Just as we humans sometimes need a makeover, so do brands. Makeovers of brands can vary on a scale from a minor refresh to a full rebrand or new brand name.
Recently we have seen refreshes of known industry brands such as Barry Plant and hockingstuart, and Ray White.
A refresh or rebrand is a powerful strategy that can greatly benefit a business beyond just looking new and relevant. If managed and implemented well, the process provides enhanced awareness and engagement for not only potential and existing clients but also for the brand’s employees, as the business purpose and meaning is reinvigorated for all to celebrate and embrace.
So how do you know if your business needs to do this? Below is a list of questions to help you assess whether your business needs to consider a brand makeover to some degree.
- Are you are getting fewer listings than in the past?
- Has your business growth slowed or stopped?
- Have new direct or indirect competitors entered the market?
- Are you losing a higher percentage of competitive listings than in the past?
- Are you are going to start offering another service or arm to the business?
- Has your business changed significantly since you created or last adjusted your brand?
- Do you struggle to describe how your business is different to other real estate businesses?
- Do potential clients find it difficult to distinguish you visually from your competitors in the market?
- Does your visual brand look tired or outdated compared to the competition?
- Do potential clients find it hard to pronounce or remember your business’s name?
- Are you struggling to attract top talent?
- Has your clients’ behaviour changed significantly?
- Are you trying to figure out how to take your business to the next level?
If you answered yes to two or more of the above questions, then that could be an indicator of a need to engage in a refresh or rebrand makeover process.
As a rule of thumb, it is good for businesses to reassess their brand strategy every three to five years to ensure they are adapting and being relevant to the ever-changing market.
Karin Forster is a Marketing & Brand Strategy Consultant with Sodablue