Rebranding vs Brand Refresh: Which is Better For My Business?

It was the ancient Greek philosopher Heraclitus who posited that change is the only constant in life. The business environment is no exception to this theory. For every business, there comes a time when certain changes become inevitable. In such situations, either you change and remain relevant, or resist change and stay stagnant, or even decline.

One big question most businesses ask at such times is whether to rebrand or refresh. Whether you’re rebranding or just refreshing your brand, both tasks require significant costs. Hiring the services of an experienced multimedia marketing company can help you maximize scarce resources and get the desired results.

What is Rebranding? 

Rebranding involves the complete transformation of certain key elements of a brand. In terms of the degree of change, a rebrand is often more extensive and radical than a brand refresh. Hence, in a rebrand, a brand's identity and strategy can be overhauled holistically. Rebranding is typically adopted when the current brand strategy has failed.

Elements that may be affected during a rebrand include:

The Benefits of Rebranding

Rebranding is often more challenging than a brand refresh but, when properly conducted, can yield several benefits, such as:

What is a Brand Refresh?

A brand refresh is a set of modifications to certain brand elements in order to realign the brand with current trends in the marketplace (or achieve any other goals that necessitate the refresh). In other words, a brand refresh can be likened to an attempt by a brand to fine-tune or modernize its image while preserving its core identity and strategy. Elements that may be affected during a refresh include:

The Benefits of a Brand Refresh

Though a brand refresh is often not as comprehensive, in-depth, or radical as a rebrand, it still ushers in a variety of significant benefits. Here are some of them:

Rebrand or Refresh: Which is the Better Option for You?

As noted earlier, change is the only constant in life, and every business must change according to present-day realities. The business world is always in flux, characterized by innovation, new consumer tastes, preferences, and demands. Therefore, your business will need to rebrand or refresh once in a while.

So which option is better for you? Well, it all depends. If your brand is in a fairly strong position and doing well, then you may just need to refresh things here and there to become even stronger and more profitable. In contrast, you will need a rebrand if you have fallen behind your competitors and thus require holistic improvements to at least catch up if not overtake them. However, note that a company in a strong position may also decide to rebrand to achieve more. But this carries an element of risk because you do not change a winning team, as those in the soccer industry will often tell you.

If you are in Pittsburgh and looking to either rebrand or refresh, be sure to check out Twothirty Media, an experienced branding agency in Pittsburgh. We are branding experts who possess the knowledge and experience to assist you in building a strong, consistent brand identity that resonates with your target audience.

Why is Brand Management Important?

Brand management is a crucial aspect of any business, big or small, and involves developing and maintaining a company's brand identity. This includes the company's name, logo, messaging, and overall reputation. 

Why Is Brand Management So Important?

Effective brand management is essential for businesses looking to stand out in a crowded marketplace. It builds trust and loyalty among customers, ultimately leading to increased sales and growth. It is also a way to clearly communicate the unique value proposition and benefits of a company's products or services. This helps differentiate it from competitors and helping it to stand out in a competitive industry. Well-managed brands can establish a solid and positive reputation, which can attract new customers and drive repeat business.

Differentiation

In today's competitive business environment, it's important to differentiate your brand from others in your industry. Brand management helps differentiate your brand from others in your industry. It's crucial to clearly communicate what makes your company unique and why customers should choose you over competitors. Strong brand management allows you to highlight your brand's unique value proposition and the benefits it offers to customers.

Trust and loyalty

Brand management helps to build trust and loyalty among your target audience. Customers are more likely to choose a brand they trust and feel a connection to. By consistently delivering on your brand promise and providing a positive customer experience, you can create that trust and loyalty. This is especially important on social media, where negative customer experiences can spread quickly and damage your reputation.

Reputation 

Your brand's reputation is a crucial part of your overall success, and a strong, positive reputation can attract new customers, while a negative reputation can drive them away. Effective brand management helps you to proactively manage your brand's reputation and address any issues that may arise. This might include responding to customer complaints, addressing negative reviews, or implementing measures to improve the quality of your products or services.

Customer retention

Studies suggest that at most companies, 65% of the revenue comes from repeat business with existing clients, and existing customers purchase 90% more often than typical customers. Loyal customers are more likely to continue doing business with a brand they trust and feel connected to. You can improve customer retention and increase repeat business by consistently delivering on your brand promise and providing a positive customer experience.

Increased value

A robust and well-managed brand can add value to your business, making it more attractive to potential buyers or investors. By investing in effective brand management, you can set your business up for long-term success and position it for growth and expansion.

