Your brand is a mark of your personality and also the representation of the kind of experience you pledge to give to your consumers. There are some important things that you need to consider seriously whenever you are thinking of rebranding your business, with the most important factor being how rebranding your business will impact your customers.
Your brand comprises various factors, including marketability, market differentiation, equity, association, culture, relevance, and brand awareness. The most essential factor to put into consideration when deliberating whether it’s the right time to rebrand your business is if you can work on any of the above-mentioned factors to bring a greater sense of satisfaction to your consumers.
Importance of Rebranding
You may consider rebranding if your business is going through a hard time like a drop in sales or a drastic decrease in the numbers of new customers, or maybe you are losing your loyal customers. Rebranding may also be important if the style and look of your business haven’t been changed in a while. It will help you to freshen up the appearance of your products so that you can draw your lost customers back and also gain new ones.
Your target market can be changed through rebranding if you think or feel your business is not attracting the consumers you desire. Rebranding is not a quick ‘sow and reap’ scheme, it is a process that takes time and effort, and its effect on your business will be visible in the long term, not instantly. Rebranding is a promising strategy for your business to facilitate growth, strengthen and expand your workforce, boost profits, and gain a competitive advantage. Choosing to rebrand your business means that your business is changing or growing, not failing. So, before you take those crucial steps to rebrand your business, ensure you have the luxury of time, innovation and workforce to pull it off smoothly.
Ways You Can Effectively Rebrand Your Business
Define your current identity and determine what your new identity will be
This is the first step where you ask yourself the tough questions regarding your business. What is running smoothly and what is not? This is one of the best places to commence any changes so that you’re very sure you are not fixing what isn’t broken. The best way to determine the kind of changes you desire from rebranding is by talking to your employees and customers to find out their opinion about your business. You should also remind yourself of your business objectives and how rebranding can help you achieve them. Also, make sure you survey the market to see how your services or products in the industry are doing. By doing these, you can know the strengths and weaknesses of your business and consequently determine the kind of changes to make so that you can have a new identity that will stand out vibrantly in the industry.
Once you have a plan to change a particular aspect of your business, there is a need for you to write them down. Writing down the changes you desire about your business makes it easier for your employees to understand the desired changes and what part they can play in affecting the changes. You must write down the changes you desire, how they can or will be fixed, and the time by which they must be enforced. You can start by having a detailed list of the marketing factors of your business that must be updated — factors like websites, logos, social media, invoices, and many more. Also, one of the best ways to determine the changes your business needs is by researching your competitors.
Research your consumers
Since you are already making a transition, look at your customer database and determine if one of the reasons for rebranding your business is to target a new market. Appealing to a new demographic could earn you an entirely new set of loyal customers and fully change the general boost and vibe of your business. Reaching out for a new set of consumers will keep your business setting exciting and fresh.
You can make your employees happy by including them in the changes you bring to your business. Your employees are one of the major factors of your business culture and also your brand identity. You can use them in getting your brand’s name out there by making them wear sweatshirts and t-shirt that have your company’s name and logo boldly designed on them. This is a good and cheap way of marketing your business. Your brand can go viral if this marketing technique is applied.
Activate your changes and communicate your new identity
Before launching, ensure all your managers and your employees are satisfied and are fully aware of the changes that are to be made. Make sure that your employees live up to the brand’s new identity. Set a date for the official launching and publish the changes through social media platforms and in a press release. You can also make use of the radio or newspaper. Make sure your new identity is communicated to the marketplace and that your employees are also ready to obey all the new brand policies.
Rebranding is a strategy to improve how your business is externally viewed. The strategies listed above are some of the vibrant ways in which you can rebrand your business. You must look forward always, be committed to changes, and ensure everyone involved in your business is pleased with the changes you are trying to effect. Be sincere with yourself, your employees, and your consumers about the things that need to happen and how the changes will be carried out. One of the ways to ensure success in business rebranding is to take action. You will only see results when you take practical and active steps.