Your brand is one of your most powerful business assets – and you should treat it as such.
Branding isn’t just an exercise for your company’s inception. The way you present your brand sends a thousand subtle messages to your audience. Get it right, and you’ll attract the attention of your target clients and investors, but get it wrong, and your business may struggle to stay afloat.
Businesses of every size will undergo rebranding at various stages of their growth in order to reflect their position in the market. That’s why last year, our Laundryheap team evolved our focus on sustainability to better represent who we are as a company.
There are many benefits to be gained from rebranding your business. Let’s take a look at four.
Differentiating Your Brand
You might have been the only business in your space when you first launched, but times change and competitors emerge. A rebrand is a vital way companies can differentiate themselves in the market, emphasise their USP and build momentum as competitor presence increases.
In order to gain customers, companies need to build their market presence and this is founded on strong branding.
Reflecting New Goals And Values
A rebrand is also a fantastic way to show you’re evolving as a company and that you’re continually looking to improve your products and services. It demonstrates to customers that you’re a dynamic brand, in tune with market shifts and understanding their changing needs.
It’s also a moment for your business to re-evaluate its mission statement and culture, ensuring that they feel current and fresh. Are there new priorities that have emerged or culture changes you’ve made? Which areas need more attention and work? This self-reflection is critical and the outcome should be reflected in your rebrand so that you can publicly hold yourself accountable.
Publicly sharing values has consumer value too. A recent report published this year found that purpose-driven consumers (those who choose brands based on how well they align with their values) now represent the largest segment (44%) of global consumers across all major product categories.
Reaching New Customers
As your company grows, your ability and desire to target new demographics is likely to increase. A rebrand is a great way to shift your tone and image to attract new customers and appeal to their priorities and concerns.
Becoming more consumer-focused was one of the main motivators behind our company’s rebrand. Whilst we were delighted with the growth of our business in the UK, we felt a disconnect between our brand and those who were using our services. Laundryheap’s old branding prioritised functionality, but now we’re focusing on creating a more personal relationship with our customers.
Appealing To Top Talent
Creating a powerful brand does more than appeal to customers and investors; it also spikes interest in your business from both a hiring and partnership perspective.
Who would potential partner companies prefer to work with: a company that feels dated in expression or image, or one with a dynamic, fresh voice?
Clearly expressing your values and company culture in your branding will attract top talent too. Recent research found that 60% of respondents choose a place to work based on their beliefs and values.
From marking a shift in focus to attracting new customers, hires and partners, a rebrand can both symbolise and supercharge growth. But it’s not a process to be taken lightly – a rebrand won’t solve systemic issues that are left unaddressed. A successful rebrand requires an investment of time, money and resources to make the process worthwhile and a half-hearted attempt is worse than doing nothing at all.