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How Rebranding Can Increase Your Profits

Mike on Apr 4, '18

Posted in Branding, Marketing

Rebranding is an exciting undertaking that presents a host of challenges, opportunities, and advantages.

Rebranding means simply redefining what your business stands for, acts like, and looks like.

When performed correctly, rebranding is a way of strengthening your relationships with your customers, transforming your company culture, improving employee motivation, increasing visibility, winning new and better customers, building brand credibility, and boosting your bottom line.

The Key Benefits of Rebranding

“With the right processes and the right mindset, a rebrand can be the crux your business needs to improve future marketing endeavors,” says an article in Forbes.

It’s true. Smart rebranding is a powerful tool that can transform your company’s success. But, just how does it do that? Here are five key ways it works.

Strengthen Your Relationships and Build Brand Loyalty

Your brand has a relationship with your customers. Some people would even argue that your brand is defined by that relationship.

Successful rebranding means doing what you’d do in any healthy relationship - communicating. Ask your customers what they would love to see in a rebrand, and listen closely to their answers. Share your vision for the rebrand, and make sure your customers know what to expect.

As Business News Daily puts it, “when you understand your audience, you’ll know how to create a brand that appeals to them.” And even better, you’ll be opening up a dialogue that strengthens your customer relationships and deepens brand loyalty. And brand loyalty is a powerful way to build your profits.

Win New Customers and Increase Your Revenue

When you rebrand it’s important to maintain your existing customers while attracting new customers. That presents both a challenge, and an opportunity.

Some critical questions to consider are: Is your branding memorable? Does your it connect with your customers? Does it clearly communicate what it is you do or sell?

Most importantly, ask yourself, “is your current branding attracting your ideal customer? Whether you’re looking to connect with a different demographic or target a higher-spending buyer - rebranding can be the tool that connects you with the people you want to do business with.

Boost Your Visibility and Drive More Sales

If your brand is forgettable, is beginning to blend in with the competition, or is getting lost in a sea of similar companies - then it’s time for an update that sets your brand decidedly apart from the rest. Rebranding can make your company unique, help your identity stick, and as a result, draw more traffic to your site.

Ultimately, rebranding can mean effectively differentiating your brand from the crowd, and effective differentiation is a powerful method for capturing new leads, converting sales, and increasing your revenue.

Rocket Toward New Goals and Break Old Barriers

Businesses are living entities, and it’s normal (even healthy) to change your product offerings, services, and culture over time.

“Rebranding gives you the opportunity to realign your mission, message, goals, and visual identity to who you are today,” says Sarah Moreau, Director of Marketing at Harvest Media. “It also sends a clear signal to your audience about the health of your business and your commitment to your brand’s values.”

Rebranding can help you meet big, new goals like connecting with a more lucrative target market, revamping your products and services so they better serve the needs of your buyers, or redefining what your business stands for so that it attracts more or better buyers.

When you set actionable goals for your company, a rebrand can be the powerful and impactful tool that gets you there.

Improve Your Company Culture and Motivate Your Team

Of course, rebranding isn’t just about how your customers perceive you - it’s about how your employees perceive you, how much they love your company culture, and how motivated they are each day when they come to work.

A rebrand can deeply and positively affect your business, especially if it is performed with your team members’ satisfaction and success at heart. Motivated team members who are dedicated to their brand mean a more energized, productive, and ultimately, a more profitable company.

Making the Leap, and Reaping the Benefits...

Rebranding is a big and exciting undertaking, and the best way to ensure your success is to clearly identify your plan of action.

Start by defining why you want to rebrand, what your specific goals are, and how you see yourself after the rebrand. Brainstorm on your own, sit down with your team, ask your current customers, and reach out to branding professionals who specialize in creating a visual identity for your brand.

After all, your company is important, and your rebrand will continue to keep it on track for success. If you have any questions about the rebranding process, Harvest Media can help! Give us a call at 847-352-4345.

References:

https://www.forbes.com/sites/forbesagencycouncil/2017/02/23/the-art-of-rebranding-how-to-be-smart-and-strategic/#32a822d35eee

https://www.businessnewsdaily.com/8764-business-rebranding-tips.html

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Mike Moreau Sr

About the Author

Mike

Mike is the founder and president of Harvest Media. He has a passion for helping brands communicate their message with clarity and impact.

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