As a building & remodeling contractor, your brand is what attracts people to your business. It is more important than ever to have a brand that stands out from your competitors.
If your brand is tired and stale, or if you have made significant changes to the services you offer or the customers you target, it might be time to rebrand your company.
However, rebranding is more than just changing your logo, it is changing your entire identity and marketing strategy.
Rebranding can be great for business, but it doesn’t come without risks. Let’s look at some of the advantages and disadvantages of rebranding your business.
Advantage: You’ll Reach New Customers
The most significant advantage of rebranding is the potential to reach new customers. Most companies rebrand because they aren’t getting enough business or aren’t attracting the clients they want to work with. By changing your outward appearance, you may catch the eye of people who may not have noticed you before, which could take your business to new levels.
Disadvantage: You May Confuse Customers Who Know You Well
If your company is well-known in the community, that is something that takes time and effort to develop – you don’t want to throw that away! Having brand recognition is extremely powerful.
If that’s the case, you’ll want to be very careful about how you approach a rebrand, or even a brand refresh. You’ll want to walk the line between being new and being familiar.
If you make a sudden, drastic change to your brand, people may not know who you are anymore, and years of building familiarity with your community will be lost. Instead, you’ll want to approach a rebranding effort with patience, making sure to tie the old brand to the new one over a period of time.
Or, it might be best to stick with what works.
Advantage: You’ll Stay Current
If your company has been around for a long time, first of all – congratulations! But, with longevity comes the risk of your branding being out of date and not resonating with clients in today’s marketplace.
Even if your services are not changing, updating the reason behind your services or your company goals is a good idea when rebranding to keep up with today’s market trends.
Disadvantage: Rebranding Costs Money
There’s no way around spending money to rebrand. You’ll need new graphics, new marketing materials, and a new content strategy. When it comes to designing a new logo or redesigning your website, you only have one shot at creating a new brand, and it needs to be done correctly.
Choosing the cheapest option when rebranding should be done with extreme caution – as you know, you get what you pay for. You’ll want to invest in quality content and branding that will help you reach your business goals.
Advantage: You Will Increase Engagement with Current Customers
Chances are, with your rebranding will come more content. This is an excellent opportunity to stay top of mind with current customers and increase engagement with them. This makes for the perfect time to reach out to ask for referrals.
Disadvantage: Rebranding Requires Work
Rebranding is no easy task. You will need to research your competitors to see what’s working for them while also taking an internal assessment to see where your current branding is falling flat. It may be challenging to create the time to rebrand with all of the other responsibilities you have
There are times when a rebranding project is necessary, and there are times when it’s better to keep your current brand and maybe refresh it a little. Knowing which is best for you requires the help of a marketing professional.
If you think your brand is in need of a redo, contact us for a free consultation.