Your brand is your company culture. It is the identifying mark of who you are and what type of experience you promise to offer your consumers. When deciding how to rebrand your business, there are some key things you need to consider such as how it will affect your customers and your bottom line.
Your brand is made up of a conglomeration of factors, including marketability as well as market differentiation, brand awareness, relevance, culture, associations, and equity. The most important thing to ask yourself when deciding whether it is the right time to rebrand is if you can improve any of the above factors to make your consumers happier.
If you are going through a slow time where sales and the amount of new customers are decreasing or you are losing loyal customers, it may be a good time to look into rebranding strategies. Rebranding may also be necessary if you haven’t changed the look or style of your business in a while, so it is always good to go with a fresh look that matches the feel of your business.
Rebranding is a good way to change your target market, so if you feel as if your business isn’t appealing to the customers you want, change things up! Don’t look to rebranding to be a solution to new management changes or internal problems. Rebranding takes time and effort, so changes will occur in the long term, not right away.
Rebranding is a good way for any business to stimulate growth, expand, increase profits, strengthen its workforce, and gain a competitive advantage. Remember that rebranding constitutes an internal change that recreates your business’s identity and could happen at any time or multiple times during your business’s life. Deciding to rebrand just means that your business is growing or changing, not that it is failing. So before you take the steps to rebrand your business, make sure you have the time, workforce, and innovation to pull it off smoothly.
5 Rebranding Strategies You Can Use Today
1. Determine Your Current Identity and Decide What Your New Identity Will Be
This is where you ask yourself the hard questions about your business. What is running smoothly and what is not? That is the best place to start when making changes. So be sure to not fix something that is not broken.
Also take your company culture into account by asking how your current brand could fit you better. Lay out your goals and repurpose. Remind yourself of your business’s mission statement before you sit down and decide what outcome you want to achieve from rebranding.
Take Pabst Blue Ribbon as an example. Once known as the cheapest of all beers consumed mostly by college kids, the company now sells each beer for $44 in China all thanks to an innovative new idea to change their label. Instead of condensing the name and calling it PBR like they do in America, in China they label it Blue Ribbon 1844. The new label conveys a classier identity and successfully changed the way people look at Pabst Blue Ribbon.
One of the best ways to decide what kind of changes need to be made to your business is to talk to your loyal customers and current employees to see what concerns and opinions they may have. Make sure to measure your market to find out how your industry changed since you first opened your business and find out where your product or service fits in the industry.
2. Audit Changes To Be Made
Once a plan has been made to change a certain aspect of your business, you need to document the changes that need to be made. This will make it easier for all employees to understand the changes and what they are supposed to bring about.
Your plan of action lays out what is wrong, how you will fix it, and when all the changes are going to take place. Start by making a list of all the marketing parts of your business that will need to be updated such as logos, signs, websites, social media, invoices, and more. A great way to decide what changes need to be made is to research your competition.
Seattle’s Best Coffee used competitive analysis to find out that consumers were sick of fancy coffee with an unknown origin. So Seattle’s Best Coffee changed how they marketed their inventory and now stays simple and accessible, which recreated their brand as easy, fast, fun, and good coffee.
3. Research your Consumers
Since you are making a change already, look into your customer base and decide if part of overhauling your business is targeting a new market. Appealing to a new demographic could get you a whole new slew of loyal customers and completely change the overall vibe and boost your business. Reaching out to a larger consumer base will help your bottom line a great deal and keep your business location fresh and exciting.
4. Turn Your Employees into Brand Ambassadors
Get your employees excited about the change by including them. They are a huge part of your company culture and therefore your brand identity. Take this chance to get your new logo and brand out there by making t-shirts and sweatshirts that your employees and clients can wear to promote your brand. This is a great and inexpensive way to market your business, and the right marketing techniques can make your brand go viral like Old Spice when they launched the “Smell like a Man, Man” advertisements.
5. Initiate Changes and Communicate Your New Identity
Before launching, make sure all of your employees and managers are comfortable and up to speed on all the changes that are going to be made. Ensure that your team lives up to your brand’s new identity. Set an official launch date and announce the changes via your social media sites, email, in a press release, or even in the paper or on the radio. Make sure you convey your new identity to the marketplace and ensure that your employees are prepared to follow all the new brand guidelines. This is the perfect opportunity for you to tell the story of why you wanted to change your brand and what you hope to achieve with the changes.
Rebranding is an internal process to change how your business is externally viewed. To be successful at changing your business’s brand, you can follow our rebranding strategies above. You must also commit to the changes and always look forward while also making sure everyone in your business is involved and comfortable with the changes. Be honest with yourself, your consumers, and your employees about what needs to happen and how all the changes will be implemented. Having access to working capital can also make the rebranding process easier. For example, a business line of credit can help your business quickly react to rebranding projects as the arise. The last and final way to guarantee success in rebranding your business is to take action – make it happen and you will see results.