Making a major change to your business is no easy task especially if you are moving along nicely.
However, no business can afford to rest on its laurels, particularly being in the property sector. You may be keeping up with market and economic changes but is your brand?
Whilst re-branding may be something you feel your business isn’t positioned to do currently, this move can potentially offer an array of opportunities. As well as changing your existing logo and giving your business a fresh look, the brand association of your organisation can dramatically improve – allowing you to strengthen your customer base.
Competitive advantage – with an ever changing economic climate, businesses will be forced to adapt to changes in order to survive, which includes your public face: your brand. Through successful re-branding, you can not only keep up with existing conditions but significantly boost your position to become industry leaders.
Encourage growth – for a business within a competitive market, a well-executed re-brand strategy can be just the thing to help separate you from the rest of the pack. For many companies, it will be difficult to disassociate themselves from complex product portfolios and advertising clutter but with re-branding their company, businesses can themselves be targeted by customers looking for something new.
Protecting longevity – a re-brand can be the perfect illustration of the growth of your company. As small businesses prosper, a re-brand can reveal the development and maturity of the organisation. Failing to innovate with the brand can seriously dampen the progress of a company, which in a fiercely competitive market, can be a catastrophic error.
Innovation leads to Profitability – As your brand is your public face, retaining the same look over a prolonged period can demonstrate many things, including, a company falling behind the times. For shrewd competitors on the loose, this is a great opportunity for them to potentially outperform your business with regular innovation and re-branding of their products and services.
In the age of technological advances and changing market trends, re-branding a company may be essential. Just as a company’s brand should mirror changes in size and market position, it must also reflect changes in the technological innovation of the company.
Has re-branding worked for other companies?
It most certainly has. Considered to be the second most valuable company in the world today, Apple has profited in big ways from their re-brand strategy as they decided to target a new generation of tech-lovers. This bold move by the company is a perfect re-branding example which paid off massively as the tech giants are now valued at over £500 billion – a stark contrast to 1997 where the company came close to bankruptcy.
Another company previously on the brink of bankruptcy, that has now become a real hit with our little ones is Lego. Facing stiff competition in the 1990’s, the organisation was forced to consider re-branding as part of their brand strategy.
After holding a range of products on offer, the company decided to ditch many of their products and go back to basics, focusing on a particular demographic. The re-branding move paid dividends as the toy company is valued at over £7 billion today.
Is your company in need of a re-brand? As part of our franchise packages, Pearson Ferrier Franchise support existing businesses with re-branding to help them gain that competitive advantage in the property sector.
To find out more about re-branding your business, contact Pearson Ferrier Franchise on: 0333 207 0799.