The pandemic permanently changed the way we entrepreneurs build brands. With work-from-home policies and the struggles of COVID-19 creating stress and concern worldwide, many companies took up the call to adapt and reevaluate their brand to make room for newer, healthier, and more innovative business values. Companies that adapted quickly thrived with a seamless online user experience and a culturally relevant brand identity. But on the other hand, brands that stuck to tradition became outdated and culturally irrelevant.
Rebranding is a financial investment, to be sure, but it's integral to a company's future. With each societal change comes a critical need for brands to reinvent themselves so that they stay relevant and impactful.
A rebrand can look like refreshing a website or changing stodgy messaging for something fresh and culturally relevant, but it's not just about new graphics and a logo. The most important part of rebranding is ensuring that you inform your customers and stakeholders about your company's core purpose and where you are headed.
Here are some tips companies can take into consideration when evaluating their company's rebranding efforts.
Correctly Evaluate Risks for an Increased Reward
A rebrand can be a hugely positive strategic initiative, but it comes with some risk. Yes, creating all-new visuals and a fresh website is exciting, but it also comes with a cost. You want to be sure you will see that money return to your business, and then some.
If your current branding isn't future-focused, you're not going to get the customers you really want. If you've changed your mission so substantially that your current branding no longer speaks to who you are, it's time to consider a rebranding strategy.
Understand Your Target Audience
Business-to-business (B2B) companies need to consider a few additional factors when looking for a refresh. B2B brands are usually going after a specific target that is very "niche" compared to business-to-consumer (B2C) target personas. This results in B2B brands focusing more on portraying their expertise and alignment with their specific target personas, while B2C's typically must appeal to a wider audience. B2B purchases also tend to include multiple decision-makers and longer buying cycles, with much higher prices that are driven by a need for a solution, while B2C is often driven by emotional or aspirational factors.
Successful B2B rebrandings understand that B2B brands are often the first step in building trust with the customer and that the relationship is usually intended to last a long time. The brand must carry through the entire journey from sales to services and support and is often a much more complex relationship than B2C.
Know When to Take the Next Step
Sometimes, a rebrand is necessary to keep up with where your industry is headed. For example, the mobile photo and video editing app space is constantly growing. With such a quickly evolving creator ecosystem, companies in this space like Lightricks always need to innovate. Lightricks wanted to play a much larger, more helpful role to creators beyond their initial focus of developing apps and it inspired a rebrand.
A lot of this involved a branding shift to emphasize evolving tools, services, and offerings that address the overall creative process and ease of use. They understood that with the ever-changing nature of social media, companies must continually seek relevancy. They found this relevance in quality, ease-of-use, and an emphasis on artistic expression in their rebrand.
All said, if you're considering a change for your company, make sure you're honest with yourself and your team about where you are and where you're headed. Oftentimes, there can be a disconnect between you and your users' understanding of the brand. Consult your team, your stakeholders, and any existing data to judge your place in the market and where you can grow. Whether you are a startup looking to disrupt the market or a longtime industry leader, you must ensure that your firm stands out in a crowded field in order to compete.