Rebranding is intrinsically neither a good or a bad thing. Under the right circumstances, a rebrand can be a great way for a struggling business to improve its reputation, find new customers, and achieve future success. However, rebranding is not the solution to every problem a business may face.
In fact in many instances, rebranding can negatively affect a business’s bottom line and growth potential. On that note, today we’ll outline three reasons why you shouldn’t rebrand your business –– even if you’re tempted to do so. Check them out here:
Loss of name recognition
Marketers spend a great deal of time and energy just trying to increase a company’s brand awareness online and in the community.
There’s a lot of value in creating a company that has a recognizable name, logo, and core message. After all, a consumer can’t possibly patronize your business if they don’t know about it yet.
Rebranding your business though, can cause companies to lose customers due to a lack of familiarity with your new name, logo, or brand. It can take months –– or even years –– to rebuild your brand if you choose to start over from scratch.
Rebranding is an expensive and time-consuming process. Remember, if you choose to change core elements of your business, you’ll likely have to make big alterations to your website, social media pages, and your brick-and-mortar locations.
Plus, you may also have to update other things like merchandise, products, uniforms, or even business cards. Most of the time, businesses will also have to enlist the help of a digital marketing agency to assist their rebranding efforts.
The bottom line is that you could save a lot of money and time by keeping your brand as is.
No guarantee of success
This may be an overly-pessimistic observation, but the truth is that not all rebrands are successful. True, sometimes businesses that undergo a rebrand find it much easier to connect with consumers and expand their reach as a result.
However, sometimes rebrands don’t deliver meaningful returns. A new name, logo, or core message doesn’t automatically make your company more appealing to consumers.
Worse, a poorly-timed rebrand can lower your standing with professionals in your industry and/or confuse potential customers.
Whether you run a major medical clinic like Northwest Surgery Center or a small auto body shop, rebranding is a risky strategy that may not be worth the time and effort.
Before you decide to rebrand your business, try alternative marketing strategies to boost your company’s visibility and reputation. Trying less extreme measures first could prove to be a much more effective and efficient path forward for your business.