The Value of Brand Management

In conclusion, brand management is an essential part of any business. It helps to differentiate your company from competitors, build trust and loyalty among customers, manage your reputation, improve customer retention, and increase the value of your business. By investing in effective brand management, you can set your business up for long-term success.

If you're looking for a branding agency in Pittsburgh, Twothirty Media is here to help. Our team of branding experts has the knowledge and experience to help you create a strong, consistent brand identity that resonates with your target audience. We offer a range of branding management services, including logo design, brand strategy development, messaging and positioning, and more.

Twothirty Media understands that every business is unique, which is why we take a personalized approach to branding. We work closely with our clients to understand their goals, values, and target audience and use this information to create a branding strategy that is tailored to their needs.

How to Write an Elevator Pitch for a Marketing Agency

Stop me if you've heard this one - a marketing startup launches with a well-defined business plan. Three years later, through a worldwide pandemic that changed how almost every potential client does business, their own business plan and marketing materials still represent the company, its goals, and services perfectly.

Okay, so since you made it through the first paragraph, I assume you haven't heard of that either. Twothirty Media has seen a lot of turbulence in three years since its founding in 2019. One of our core values focuses on adaptability; undoubtedly, that's helped us through a difficult time for small businesses worldwide. 

Since businesses in America shut down, Twothirty Media has been busy helping our clients adapt to the changing marketing landscape. In much the same way, we had to change too. What better way to announce the evolution of our suite of services than to talk about our new elevator pitch as our first blog entry?

Writing an Elevator Pitch for a Marketing Agency

An elevator pitch, or speech, is a branding tool that never leaves our side. If you aren't familiar with the term, it's a brief, memorized description of exactly what services your company offers, to who, and what makes you stand out. As the name implies, you should be able to rattle it off before someone gets off the elevator, but it's a very appropriate length considering today's abbreviated world. 

Our agencies elevator pitch goes like this:

We solve marketing problems for companies, causes, organizations, and attractions by combining full-service marketing, creative, and business solutions. We stand out by offering training and top-tier tools that empower our clients to do more themselves.

Briefly Define Your Core Mission

So let's break that down! "We solve marketing problems" is a phrase we find ourselves using to describe what we do. We struggled with a bit of an identity crisis for a time - were we a creative agency? A marketing agency? A hybrid? Over the course corrections of the last three years, it became clear what our clients were asking us to be - a multimedia company that solves marketing problems - a marketing multimedia agency. After all, even as creative professionals, we have to admit that beautiful graphics and multimedia are there to hook you on good marketing, which converts the client. We may be a multimedia company, but marketing is our backbone.  

Elaborate on Your Audience

Next, we explicitly speak about our audience. We are approached by companies in many different industries and of all sizes. Still, due to our connections and experience in the nonprofit and attractions and tourism industries, it makes sense that we highlight that niche specifically as well. 

Briefly Define your Services and Solutions

Then, we get to "combining full-service marketing, creative, and business solutions." It's hard to fit everything we do under one hat without making a list, and we can't get too long here. As you can see from the new website, we do a lot of brand work, and obviously multimedia. But what I really want is to leave a few seeds that potential clients inquire about. The words 'creative solutions' can cover many topics, but should be enough to perk the ears of anyone who needs anything from print graphics to animations. Then we make sure that we mention our business solutions because, frankly, it's a unique offering among agencies. And of course - marketing.

Communicate Your Value Differentiator

If you are writing an elevator pitch for a marketing agency, you need to explain what makes you stand out. We love making you look good, so that's tempting, but any group can say that. Instead, we come out and tell you that we stand out because our training and tools empower our clients. What does that mean? Well, that's the question we want to hear!  

The answer is that it depends on what our clients need, but our tech stack is very thick and has some very advanced tools. Some want their lives simplified, and we prescribe marketing and sales automation tools. Some clients have staff onsite, but they don't have the resources. We help build a marketing plan and then furnish the resources to execute it. Then we train staff, step back, and let you take things on in-house. Of course, we'll be available for any surprises that may come up. 

"But How Can You Help Me?"

Finally, no pitch is complete without specific phrasing appropriate for your audience. If you can memorize your pitch, that's great! From a sales perspective, what is better is if you can adapt it on the fly for your audience. So, if we were speaking with a nonprofit organization, I might name-drop a few of the nonprofits who love to work with us. If it's an attraction - I'd mention a recent campaign or project we recently ran as an example of the kind of success our customers have.

Your elevator pitch doesn't have to be structured the same way. There are plenty of resources that provide examples of different ways you could write an elevator pitch for a marketing agency. And if you don't own a competing agency - you're in luck! Just use our contact form to get in touch, and we'd be happy to help you develop your brand with a fresh elevator pitch.