We live in such an incredible time where it’s never been easier to start an online business & make money online. Blogging is one way to make money online and it’s been very VERY profitable for me. Many of my readers have gone on to start their own blogs, and if starting a blog has been on your goal list an important decision you’ll make in the very beginning is considering how you’ll market your blog as a brand.
A good brand will stand out amongst the millions of businesses existing in the world. It’s important to create a brand that is relatable, cohesive, unique, & memorable. One of the deciding factors of campaign success has to do with brand recall.
So if you’re not achieving the goals you set out for your blog and business, you might need to consider a rebrand. Of course, rebranding your business has its pros and cons so today I wanted to go over a few things to consider before rebranding your online business.
Thanks research live for sponsoring this blog post!
Pros of Rebranding
1. You Potentially Drive More Traffic
When you rebrand your business, you give previous customers/visitors to get to know you on a different level. Customers who may have been less engaged now have a new reason to click, driving more traffic to your platform. A rebrand may also draw some attention from news sites and may potentially act as free marketing for your business. Some of the more creative ways to make money online relies heavily upon traffic, so new visitors is always a good thing.
2. You Can Increase Brand Awareness
You attract new customers when you switch up your brand. A major part of brand awareness is actually driven by industry rather than brand name alone. The biggest category to capture brand awareness in the US is consumer electronics, with 62% of the share. If you want to capitalize on certain markets and improve the recall for your brand, this is a good way to do so.
3. You Can Reframe Your Brand
Another advantage to rebranding is that you give yourself a unique opportunity to reframe your brand. You can change your positioning, appeal to a different or broader target audience, and potentially improve the perception of your brand. Even with just a simple change of my blog theme and colors, this blog was able to double its income.
Cons of Rebranding
1. New Branding Materials are Costly
At the end of the day, branding costs quite a bit of money. When you pursue a rebrand, you are basically undergoing all of those initial costs all over again.
You can make the process less costly by making use of tools like a logo creator and a company name generator. This introduces free solutions that can help you settle on a new and available brand identity that still meets your niche. However, even foregoing professional services for these aspects won’t completely eliminate the added cost of making new brand assets for your site, marketing, and any products or services.
2. Transitioning Old Brand Materials Can Also Be Expensive
Not only do you start off with what is basically a new brand, but you also have to deal with the costs of transitioning old brand materials. It is costly to replace all your existing materials. On top of that, this comes at the cost of lost sales and having to ensure that potential dupes don’t come out in the market using your old brand.
3. You Will Need to Reacquaint Old Customers
Another downside to rebranding is having to reacquaint your old customers. You need to launch a new campaign to make sure that your existing base is still on board and even aware that you are still the same brand they built loyalty with. This is easier to do on social media platforms like Pinterest, where you can stay connected to your audience directly and frontload posts on the transition. Even then, it takes time, effort, and more money.
Conclusion
The best option for your business is to pick the right name right off the bat. You should also consider all aspects of your brand identity before launching. This minimizes cost in the long run and helps you start strong in terms of recall.
Of course, if you need to undergo a rebrand, it’s worth evaluating all these pros and cons to see the best approach. Check out my making money online section here on the blog where I share tips on how to make more money online through blogging and side hustles.
