In PR and marketing, the way we do business is constantly evolving. That’s why we always help our clients stay up-to-date with the latest trends in marketing their businesses. While many people may be averse to change, sometimes a rebranding is the best thing a company can do to see the growth and success they may be lacking. Let’s discuss a few signs that your company should invest in a rebrand.

How Much Does a Rebrand Cost?

Rebranding can be an investment, and the costs vary depending on your needs. First, develop a strategic plan to fully understand your rebranding needs. According to Forbes, consider the pros and cons when determining whether a rebrand is worth the investment and expect to spend five to ten percent of your annual budget on the rebrand. The pros include establishing new brand recognition, setting yourself apart from the competition, and gaining new customers and followers. It might be time to consider a rebrand if your company has recently undergone significant changes that aren’t reflected in your name, logo, colors, and marketing strategy.

When Should A Company Rebrand?

Jenny Henderson explains on Medium that if your business is just one of several revenue streams, you might be too busy to take on a brand restructure, and it may not be the best time for your budget. However, if your business is your full-time job and you’re investing all your time and resources in that entity, that could be a good sign you are ready for a brand strategist.

If you are a newer company and are just now realizing your actual goals, it could be the perfect opportunity to rebrand and help those goals take off. Make your company stand out from the competition by setting up a strategic plan for everything from your company name and logo to your marketing and sales goals. Keep in mind that there are many ways to rebrand. You could undergo a complete overhaul, which will likely cost a significant amount of money, or make a few simple changes that can still have a major impact.

Why Should An Organization Rebrand?

Forbes says rebranding becomes a clear solution when a company wants to evolve and grow. Identifying your new brand can be challenging because you want the rebrand to bring in new customers while retaining your current clients. If you want a new name, you must ensure it’s not in use by another organization. Then, engage a marketing firm to develop the proper colors, logo, and overall design to match. The transition needs to be seamless, and you must clearly communicate your rebrand and the reason for the rebrand to all of your audiences.

Rebranding may seem intimidating, but it can have many positive impacts, especially for a company looking to boost business. Point Taken Communications has helped many businesses (and nonprofit organizations) determine when and how to implement a rebrand. If you are considering rebranding, contact us today to develop a strategic plan to boost your business and ensure your company reaches its fullest potential.