By Marisa Hochberg : https://bfa.com/people/marisa-hochberg
There are many ways to reduce the costs of rebranding initiatives. First, make sure to understand the scope of your project. The cost of producing branded assets is one of the largest single expenses of rebranding initiatives. By carefully analyzing your scope and selecting appropriate vendors, you can cut your costs significantly.
Second, evaluate the effectiveness of your current branding. It may simply need a face lift. For instance, Google’s logo has undergone several facelifts and minor changes. But basic elements like the company name and mission statement still resonate with your target audience. These elements are often a good place to start.
Third, rebranding can require a great deal of resources. It can cost millions of dollars. In addition to the design costs, you need to fund an international ad campaign. And don’t forget that the process is time-consuming and requires a lot of human resources.
Fourth, rebranding can create opportunities for your company. It can help you identify a new target market and target the customer groups that are most likely to be interested in your product or service. Rebranding also allows you to adjust to competition, which is important for your brand’s success.
Fifth, rebranding can be disruptive to your existing business. Ensure you communicate clearly with your customers about your rebranding plans. If your customers are confused, they may stop doing business with you. For this reason, it’s vital to avoid disrupting your business goals by spending too much time on your rebrand.
When it comes to rebranding your business, you will need to re-examine your company’s brand messaging foundations. These may change over time as your business grows, with new products, priorities and services. In addition, there might be new stakeholders and major components. It’s important to know the risks and benefits of rebranding before embarking on the process.
First and foremost, rebranding will help your company remain relevant. You should keep up with design and marketing trends, as they will affect how your clients perceive your brand. It’s also a good way to maintain trust with your customers. Whether your business is old, new, or somewhere in between, you should keep up with the latest trends to stay relevant.
Rebranding is a great way to attract new customers and differentiate yourself from your competitors. Whether you’ve merged with another business or started from scratch, rebranding will help you reach a new audience and increase brand awareness. According to Forbes, you only have seven seconds to make an impression, so you want to make sure your brand says exactly what you’re all about.
Rebranding your business will require you to update your current clients and customers about the change. To do so, you should post updates on your website, send emails, and post on social media channels. You should also make sure your current advertising is consistent with your new brand identity. This will help you to keep your existing clients and customers interested in your new brand.