As your small business grows and evolves, there may come a point when you decide to rebrand your company. Changing your brand identity is no small thing, and you should consider the decision carefully. Rebranding may a necessary and beneficial step in continuing to grow your business, but it isn’t as simple as changing your company name or logo. It involves creating a whole new compelling view of your business for the world to adopt.
When to Rebrand
There is one primary reason to consider rebranding: changing to suit the changes among your primary customer base. Perhaps your existing customer base has significantly changed its preferences or buying habits over the years, to the point where staying engaged requires a substantial revamping of your business’s brand identity. On the other hand, your business may have changed its product or service offerings and developed a significantly different customer base than it once had, and you need to rebrand to maximize your company’s appeal to that new customer base.
One other motive for rebranding can be significant changes in the marketplace for your products. For example, if one of your competitors has successfully shifted the overall marketplace focus from the lowest prices to the highest quality, you may need an image change to keep up.
How to Rebrand
Once you decide to rebrand, plan it out carefully. Don’t just change your company name or start changing essential ideas about your business on a whim. Your rebranding planning process should involve examining a number of questions regarding your business, your customers, and your position in the marketplace.
Probably the first issue to resolve is what long-term growth goal you aim to achieve through rebranding. That decision guides most of your other decisions in the process.
Next, examine your existing customer base, or the expanded customer base that you hope to gain. Identify the most effective appeals you can make to those customers – and how you can craft those appealing qualities into your new brand identity.
Consider the current marketplace for your goods or services. You want to develop a new brand identity that will make your business stand out and catapult you above your competitors.
Once you settle on the new brand identity to advance your company, the next step is to put together a marketing strategy to unveil it. Approach this task as if you were just opening a new business. It will likely include things such as changing your name and logo, revamping your website, and updating your social media profiles in accord with your new image. Liberal use of free publicity through social media announcements can be one of the most effective ways to create a marketplace buzz about your new image. Contact existing customers and alert them to a sale announcing your changes, being sure to note all the new things about your business that you think will be especially appealing to them.