Your brand is it ready for a rejuvenation? Consider these tips and things to think about.
What is rebranding?
Rebranding is an effective marketing strategy to update a company’s image. It can also affect the business operations. You can refresh your branding by choosing a new logo and name. Your marketing materials and website should reflect the updated branding. Rebranding helps you stand out from your competitors and attracts potential investors, employees, or the public.
Rebranding your small business is a good idea for many reasons
Rebranding your company can have a lot of implications. Consider these four reasons for rebranding your small business.
Stand out from the competition
You could be damaging your brand by not having a unique company name. This can also lead to missed opportunities for growth. A generic logo could hurt your brand when potential customers look up your business on Google. Stock art should be avoided as consumers are able to tell when a logo has been cut and pasted. Stock art can cause a similar problem when used in branding or marketing material. Avoiding stock images can also help avoid confusion caused by others using the same photos. You can find some useful tips on the SmartBiz Small Business Blog: Niche marketing to help your business stand out.
Refresh your outdated brand
You can start by researching your website. You may need to update your navigation, colors and fonts. Also, review your social media channels. If you are considering a rebrand, check out our post 12 Tips for Branding Small Businesses. You can follow our easy-to-follow steps and see real examples of entrepreneurs.
Get past a bad reputation
Even the best companies can be affected by a negative review. A customer service blunder or a product issue could lead to an influx of bad reviews. Rebranding can make your customers perceive your business differently. Nowadays, reputation management is crucial. This article is available on the SmartBiz Small Business Blog: Protecting Your Small Business Using Online Reputation Management. Learn how to maintain a good reputation.
When your business evolves
Have you got the chance to enter or expand into a new market, and is it exciting? A new brand can help you cement your business with new clients. In our post Successfully evolve Your Small Business we discuss ways to expand.
Steps to rebranding your small business
Understand your mission, values, and vision
These three terms tend to be grouped together, but there are distinct differences between them.
A mission statement is an official summary of the goals and values of a business, organization or individual. Your company’s vision is an image in your mind of what you would like your business to look like at a certain point in the future based on your aspirations and goals. Your company’s core values will influence your business strategy and company culture. They can help you to create a sense of purpose, encourage employee commitment, and improve cohesion.
Rebranding is a complete strategy that can be used with existing branding
Most businesses do not have the luxury to start from scratch. Look at your existing brand assets if you decide to do a partial rebrand. Make sure that the elements you update are in line with your existing materials. Consider updating your packaging, signage and social media pages as well.
Consider your Competition
A Competitive Analysis, in addition to a clearly defined customer persona is a good idea. The competitor analysis (also known as a competitive assessment) is a great way to understand your competitors’ strengths and weaknesses. This exercise can help you determine how to handle competitors and refine your marketing strategy.
Collaborate
Include your employees in the process if you have one. Your mission, values, and vision should be clear to them. Ask for feedback and make sure your goals are clear. Your employees will also feel valued and engaged, in addition to generating great ideas.
Rename Your Business
If your business model completely changes, a name change may be necessary. Let’s say that you used to be a consulting business, but now you only sell software. It’s time to rebrand your business with a name that is easily recognizable, such as “Simple Steps to Change Your Small Business Name”. Easy Steps to Change the Name of Your Small Business will show you how to start.
Rebuild your brand image
The fun part is now. Rebrand your identity by updating your logo, your website, your business cards, your stationary, your product packaging and your email design. You can hire an agency or consultant to help you with color, design, and format if you feel that you are not up to the task.
Rebranding: Manage it carefully
Rebranding can be complex, and it takes time. Make a plan for your brand, including timelines. This will help you to move forward. Assign tasks and set deadlines to ensure everyone is on the same page.
Launch
Are you ready for the world to see your new brand? Spread the word far and wide. Prepare an honest response if you are asked why your brand was rebranded. It is easy and inexpensive to start with social media. Signage is a great way to promote your physical location. A press release can be sent to local media. You can inform your customers about the exciting news by sending them a newsletter or a dedicated email.
Final Thoughts
Rebranding may lead to more sales and expansion opportunities. A small-business loan may be able to help you if you need working capital to purchase inventory, hire staff, market your business, or buy equipment. Some loans can be used to consolidate debt. SBA loans backed by the government are considered to be “gold standard” funding due to their low interest rates, long term and small monthly payments. For more information, visit the SmartBiz Loans(r) Website.
