Pros and cons of re-branding.
Do you want to expand your business into a new demographic? I have a solution for you. It’s “Re-branding”. Let’s try to understand what exactly it is.
Re-branding is the process of altering the brand and its components. In simple words, you basically update your company’s brand, image, and its logo on your website, trying to make it more interesting, attractive and modern. However, re-branding doesn’t mean a new brand persona but changing the outdated methods and techniques of the company into a newer one.
Furthermore, companies re-brand their products to provide a better customer experience. Although re-branding is a good option for companies to get more customers yet sometimes it might not be a good, why? As we all know that everything has its own pros and cons, same things apply for re-branding.
In this article, I’m going to share the pros and cons of re-branding with you all. So, lets get started.
Pros of Re-branding
Helps you to attract more new customers
Re-branding your company’s brand image allows new prospects to see who you are and what you have done to get new customers. It becomes easier for your business to adapt to the challenges that your customers face when you continue to offer the same thing. That’s why when you re-brand your products, you start attracting new customers.
Helps you to shape new ideas
Customers always like new and innovative ideas as they form emotional links and subjective relationships with the products. And if you’re losing customers’ maybe it’s because your brand is outdated or need a tweak in your logo, brand or product . People always get attracted to the company which keeps updating its products with new ideas.
Show more accurate representation of your brand
With the help of re-branding, you can show your customers about your company’s products, its new features that you have brought into your brand products. With this customers can attach to your products and it ultimately helps you to get more new customers for your company.
Enhance Engagement
You make a big splash whenever you make a new change or add something to your products. By re-branding products, you give a chance to people to talk about your products or company again on social media. This is how you tell people about the changes you’re making and the reason why you do this.
Helps you to achieve new goals
Re-branding helps you significantly focus your shift from outdated content to new and help you to achieve new goals for your company. Some of the new goals include: develop new products or improve the existing one. These new goals keep everyone in the company involved.
Cons of Re-branding
Not cost-effective
If you’re thinking of re-branding then you have to be prepared to spend some extra amount on it. You will be required to spend money on developing a re-branding strategy, new contents, graphic designs, as well as marketing and advertising campaigns to support your project. Re-branding is worth but it’s a little costlier.
You might lose few customers
Yes, there are chances that you may lose customers if proper re-branding strategy is not implemented in the right way. Unfortunately, even if you do everything in the right way still you might lose few customers as you don’t know whether your re-branding is valuable to your customers or not. Just remain true to your values so that people find you authentic.
Re-branding may bring chaos
Any change in brand or products trouble you a lot as it brings confusion with it and we feel frustrated with the new changes. So, you must promote your brand via press release, posting announcements on social media, and sending newsletters. This way you can keep everyone aware of your re-branding products.
Final note…
In the end, I just want to say that re-branding is a good method of getting more new customers for your business simultaneously, it can also bring a negative impact on your business. However, you can surely implement re-branding strategy to your business; you will not face a big loss. You can also see that re-branding had more pros than cons. Nevertheless, you can’t simply ignore its cons; you have to manage everything to in the right way to implement re-branding strategy to your business. And I’m sure with re-branding, your business will definitely grow.
If you also wanted to re-brand your product then we have the solution. We will help you, kindly get in touch with us for more updates.
