The goal of every business owner is to establish an enterprise that lasts for decades, ideally longer. However, over the years, many businesses often forget to move with the times. They can sport logos that are no longer appealing, have goals that aren’t timely anymore or just fail to connect with contemporary customers.
Thanks to how fast-paced the economic landscape has become, fading from relevancy can occur much faster than ever before. What can you do to stave off becoming irrelevant?
The answer lies in rebranding your business. This process involves overhauling many aspects of your enterprise, from your logo to your business practices. Today, learn why rebranding can be your ticket to success and 5 effective tips you can use to make rebranding easier for you.
Why Rebrand Your Business?
You may be hesitant to begin rebranding your business, but ultimately it can be the right choice. For one thing, experts suggest that the average business can lose 10 to 25 percent of their customers with each year. This loss can be due to any number of things, from increased competitors to your marketing becoming ineffective. Or your marketing goals may no longer be accurate to the new consumer landscape.
Without proper rebranding, your business can start to lose profits, which can spell trouble for your personal finances. If you’ve sunk your money in your business and it begins to fail, you may need a refinance your home loan program or a similar fiscal maneuver just to stay afloat. A rebranding can help you reduce this loss and keep your business profitable for years.
If you want to effectively rebrand your business, here are a few tips you can keep in mind.
1.) Consider Mission and Vision
Your business’s brand has to reflect its unique mission and vision. So you have to ask yourself what your business hopes to accomplish and what you are doing. This may seem unnecessarily abstract, especially if you are running a small business, but they are essential for your marketing and rebranding.
For example, a business with a goal to provide speedy services to their customers will have a different rebranding strategy compared to a business that wants to provide widespread coverage instead. Let your business’s mission and vision guide your rebranding and you can reflect your values more accurately.
2.) Differentiate from Competitors
One reason your business can be losing customers is because of the presence of more competitors. Rebranding can help make your own business stand out from the rest and draw in more customers. Consider what your competitors are shilling. Are they boasting about low prices? Are they advertising their boutique experience?
Make it a point to showcase something other than what they are. Perhaps you can focus on your quick services or your wide array of products.
3.) Change Your Visuals
Logos, posters and other visuals are important to your brand and thus they are essential components to your rebranding. Perhaps the most important one is your logo. A business logo reflects your whole business and should summarize your enterprise in a single image. Timeless logos are hard to conceptualize, and most businesses will need to change their logo every few years.
Look at current design trends and see if they can encapsulate what you want for your business. Minimalism is currently in vogue, with an emphasis on sleek lines and sparse elements. This can change customer’s entire perception of your brand and help attract more of them.
4.) Choose Relevant Causes
Customers are becoming more and more conscious of the values and goals of the businesses they patronize. You may find it exceedingly prudent to pick up relevant causes and support them. For example, eco-conscious entrepreneurs can expect plenty of attention from customers trying to curb their environmental impact. You can find that supporting local causes and partnering with organizations that help address problems can be lucrative.
5.) Tease the Change
Finally, make your rebranding a big deal to ensure customers notice the change. For example, hang posters teasing the new look of your brand. Upload blogposts on your website announcing the potential change. Finally, hold a big event for when you officially unveil your rebranded business.
You can host a small event, invite investors and other businesses in the area. And hold a sale of some sort to further attract new customers to your rebranded business.
These are only the tip of the iceberg for rebranding your business. There are many other ways to ensure your business remains fresh and relevant to your customers. Explore all the possibilities and you can be amazed at how easy your company can remain profitable.
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