Do you know that there are many rebranding benefits?
The complexities of successful rebranding entail many advantages despite the challenges!
Although the circumstances of a necessary rebranding are unpleasant, it is, unfortunately, a struggle that many Malaysian brands or SMEs happen to face.
In fact, it’s more common than you think!
However, rebranding isn’t a logic-based decision where certain criteria should be met before it’s indicated you should rebrand.
How necessary is rebranding depends on numerous amounts of quantitative data, qualitative data and your personal opinion if it’s the right choice.
After all, not all rebranding strategies succeed. Rebranding might not even be the right solution that you need!
If you’re on the fence about the weighted risks of rebranding despite knowing it’s what you need, then this is for you!
Rebranding isn’t easy, but an effective rebrand guarantees many advantages that make it worthwhile. The countless rebranding benefits will pay off within the first year- if executed right!
This must-read has everything you need to finally take a leap of faith into rebranding.
The 3-Minute Read on Rebranding Benefits
1. Getting the right customers
Rebranding allows you to refocus on the right target audience. Through sufficient analysis, the brand can identify the right clientele they should be focusing on.
You might even discover a demographic that the brand never leveraged!
When suitable rebranding adjustments are made, you can appeal to the right customers that will engage with your brand.
Aspects such as the brand’s message and campaigns can start revolving around the new audience focus.
After all, a brand is nothing without the consumers. Once the brand starts catering to the right clientele, consumers are likely to become brand loyal.
2. Compete in the market
Once you’ve determined the right rebranding strategies, your brand will be prepared to compete in the market.
Rebranding strategies include discovering the unique strengths of your business and rectifying weaknesses.
Therefore, you can emphasise factors that make your brand unique and stand out from the competition.
Moreover, rebranding strategies address the prior weaknesses of the brand for tenfold improvement.
Dunkin’ Donuts is a great example of rebranding. This veteran company changed their logo amidst competition against other brands such as Starbucks and Krispy Kreme.
Dunkin’ Donuts reduced their logo to just “Dunkin” because they wanted a “Pick and Go” concept that was more than just doughnuts.
3. Better goals, values or products
Aspects such as company principles, goals, services and products are the “meat” of any brand.
If there are any values and ideals that don’t resonate with the company anymore, it is recommended to rebrand.
Therefore, establishing new principles, values and products more befitting of the brand can dictate a better direction.
After all, rebranding addresses what works out and what doesn’t.
Rebranding new goals, values, products or services also indicates a capacity for improvement and evolution in the eyes of consumers.
It becomes a pull factor for consumers by arousing curiosity over a new identity.
4. Improving profit
Part of the reasons why Malaysia SMEs rebrand is due to lacking sales from inefficient branding strategies.
Brands that have rebranded into a new identity and focus will experience improved profit.
That is because the brand allocates attention to the right target audience and makes the necessary changes to stimulate sales.
Profit is also a positive indicator that the adopted rebranding strategies are the right ones.
A profitable brand entails many benefits of its own such as better brand awareness, greater brand reputation, larger consumer fanbase and many more.
However, SME owners should remain flexible about strategies despite profiting because of current trends and the ever-changing market.
5. Staying updated
Modern times are constantly changing with new fads and trends. In fact, ever-changing trends often inspire brand owners to rebrand.
For instance, Korean nuclear ramen noodles were a huge trend that hit worldwide. Moreover, the existence of Mukbang channels and their affinity for spicy foods made it a long-lasting trend.
This has prompted the brand to release sauce bottles of the respective nuclear ramen noodle sauces and branch out beyond “just noodles”. The nuclear fire noodles trend even inspired lip tints and lipsticks of the same flavour.
However, upkeeping trends shouldn’t be the only factor in encouraging rebranding. Businesses should adopt appropriate strategies to adapt.
Consumers tend to be more receptive to relatable and updated trends, whether it’s a new product, service, values or mission.
6. Saving internal costs
Rebranding is about refining a company in the direction of improvement. Therefore, values, employees or structures that don’t benefit the company should be terminated.
Your brand will be renewed into an all-new and stronger brand with a sharper brand identity.
Without a defined brand objective, values, target audiences or vision, any monetary investment into the company is unlikely to reproduce great expectations.
You can redefine the aspects you should focus on and invest in the brand financially with greater returns.
By focusing on the right aspects, your brand can perform more efficiently!
It also improves the experiences of employees responsible for facets such as brand management and business operations by having a more precise direction.
Walk Production is a fast growing branding agency in Selangor. We pride in helping Malaysia companies in all facets of branding.