Your firm’s brand is what clients, prospects and peers remember you by. It’s the mental image that comes to mind at the first mention of your name or the firm name. As years go by, your company evolves and so does your brand. So when does rebranding make sense? There are a few key elements to consider before embarking on this process.
Reason. Why are you rebranding? What do you want this new brand to say about your firm? Firms rebrand for a variety of reasons, including a name change, a new target market, a complete repositioning of the firm, differentiation from competitors or simply to modernize an outdated look. By asking these questions, firms should keep in mind that the new brand needs to have noticeable and meaningful change, yet still stay true to the firm.
Time. When was the last time you rebranded, or have you rebranded at all? Rebranding takes time, from going through numerous redesign drafts to implementing the new brand in your marketing campaigns as well as updating all your marketing materials. In addition, rebrands should allow enough time for the new brand or logo to successfully resonate with your clients and prospects.
Cost. Does your budget allow for a rebrand? While it may seem as simple as coming up with a new logo, there is a multitude of costs associated with rebranding. Firms need to consider the costs associated with updating websites and social media profiles as well as all marketing materials, including business cards, letterheads, giveaways, etc.
Rebranding can do wonders for a business. It shows that you are keeping up with the ever-changing culture we live in and successfully evolving as a business. However, without the proper reasons, time and funds, rebranding can be disadvantageous to your business. Decision-makers should consider these key elements for proper execution of a rebrand.