Creative | 3 minute read
Wondering if your B2B brand is ready for a makeover?
As Steve Jobs once said, “The chance to make a memory is the essence of brand marketing.”
Your company’s branding represents your corporate image and core values to potential customers. Strong branding can differentiate your brand from your competitors and help to build trust and loyalty with customers.
In fact, here are five reasons why having a strong brand is essential for a B2B business:
- LinkedIn research of 500 business decision-makers found that the top factor in purchasing decisions was a strong professional brand
- A survey of business customers confirmed that decisions were driven more by brand (39%) than features (34%) or price (27%)
- B2B companies with strong brands outperform weak ones by 20%, according to a study by McKinsey
- A Harvard Business School study found consistent branding is one of the most valuable characteristics of B2B brands
- That’s why research from Binet and Field found that brand building in B2B should account for 46% of marketing spend
So without further ado, here are five telltale signs that it’s time for a rebrand.
Does your branding still reflect your vision?
It may be that since your brand launched you’ve introduced new products or services that have expanded your business or taken you in a new direction. As a result, your existing branding may be outdated and no longer represent who you are today.
Whatever the reason may be, if your business strategy has evolved, it’s probably time for your brand to follow suit to avoid a disconnect between your brand offering and your branding.
Does your branding differentiate you from the competition?
Effective branding will set you apart from other companies in your sector. If your logo and colour scheme blends in with other brands you won’t stand out to customers.
When you want to distinguish your business from similar companies, a rebrand can differentiate you from the rest by conveying your strengths and brand values to your target audience. In short, it makes them notice you and gives them a reason to choose you.
Does your branding attract the right audience?
If your business has evolved into new territories it may be that your original branding doesn’t connect with your new audience. Equally, if you’re planning on expanding your business into new markets and targeting a different type of customer, planning a rebrand with them in mind is a proactive solution for appealing to the new demographic.
Have you merged with or acquired another brand?
When businesses merge, or a larger firm buys a smaller one, it can result in the original brand identity becoming diluted. So if you have a merger or acquisition on the horizon, now’s a great time to plan a rebrand that reflects your new look structure and brand offering.
It is the perfect opportunity to either blend the two brands as one united persona or to create a totally new brand identity for your business.
Are you tired of your existing branding?
Of course, it might simply be that you’ve outgrown your current branding and it’s time for a change. Rebranding your business can create a sense of excitement, re-energise your employees, and give you a great-looking excuse to make some noise about your company.
Although there are multiple reasons why you might be considering a rebrand there’s no denying the multiple benefits of doing so: it can help your business stand out from the crowd, help to build trust with your target audience, and help attract and retain talent.