Why rebranding a established business? Will it help to get better leads and sell more?

In today's fast-changing business world, it's tough to stay relevant. This is especially true for companies that have been around for over a decade. Social media and easy access to smartphones have empowered buyers. They now have a lot of information and many options when shopping or hiring services.

Your years in business show your grit and success. But, it's easy to slip into a "we've always done it this way" mindset. How do you know if it's time for a rebrand or a brand refresh?

Let's start by learning the difference between rebranding and brand refresh. A brand refresh is often confused with rebranding. Most people think that it's the redesign of a logo, but it can also include the entire brand identity system. This system can cover the messaging, logo, patterns, typography, colors, and photography.

A rebrand is more strategic. It explores a business's values, personality, mission, and target audience. The goal is to change how consumers view the brand. Rebranding often requires much research and market studies. It needs staff input and takes longer to execute.

Now that you know the difference, consider this: If your business is over 10 years old, your brand may need a refresh. It's not that what you've built is wrong. It's that your audience, industry, and market have evolved—and are still evolving.

Most of the time, a brand refresh is due to helping improve or reinforce a position in the marketplace. Rebranding usually fixes complex issues, like bad press and poor customer views. It can also help open new markets. A rebrand or refresh can revive your company. It can set it up for growth and long-term relevance.

Here are some questions to consider as you decide whether you need to rebrand or refresh your brand.

• Are you getting a lot of unqualified leads from your marketing efforts?
• Are your leads or customers confused about the promises that your business makes?
• Is it easy for leads to remember your business when they compare it to your competitors?
• Can your employees and customers recognize what you stand for?
• Do you often get negative reviews or complaints about your staff or services?
• Are you trying to attract a more specific market demographic with no success?

Depending on your answers, you can start to consider one of these two approaches. Here is a quick brand assessment that you can take to test the strength of your brand. In it, answer a few questions and get a score to help you visualize where your strengths and weaknesses are.

1. Adapting to Modern Market Behavior

A brand that doesn’t evolve risks falling behind. Look at A.I., which stands for artificial intelligence. A few years ago, it wasn't even thought of, though it's been around for decades. Today, hundreds of apps and software use artificial intelligence (A.I.). Many businesses and industries now use it in their daily operations. Brand relevance and evolution are necessary.

Tech companies must update their brand. It should reflect advances in software, hardware, and digital services. Apple is a good example. Its logo has been consistent since 1977. But the company often changes its website and marketing to match its latest products. The latest announcement was the launch of Apple Intelligence. It's their "branded artificial intelligence." They will soon add it to their newest phones. By staying true to its brand, Apple has led the market and won consumers' hearts for decades.

The legal industry has experienced significant changes due to the digitization of services. Firms like Clio, a top cloud-based law practice tool, updated their brand. They wanted it to reflect modern solutions to today's legal challenges. Their brand is now more aligned with modern, tech-driven law. It helps them attract younger, tech-savvy clients and stay ahead in the market.

2. Staying Relevant to Your Audience

When you started, your customers may have been different from those you want to attract now. As demographics shift and consumers age, their preferences change. It's vital to keep your brand relevant to your target audience.

Today, almost every industry expects exceptional service. They also want a simple experience and up-to-date solutions. Younger generations, Millennials and Gen Z, value brands that align with their ideals. Brands that feel human, transparent, and engaging in their communities.

Chobani rebranded in 2017 to differentiate itself from its competitors and position itself as a wellness company and introduce high quality yogurt to the mass market. The rebrand included a strategic use of matte finishing on their products.

For tech companies over a decade old, rebranding can be a sign of innovation and authority. Dropbox is another great example. They recently revamped their company to better connect with the creative community. Their new branding aims to encourage creative collaboration. It has helped them stand out in a tech market dominated by corporate culture.

Chobani rebranded in 2017. To stand out from competitors, the rebrand used a matte finish on its products. Additionally, it focuses on making gourmet yogurt available in mass markets. Before, only specialty stores sold it.

3. Attracting Quality Leads in a Competitive Landscape

A rebrand isn't about changing your logo. It's more than that. It's about people. A rebranding effort focuses on serving better. Over time, you grow. Your culture and employees grow. Your customers change, and if your brand fails to recognize their needs, you will lose them. You need to be confident that the opportunity for rebranding is the next step to take.

By refreshing your identity and brand positioning, you express trust. Your customers will see it as your dedication to improvement. This is crucial for any business. Trust and innovation are key drivers of business.

A law firm that specializes in family law may now also practice corporate law or IP. Rebranding can reposition the firm to attract high-value clients in these areas. A new image, website, and content strategy will attract leads to help the firm grow.

In tech, competition is fierce. Companies like Slack and Zoom have evolved their brands in recent years. Emphasizing collaboration and simpler user experiences sets them apart from competitors. Proactive branding efforts help these businesses stand out. It's also easier to attract higher-quality users who align with their growth goals.

4. Communicating Your Evolution

Every business grows and evolves, but not every brand reflects that journey. Businesses 10 years or older most likely have experienced changes. From new service offerings, product development, or company management. A rebrand helps these companies show their audience and staff growth and evolution.

Microsoft is a prime example of a company that rebranded to reflect its growth. With new products and a transition to cloud services, Microsoft’s brand evolves. Microsoft has shown through the years how important branding is for the company.

A modernized approach to visuals and messaging can help, too. It can show people—internal and clients—that your company cares about them. It's not a vanity makeover; it's an effort to connect.

Hendricks Concrete Construction is a great example of small business rebranding. Hendricks has served the people of Green Bay since 1972. That's over 50 years. Keeping the business a family business, Hendricks underwent a rebranding recently. The refresh aimed to attract millennial homeowners and celebrate its new 3rd-generation owners.

5. A Brand Refresh is More than Cosmetic or Visual Changes

Either rebranding or refreshing your brand provides the opportunity to connect. People are at the other end. If the conversations to rebrand start with that in mind, it will go well. CEOs and business leaders should start with why.

Take McDonald's rebrand as an example. The company has aimed to improve the look and feel of its restaurants.

McDonald's intentions are clear. They want to attract a more adult audience and leave their "kid-focused" image behind. They have done this by:

• Installing new digital displays in the drive-thru.
• Introducing a branded app.
• Eliminating many indoor playgrounds, "PlayPlace."
• Adopting a sleek new interior design.

A brand refresh is not about launching a new logo. It can also be a different experience for the customer. McDonald's is a great example of a company doing this today and adapting its brand.

Rebranding is a smart investment. It will make your company look fresh. It will also help you thrive in a competitive market. Whether you're in tech, law, or any other industry, staying relevant is key to future growth.