3 Things you NEED to Know About Rebranding Your Business
There comes the point in business when you may feel like you need to change like your business needs a facelift. We call this rebranding. Sometimes people rebrand their whole business, including the name and logo, but it doesn’t always have to include that. Rebranding always, at a minimum, consists of a thorough evaluation of your business model and business strategy and making changes to those. Maybe your vision isn’t the same as it was when you started, or perhaps you want to explore a new avenue, or maybe you just want to spice things up a little. Whatever the reason is, these are some things to consider when it comes to rebranding your business.
What are you rebranding?
This might seem like a logical question, but before you decide to rebrand your business, you must first determine what you are rebranding. As I mentioned before, some companies change their name and logos (called Full Rebranding), and some stick to what we call a Brand Refresh. If you are considering Full Rebranding, it’s important to do your research. Make sure you take a look at competitors in your market so that you don’t end up looking similar to theirs (and don’t forget to check out trademark and copyright laws in your area). If your first logo was a DIY version, consider hiring a professional to design it and help your vision come true. A brand refresh is kind of a facelift version for your business – making minute changes and tweaks to your already existing business.
There are rewards to rebranding but also risks.
Rebranding can be very rewarding for your business. It can attract new potential clients and increase engagement on your social media platforms. Now that your business reflects your business model and vision, you can also achieve new goals. A full rebranding can also eliminate a poor reputation. But, like everything in life, there’s always the potential risk involved with rebranding – especially if you don’t have a well-planned rebranding strategy. Change brings questions, so you may lose a few clients or potential clients out of fear of the changes. There will also be a cost associated with rebranding (because I HIGHLY recommend hiring professionals if you’re thinking of rebranding). It’s not a cheap process, but if it’s done right, it will be worth it.
Be transparent with your team and your audience.
Most people don’t like change, so being as transparent as possible is vital in the rebranding process. It’s important for your team to know and understand why the changes are happening. It provides them with confidence and security, and it allows them to move forward WITH you as you make the changes. Your clients will want reassurance that the business changes won’t affect the services you’re providing to them (and if it will, make sure you tell them). Your audience will want to know why – so tell them! You don’t have to give them every detail, like that you and your business partner had a bad, messy break-up, and your partner left you with the business that you’re trying to keep afloat. Or that you found out that your DIY logo was already trademarked for another company. Or that you have 100 bad Google reviews, so you’re hoping the rebrand will help you build a new identity. Keep it vague – you’re taking over the business, you’re revamping and updating the company, you’ve spent some time re-evaluating the services provided, and you’ve decided to focus on the most requested services/products by your audience.
Rebranding can be a huge benefit to your business, and there’s no right or wrong time to do it. The most important thing to consider before you rebrand is to make sure it’s done right. Do your research, hire professionals, and take your time to reflect on what you want this rebrand to represent.
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