If your company is failing to generate a healthy annual profit, or consumer demand is changing, you might need to rebrand your business to ensure your company’s survival and growth.
A powerful rebrand strategy could potentially increase your brand recognition, attract many new customers, all while helping to retain your existing clientele.
If you want your brand to flourish in 2019 and beyond, read the following five steps to rebranding your small business.
Step One: Ask Questions
To successfully rebrand your small business, it is a wise move to ask your employees, customers, business associates and industry experts about their opinion on your existing business. Identify what they do or don’t like about your brand, as well as your goods and services.
For example, they might recommend:
Updating your logo
Eliminating a product
Providing a better service
The market research will help you to identify your company’s strengths and weaknesses, which could shape the revamping process.
Step Two: Prepare Your Business for Change
Rebranding requires more than a change of logo and tone of voice. To stand out in your industry, you might need to completely overhaul your operations, partnerships, packaging, services and more.
While the process can be daunting, it might be essential for your company’s longevity. So, brainstorm the different ways to develop a USP and cater to consumer demand. Also, keep your employees in the loop to boost both passion and dedication to the company’s new image.
Step Three: Reconsider Your Customer Base
If your brand isn’t working, it could be a sign you are targeting the wrong audience. To increase sales and expand your customer base, consider targeting a new demographic and develop a brand name, logo, tone of voice and customer service to match.
Step Four: Develop a High-Quality Logo
A brand’s logo will convince customers whether to trust in a business or look elsewhere. It is essential to collaborate with a talented graphic designer to develop an eye-catching logo that complements your company’s new image and mission.
Once your logo is complete, you should incorporate it on your website, product packaging, social media profiles, brochures, flyers, etc. If you are running a bricks and mortar business, you also should also buy premium, custom metal signs that can feature your brand’s logo, which could improve your reputation and highlight your professionalism.
Step Five: Dare to Be Different When Promoting a Rebrand
To officially say goodbye to your old, outdated image, promote your company’s rebrand as much as possible. While it is perfectly fine to publish a detailed press release to generate free media exposure, you also should focus on bold marketing campaigns to grab your target demographic’s attention.
For example, you could create a fun video stating why your company has chosen to rebrand. It will allow you to effectively communicate your company’s change of attitude and direction, which could help you to secure many new customers and increase your annual revenue.