Have you ever thought about what to do if you have to rebrand your business? Strategy, of course, is critical.
It’s not uncommon for businesses to change their branding – whether it’s to fix the marketing, go in a different direction or to capitalize on emerging trends.
Companies, small and large, come to such a crossroad from time to time. Products become obsolete.
New competitors enter the marketplace. Consumer preferences change.
Evolution is possible in different ways whether you need to expand or redefine your business.
No matter what you’re considering, it’s a serious decision.
Any mistakes in assumptions or actions are critical and will threaten your efforts for success.
Here are five tips:
1. Know thyself
Socrates, who lived from 470 BC to 399 BC and known for the phrase “know thyself,” was the world’s most influential philosopher. He suggested there was something special about each person. You are, too.
You can’t make smart decisions unless you know who you are and what your company is.
If you’re a micro business, remember you’re synonymous with your company. That’s why individuals evaluate themselves and their companies perform a SWOT analysis of their strengths, weaknesses, opportunities and threats.
To achieve higher performance, you often need to evaluate your business processes optimization (BPO). Ascertain the effectiveness of your BPO strategies.
In this way, you’ll truly understand your values and best opportunities. Deductive reasoning will generate the right conclusions before you start the process of rebranding.
“If we knew what it was we were doing, it would not be called research, would it?”
— Albert Einstein
2. Don’t totally disregard your initial objective
Figuratively, you might have to change your exercise program. It’s wise not to jump to conclusions. You might have been on the right track, which means you can focus on continuity.
Just because you’ve encountered new challenges doesn’t mean your initial thesis was wrong. So don’t throw the baby out with the bath water. Consider possible commonalities.
With your SWOT analysis, you can identify new pathways that link to your past. In other words, you can target new customers without destroying relationships with your current clientele.
Determine how your logo and business name came relate to your past and future.
3. Double down on research
Watch your emotions. Do your due diligence. Don’t chase fads. Ignore the hype. Don’t take shortcuts.
“If we knew what it was we were doing, it would not be called research, would it?” asked Albert Einstein.
You just might find too many red flags in embarking on your new ideas. What you need is actual growth potential, not pipe dreams.
Research should include several possibilities. As part of your research, decide on whether to just fine-tune your branding or to completely retool.
If you’re making big changes, first check on available domain names, social-media handles, business registrations in your state, branding slogans and logos.
If you make any of these changes, at least protect yourself with inexpensive trademarks in your state. The last thing you want as a business is for your company logo and name to be stolen. Depending on your budget, consider protecting your new brand with a federal trademark.
4. Address financials and anticipate liabilities
Remember you pay a price for everything you do. Make sure you’re making good investments in your energy and money.
Be conservative. Take incremental, baby steps. When you’re sure you’re ready to make changes, then go for it with passion.
5. Involve your stakeholders
Don’t go it alone. If you’re thinking of change, chat with your family members, employees, friends, associates, customers and especially your mentor. Use them as a focus group, as they probably know you well.
Keep them informed about any major decisions. In this way, you won’t be sacrificing your credibility and hard work.
From the Coach’s Corner, here is related information:
Winning in Branding, Sales – The 6 Key Characteristics of a Logo — One key element for a company’s branding and sales that often gets short shrift is a great logo. Whether you’re an entrepreneur entering a brave new world or an established company needing profits, a great logo helps ensure top-of-mind awareness.
The Link between a Simple Logo and Branding Success — Some of the world’s most-successful companies have simple logos. That’s the conclusion from a study by a UK logo-design company, Small Business Logos. It conducted the 2012 study that lists the top-10 logos in different sectors from technology to shoes. “Creating a strong, memorable logo can really enhance the success of your business,” said Lucy Smith, marketing and eCommerce director for Small Business Logos.
Best Practices to Manage Your Global Brand, Web Reputation — As you no doubt know, the digital age has brought new challenges and opportunities. Best practices are critical in order to maximize your Web presence and to manage your online reputation.
Checklist to Build Your Brand on a Budget — Every business needs to save time and money while increasing revenue with affordable branding techniques. Here are 29 proven branding solutions for maximum profits.
Convert More Prospects with 10 Best Marketing Tips (Even on a Tight Budget) — So you’ve got a pile of business cards from prospects, but you haven’t converted them? Great sales stem from great marketing. You can’t grow crops until you plant the right seeds. That’s the purpose of marketing. Like many businesses small or large in this soft economy, you’re probably looking for a competitive edge on a tight budget.
“No one is going to understand your brand better than you.”
-Alexander Wang
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