Rebranding your business can be a complex matter. When done well, it has the potential to help your business stand out from the competition bubble and expand your target market.
On the other hand, a failed rebrand can hurt the reputation of your business, or even risk losing loyal clients or customers who dislike your new image. Which is why rebranding is a decision that should not be taken lightly and should always be strategically planned.
Keep these ideas in mind before embarking on your rebranding journey.
Understand your strategy
Rebranding is a serious investment which will need both your time and money. Hence, a rebrand must always be necessary to either solving a problem at hand or growing your business. If it is not – then it may be necessary to consider easier and less costly actions, you can take. You must have valid customer-focused strategies behind why this move is required. Otherwise, rebranding will likely hurt your business more than help it.
Simply tweaking the name and logo of your entity and hoping for the best will not cut it. Using a holistic marketing approach will enable you to focus on the development, design and implementation of the strategy through your business as a whole. You must look at how this one change will affect your overall business. Evaluating every aspect that will be affected will also help you assess whether the outcome will be worth the effort and cost involved.
Evolve with your target market
For a small business to remain successful on a long-term basis, it must remain relevant to its target market. A rebranding will mostly depend upon the market your business is targeting – in particular, adapting to their ever-evolving needs and wants concerning the product or service you have on offer.
Hire an expert
Knowing where to start when rebranding your business can be challenging, especially if you are planning a complete image overhaul. That is when engaging an expert to draw up a detailed plan for an innovative new look and feel for your business can come in handy. Using their unbiased opinion can be invaluable in forming a rebranding strategy in circumstances where your business may be too close to your existing brand to remain objective.
*** This publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication. Publication date July 2018.