Could refreshing your brand or more in-depth rebranding be good for your business? The more important question is would rebranding help drive sales?
If you’re considering whether you should update your brand, don’t be put off by thinking that means a complete or costly overhaul. The majority of rebrands feature small (but highly pertinent) changes, focusing more on re-defining what the brand stands in order to retain stand out and desirability to customers.
There are many reasons why household name companies through to small specialist ones decide to rebrand, but arguably the most important ones are to ensure ‘the till keeps ringing’ by staying relevant to existing customers, whilst also maintaining and increasing differentiation and desirability from competitors.
One prominent example which many might consider doesn’t need to update its brand is Starbucks. Since its launch in 1971, Starbucks has continually developed and evolved its brand well beyond coffee or its coffee shops, having developed non-coffee specific consumer goods from tea to ice cream. In this way it has expanded not just its product offerings, but its routes to market and potential customer base.
The evolutionary rebranding of Starbucks has provided the successful foundation for the company’s exceptional business growth, expansion and diversification. That’s been driven by CEO Howard Schultz identifying long-term goals wouldn’t be met by just “selling coffee”, but by delivering what he calls the “third place experience”, that place where we spend some of our time outside of home and work, and Starbucks becoming as he puts it, that “refuge of choice”.
Starbucks’ rebranding is more about re-defining the business it’s in and re-focusing how it is perceived to create the broadest opportunities for future business growth. Key to that was quietly dropping the word “coffee” from their brand identity a few years ago, which even Starbucks devotees may not have actually noticed.
Might now be the ideal time to look at the opportunities re-branding or re-focusing your brand could open up for your business?
- Maybe the demographics in your market have changed or competitors have upped their game?
- Has technology or service delivery in your sector changed customer’s expectations?
- Perhaps your business has evolved, but your brand hasn’t in the same way so you’re missing out on leveraging the real differences or advantages your products/services deliver?
- Or are you so flat out on sales, you’re not actually 100% sure who your customers are and therefore if your competitors are taking sales away from you?
”Branding is what people say about you when you’re not around”.
This is well known and simple quote that’s useful to understand your brand is based more around what people say about you, than what you say to them. Your business is a brand (whether you like it or not) and how people perceive who you are, what you do and why they should care, is actually what defines it.
You may have already built a strong brand but would welcome help on how to develop it. WDA can work with you to identify how best to leverage, evolve and differentiate it.
Maybe you just feel your brand has lost its way a little or competition is increasing, in which case WDA can help you re-define it. If more than that you don’t feel your current brand truly reflects your business at all, we can work with you to create the brand that does.
For an informal and non-committal chat on what re-branding could do for your business, talk to WDA. And yes, we’ll supply the coffee! Get in touch with our Business Development Manager Anna on 01332 372 728 or e-mail directly on firstname.lastname@example.org