lot, or simply rebranding and moving on.
5. VENTURING INTO NEW MARKETS
This could be in the direct and indirect senses; in the former, you have to change your name when moving to a new location and your brand bears the name of the previous location. For example, if you were previously Manchester Bites and move to London, your brand needs to change.
In the other case, it involves adapting to a new customer base. If, for example, you want to attract a younger customer, adding free Wi-Fi or some other ‘cool’ service could bring in more young customers to your business. This involves understanding what a certain customer base wants and catering to those needs.
WHAT TO REMEMBER WHEN REFRESHING YOUR BRAND
1. Do not minimize your brand, go big. This doesn’t mean you pay for all billboards around town, merely, don’t choose an understated brand simply because you are a small business. In fact, small businesses need to make a bigger impact through their brand to remain competitive against giants.
2. Don’t do it yourself. You might be tempted to use Word Art on your own and save money but the truth is they are not very appealing. Take the plunge and hire a professional graphic designer to make something spectacular.
3. Do not do it every other day. A once in a while, and I mean a long time, rebranding is beneficial to the business. Do it too often, however, and your customers get confused and find something else.