Take an established company that has been around the block a few times, say 20+ years. They have a recognizable brand but a brand that they've had ever since the business was founded. Should they rebrand?
My answer is yes (though I am biased). Although you may not realize it, many people judge businesses and their products on their look and overall brand. An outdated image is likely to make people think your products and services are outdated too. Simple changes to your image could make a significant improvement to your profitability.
From 1920 to 1960 the vacuum cleaner was the most popular electric appliance in the home, and they are still the number 1 in worldwide sales for major appliances. When James Dyson came along, people had been happy for over 50 years with the same old little cylinder with a bag. Brands such as Hoover, Electrolux and Kenmore were all the same and worked the same but had different price points. Everyone thought, "Why fix something that isn't broken?" Well James Dyson did not settle for ordinary and designed over 2,000 prototypes before he developed the amazingly different Dyson Ball Vacuum. His hard word and innovation really changed the game in that he found something that everyone was happy doing, something that everyone accepted but he pushed the envelope and came up with something new… and it paid off! Now the Dyson brand is known for its innovation and reliable reputation, with over $10 billion in sales worldwide. If not for his fresh ideas and push to become different, Dyson would just be like any old vacuum cleaner and would not be set apart from the competition. Now, Dyson accomplished this technologically but it can be done other ways.
Rebranding a business can provide a fresh look that customers will associate the company with. Customers will then come to you because they know you are different. They will know you are a strong family owned business with a 20+ year history, which is hard to find. Your determination to become better and reinvent yourselves will be seen by all your customers who will come to you for your service, quality and reliability. However, here are some important aspects to consider before taking on the timeley challenge of rebranding:
1. Work out what you want to achieve exactly from an image makeover, such as attracting specific customers, seeing off a competitor or being able to increase your prices.
2. Evaluate the strengths and weaknesses of your existing image. Look at your existing materials and collateral. Talk to your employees and current customers to find out what they think about your firm's image (This can also be done through a survey or other resource).
3. Consider your business name. Does it give the right impression? If it sounds dated or no longer reflects everything your business offers, weigh up the pros and cons of renaming your business. Maybe adding a new tagline can spice things up.
4. Think about how your printed materials look. Is the design professional and contemporary? Could the writing be better? Everything you give to customers — from flyers to business cards — reflects on your business.
5. Look at your logo and the colors used. How does it look on your collateral? What target market does it attract? Is it appealing to the eye? Maybe changing your logo could add some vigour.
6. Consider your website. As more people use the internet, having an effective website is vital. If you already have a website, maybe it's time to have its appearance and content updated.
So it's the new year, whether young or old, consider rebranding your company image. Rebranding helps to modernize established brands, engage new audiences via repositioning, or generate top of mind awareness. And when done right, results can be extraordinary.