There are a lot of factors to consider when rebranding your business.
On the one hand, it can be a great way to refresh your image and give yourself a new start. But on the other hand, it can be a huge undertaking that may not pay off in the end.
So what are the pros and cons of rebranding?
This blog post will explore the pros and cons of rebranding your business to help you decide if it’s the right move.
Table of contents
- Why do businesses rebrand?
- The pros and cons of rebranding
- Pro #1: Rebranding allows you to ditch any baggage associated with your old brand.
- Con #1: Rebranding can get expensive and time-consuming.
- Pro #2: Rebranding can help you appeal to a new target market.
- Con #2: Changing your brand can alienate your existing customer base.
- Pro #3: Modifying your brand can help boost awareness of your business.
- Con #3: Rebranding means you’ll have to revamp many materials.
- Pro #4: Rebranding can get you opportunities that you wouldn’t have had before
- Con #4: Testimonials from before may not match
- Final thoughts
Estimated reading time: 6 minutes
Why do businesses rebrand?
Whether you are building an author brand or a business brand, businesses may rebrand for many reasons.
A company might want to update its image to appeal to a new target market, or it might embark on a new strategic direction and need a fresh start. Sometimes, a business may even change its name after being acquired by another company.
Rebranding doesn’t always have to be negative. Many businesses use rebranding as an opportunity to show the world that they’re adapting and evolving.
However, there are also some risks associated with rebranding. These risks should be carefully considered before making any decisions.
Whatever the reason, businesses that embark on a rebranding effort often do so to boost awareness and attract new customers. And while there is no guarantee of success, a well-executed rebrand can be an effective way to rejuvenate a business.
The pros and cons of rebranding
Rebranding can be a great way to breathe new life into a business. But it’s not without its risks. Here are some of the pros and cons to consider before rebranding your business:
Pro #1: Rebranding allows you to ditch any baggage associated with your old brand.
If your business has been around for a while, it may have accrued some negative associations. Maybe the writing industry has changed, and you’re no longer seen as relevant. Or perhaps your brand was built on outdated technology or an outdated business model.
Rebranding allows you to start fresh and leave all of that baggage behind. This can be a great way to attract new customers and move forward with a clean slate.
Con #1: Rebranding can get expensive and time-consuming.
A successful rebranding effort requires a lot of planning, design, and execution. And all of that takes time and money.
Finding marketing strategies can take a while because you’ll need to consider how your new brand will be perceived by customers, employees, and the market.
You’ll also need to design a new logo, create new marketing materials, and train employees on the new brand. This takes time and money – two things businesses often don’t have much of.
Pro #2: Rebranding can help you appeal to a new target market.
If your business has been around for a while, your target market has likely changed. And as the world changes, so do the needs and wants of consumers.
Let’s say you are reaching a new, specific set of consumers. Rebranding can be a great way to show them that you understand their needs and how to appeal to them. This can also be a way for you to explain how your current brand has improved from how it was before.
Rebranding allows you to update your image better and appeal to your new target market. This can be a great way to attract new customers and grow your business.
Con #2: Changing your brand can alienate your existing customer base.
While a rebrand may help you attract new customers, it could also push away your existing customer base.
Your current customers are familiar with your brand, and they may not take kindly to a change. If you’re not careful, you could end up losing customers instead of gaining them.
Before you rebrand, be sure to consider how your existing customers will react. Present customers who aren’t aware of the rebranding may also have difficulty finding you if you change your name or website.
So be sure to announce the rebranding to your current customer base and make it easy for them to find you after the change.
Pro #3: Modifying your brand can help boost awareness of your business.
If your business is relatively new or unknown, rebranding can significantly increase awareness and build name recognition.
A well-executed rebrand can attract attention from the media and customers alike. And as more people learn about your brand, you’ll have a better chance of growing your business.
This is a great way to get a boost in the early stages of your business.
Con #3: Rebranding means you’ll have to revamp many materials.
Any time you change your brand, you must change your marketing and advertising materials. This includes your website, business cards, email signature, social media accounts, and more.
Updating all of these materials can take a while since you’ll need to design new versions and then train your employees on how to use them.
If you’re not prepared for the extra work, a rebrand can be more trouble than it’s worth.
Rebranding can be a great way to rejuvenate your business. But it’s not without its risks. Be sure to weigh the
Pro #4: Rebranding can get you opportunities that you wouldn’t have had before
Rebranding can help you get opportunities that may not have come your way before. This can include speaking engagements, interviews, or even press in general.
This doesn’t mean you’ll get these opportunities just because you rebrand, but it gives you a chance to start fresh and be seen in a new light.
Con #4: Testimonials from before may not match
Customers who have given you testimonials in the past may not be as willing to give you a new one that matches your new brand. You’ll need to get creative using testimonials or do without them altogether.
Past testimonials mentioning your old brand may not fit with your new image. So, you’ll need to be careful about how you use them (if at all) in your new marketing materials.
So, should you rebrand? The pros of a successful rebranding campaign certainly outweigh the cons, but it’s essential to proceed with caution.
While planning your rebranding, don’t hesitate to reach out at bestsellingbook.com. Not only are we able to help you get into the stream of becoming a bestseller, but we can also help with reaching your prospective target markets for your new brand.