These terms sound fairly similar and you might be asking yourself, “don’t they mean the same thing?” Well, the short answer is no. To put it simply, one is to update the look and feel of your company whilst the other brings totally new meaning and a whole new story to your brand.So what is the difference between a complete corporate branding overhaul and a brand refresh and how do you know what your business needs?
Let’s dive deeper into the two.
Refreshing your brand is all about giving it a good old facelift. The foundation and basis of your brand remain the same but the logo, colour palette, font and size can all be updated. Much like changing the oil in a car, maintaining brand refreshments are just as important to stay current and relevant with the times.
If you opt-out of brand refreshes whilst all other companies update theirs you will lose your competitive edge.
Some of the most notable brand refreshes in today’s age include Instagram and Starbucks.
Corporate Branding Rehaul
A corporate branding rehaul is a complete revamp of your company and goes straight to your business’s core values. Everything from your name, mission statements, your values, and your vision is redeveloped to reflect an evolving brand. This is like fitting your car with a brand new engine. Corporate branding elements include your manifesto, storytelling, differentiation, and positioning.
Successful examples of rebranding include Virgin Australia and Woolworths.
So when do you refresh or rebrand your company?
- You’re outdated
Although you may have been innovative and current with the times when you first started, a changing climate will force you to adapt and evolve to a more modern look and feel.
- You’ve changed
The services and products you offer may change over time as the brand develops. Therefore, it’s critical that your brand accurately reflects those changes and values so customers know what you’re all about. This maintains your credibility.
- You’re inconsistent
Consistent and strategic branding leads to building strong brand equity. If you’re undecided on how your brand should be represented by constantly changing your corporate colours and logo design, this will confuse your customers. This is where a refresh will strengthen your focus, especially since presenting your brand consistently across all platforms can increase your revenue by 23%.
- Your audience has changed
Between now and when you first branded your company, your target audience may have shifted especially if your products and services have too. A refresh will force you to re-evaluate your target market and set you on the right path.
- You’re growing and you have a desire to market new products or services
Whether you’re expanding into international territory, merging with a sister company or adding a new product line, a refresh is essential to establish a new up-to-date focus.
- Your competition is expanding and industry expectations have changed
When competition grows you need to maintain a competitive edge and brand yourself to have some sort of advantage over others. You’ll also need to position yourself with your unique selling proposition (USP) especially in ever-evolving industries.
What does my business need?
So now you know the difference between a complete corporate branding overhaul and a brand refresh. But do you know what your specific company needs? If you think your business requires a refresh or a complete corporate branding rehaul contact our creative agency, and see how our intelligent team can help you!