The world’s most successful businesses learn to adapt, evolving their brands over time to meet and exceed the expectations of their audiences. Why do they do it? It’s not just for fun. In this article, we ask, how does rebranding add value to a business? You may be surprised by some of the answers.
REASON 1 – Re-engage your workforce
According to recent statistics, only 33% of the UK workforce is ‘engaged’ in their work, so a massive 66% are disengaged. They’re some significant figures. This disengagement could be for many reasons, but it frequently gets attributed to an employee not feeling valued or having little to no input or understanding of the direction of the business and the importance of their role in it. Staff need to feel valued and to know how they can contribute to company success.
Did you know that companies with engaged employees outperform those without by 202%?
(Source: Business 2 Community)
Let’s be clear here, when we’re considering how powerful rebranding can be in employee engagement, we aren’t talking about changing your business name, or even the logo, just taking the time to review your brand and what it stands for, where you’ve come from, where you’re going, what’s your culture and who your audiences are.
However ambitious, rebranding helps to clarify and realign a business, re-affirming, re-communicating and re-engaging with its employees. It helps leaders share meaningful company values and a actionable, well-defined purpose, while launching a refreshed and modern brand identity that everyone is proud to get behind. It’s part-and-parcel of what we do at Threerooms, and it works. It doesn’t have to be complicated, but it does need to be done.
Some more stats, did you know employees who spend 60% to 80% of their time working remotely are likely to have the highest workplace engagement? Counter-intuitive, but true. (Source: Gallup). Also, customer retention rates are 18% higher on average when employees are highly engaged (Source: Cvent). Interesting, isn’t it?
Engaging brand activities to try
A – Thinking of rebranding?
Get ALL of your staff to write down 5 words that best describe the business. Evaluate the answers and look for any trends – it’s likely that your employees already know what customers love – you just need to build a brand around it.
B – Recently rebranded?
Try a team away-day with activities focused on each of your company’s values – what does each value mean in day-to-day terms for your employees? How can they make them come to life?
Back to the article: How does rebranding add value to a business?
REASON 2 – Modernise your image
As they say, the times they are a-changin’, always. What was en-vogue last year is quickly old-news tomorrow, right? A business needs to feel like it’s got its finger on the pulse to keep customers loyal and proud to be an advocate.
Staying relevant doesn’t mean rebranding every year, in fact, far from it, a well-researched, professionally created brand should be almost timeless; look at Adidas, Virgin, or Rolls Royce, they’ve barely changed their identities and brand values since they first came on the scene.
Thinking of rebranding, ask yourself these questions: Is our logo a badge of pride and quality for our people, products and services? Does our brand connect with our audiences? How do our brand and identity compare to that of the competition? Are we leading the way? If the answer is No to any of these, then seek out some branding advice, it could be time for a change.
Rebranding doesn’t need to be a massive exercise either, often some small changes can make a significant difference to a business’ ongoing success, adding value in sales, productivity and market perception. Rebranding allows a company to take stock and re-launch themselves, creating new energy and momentum.
BTW – We’ve released a Rebranding Infographic. Take a look here >
REASON 3 – Add financial value to your business
When asking ‘Why should I rebrand?’ or ‘What are the benefits of rebranding?’, we can’t miss out cold hard cash – that’s businesses exist. Rest assured, rebranding isn’t just concerned with the touchy-feely stuff (“How do customers ‘feeeeeel‘ about our brand?), some hard metrics are backing this whole thing up.
Take our old favourite, Apple, according to Forbes review of the world’s top brands, Apple’s brand is worth $182.8 billion, up 8% over last year. Its brand value represents around 20% of the company’s total market value of over $806 billion. Apple has topped Forbes’ annual study of the most valuable brands in the world for the seventh straight year. Staggering.
Also. in 2007, Coca-Cola’s brand equity alone was valued at $65.3 Billion, just under half the company’s total market value at the time. Today it’s $79.2 billion.
Okay, so they’re exceptional cases. Don’t worry. There are equally many more ‘down-to-earth’ examples showing that investing in your brand can pay dividends, literally. On a smaller scale, one of our clients, Sulets, a leading student housing provider, saw a 20% increase in bookings following our rebrand. That’s real value for you. Read the case study and see the results.
REASON 4 – Simplify a complicated offer
When working with a client, sometimes we despair, thinking, “We don’t even understand this business after a 2-hour in-depth workshop, how the hell is a customer expected to get it?“. Even when business operations or products are complicated, your brand message and marketing doesn’t have to be.
I’ve been lucky enough to spend quality time with leaders in many inspirational businesses over the years, but one thing’s for sure, no matter how innovative or groundbreaking they are, over time, complication creeps in – “we need to sell more products in more configurations to more types customers.” With this comes complexity in the brand and communications. It’s quite natural, but it can’t be left unchecked.
Before they rebranded, the homelessness charity, Shelter, reached 80,000 users. Shelter’s new branding was simple, powerful, and, importantly, made a connection on a human level. Ten years later they were reaching 5-million users. Result. It’s worth remembering that your customers can only get interested in that they can easily understand.
The process of rebranding should be the catalyst for a complete review of your customer offer. Set an objective of stripping back the dead wood to deliver uncomplicated, customer-centric marketing messages and communications. Create a brand that your audience understands simply, on every level.
REASON 5 – Send out a powerful message
Think back. How did you feel when eBay launched a new brand identity this year? Maybe initially, like us, you weren’t convinced – or weren’t even that interested – but chances are, over the following weeks and months, you came to understand what they were doing, saw them as a trend leader and an active brand, becoming more brand aware more confident in their future success.
Rebranding is the perfect time to relaunch yourselves to a new or fading market. As part of any company’s growth there comes a time to say ‘out with the old and in with the new’. A little spring clean feels invigorating to both a company and its customers. Grab the duster and let’s get stuck in.
In business, it’s hard to stay ahead, all too easy to fall behind; take your eye off the ball, and you’ve been outsmarted or overtaken. For businesses that see the value of their brand image, rebranding keeps them front and centre, reminding audiences that they are here to stay, industry leaders and that they mean business.
REASON 6 – Doing it better this time around
So many brands that we work with have done exceptionally well with a brand that was created with little or no consideration. For SMEs, a familiar start-up story is that they had a mate who knew how to use Photoshop and knocked up a logo, or they bought a logo for a fiver on the internet somewhere. That’s great! It served a purpose and got them off the ground. However, when you reach a certain critical mass or period of rapid growth, you need to present a very credible and professional brand and be ready for the next stage of growth, and that means doing things the right way.
Doing it the right way calls for rebranding, a process of working with a professional brand consultancy to refresh or create a brand and identity that’s authentic, unique and actually stands for something. Once you have that, growth is easier. It just needs to be managed carefully by a competent Marketing Team.
So, let’s wrap this up. In review, when we ask “How does rebranding add value to a business?”, the concise answer is this:
Rebranding doesn’t mean starting again, but it does require commitment. Rebranding is about taking stock, reviewing the situation and presenting a more relevant and potent message and image to the world. When done well, rebranding can lead to a significant improvement to an organisation’s reputation, staff engagement, sales and business value.
Make it happen for your business
Want to learn how rebranding can add significant value to your business? Speak to one of our brand specialists today. We’ll explain our tried and tested process and how how it can achieve significant results.