When it comes to marketing, companies often face the question of whether to rebrand or simply refresh their existing brand. While the two may sound similar, they actually refer to very different strategies, each with their own set of benefits and drawbacks.
A rebrand is a complete overhaul of a company’s brand identity. This means that everything from the company’s logo and tagline to its messaging, values, and even its product offerings may change. A rebrand typically occurs when a company wants to make a significant shift in its positioning in the market, target a new audience, or distance itself from negative associations with its current brand.
For example, in 2015, Google rebranded and renamed its parent company Alphabet, in order to better reflect the company’s diverse portfolio of products and services. The company’s logo, colour scheme, and visual identity were also updated as part of the rebrand.
On the other hand, a brand refresh is a less drastic approach to updating a company’s brand. Rather than completely overhauling its identity, a brand refresh involves making subtle changes to the company’s messaging, visual identity, or marketing materials in order to keep the brand relevant and up-to-date.
A brand refresh might involve updating a company’s logo or tagline, redesigning its website or packaging, or even just adjusting the tone of its advertising to better appeal to its target audience. A brand refresh is typically undertaken when a company wants to stay current or attract a new generation of customers, without completely abandoning its existing brand identity.
For example, in 2019, Coca-Cola underwent a brand refresh that involved updating its visual identity to be more modern and streamlined, while still maintaining the recognizable red and white colour scheme and iconic logo that has been synonymous with the brand for decades.
So, which approach is right for your company?
Ultimately, the decision between a rebrand and a brand refresh will depend on your specific goals and the current state of your brand. If you’re looking to make a significant change to your positioning in the market or target a new audience, a rebrand may be necessary. However, if you simply want to stay current and appeal to new customers without completely abandoning your existing brand identity, a brand refresh agency may be the way to go.
Now let’s take a look at some relevant Australian consumer psychology statistics that can help shed light on how consumers perceive brands, and what to consider with your brand:
- According to a survey conducted by Roy Morgan, brand trust is the most important factor for Australian consumers when making a purchase decision. In fact, 35% of survey respondents cited trust as the most important factor, followed by quality (25%) and price (18%).
- A study by Deloitte found that 58% of Australian consumers are willing to pay more for products and services from companies that they believe are socially responsible.
- Another survey by YouGov found that 64% of Australian consumers are more likely to purchase a product if it is environmentally friendly.
- According to research by Kantar, brands that are perceived as “meaningful” by consumers outperform the stock market by 206% on average. Meaningful brands are those that make a positive difference in people’s lives and have a clear sense of purpose beyond just making a profit.
- A study by Nielsen found that 55% of Australian consumers are willing to pay more for products and services that come from companies committed to reducing their environmental impact.
The statistics suggest that trust, quality, and price are the most important factors for Australian consumers when making a purchase decision. Additionally, many Australian consumers are willing to pay more for products and services from socially responsible and environmentally friendly companies.
Brands that are perceived as meaningful and have a clear sense of purpose are also shown to outperform the market. These insights emphasise the significance of building trust, being socially and environmentally responsible, and having a clear sense of purpose when it comes to your brand.
When it comes to deciding between a rebrand or a refresh for your business, it ultimately depends on your specific goals and the current state of your brand. Whichever approach you choose, it’s essential to keep in mind the significance of building trust, being socially and environmentally responsible, and having a clear sense of purpose in today’s consumer landscape. These factors are crucial in maintaining a positive brand image and connecting with customers who prioritise these values.
If you are looking for expert guidance in brand marketing brisbane for your business, Viabrand® is here to help. We offer customised solutions to support your marketing strategy and achieve your goals. Schedule a free, no-obligation 30-minute call with us to learn more about our services and how we can help your business.