Okay, so you're considering rebranding your business- stop right there and read this first.
MOST IMPORTANTLY, think about why you want to rebrand your biz.
Figuring out why you want to rebrand determines if a rebrand is necessary. (seriously, this means that you need to take the time to sit down and write out a list of reasons why it is you want to rebrand your biz!!)
For instance, if you want to rebrand simply because business has been slow and your sales are low or because awareness for your brand isn’t what you hoped it would be -- you might want to consider other business aspects first, such as your marketing strategy or conducting further research in your market and industry. Also, keep in mind the more established your brand is, the higher the risk and the more you have to lose from rebranding.
Reasons NOT to rebrand:
Because you’re bored and tired of seeing the same logo or colors everyday. Think about it this way... just because you are doesn’t mean that your clients and audience is! There is a reason they follow you -- they like what you have to offer!
Sales are low. You have to remember that this is only temporary! Again, you probably need to rethink other aspects of your business, such as your marketing strategy, social media strategy, etc.,
New management/owners want to make their mark.
Consider the reasons why it is that you want to rebrand your biz and do extensive research in your market before you decide to do so.
Reasons TO rebrand:
Your mission and values no longer align with your business.
Give new life to outdated branding/image of the biz.
Clearer differentiation from competitors.
You have a new target audience and want to reposition in the market.
Your business is expanding. - (sometimes you may expand and enter into international markets where your logo, tagline, etc., will not translate well in another culture)
Mergers or acquisitions.
There are several reasons to rebrand. In fact, failing to evolve your business' brand in today's modern age can be a critical branding mistake that can hurt your business. Therefore, it's important to remain relevant to your audience in your industry but make it make sense for your brand and your business!
If you've (actually) taken the time to take into consideration the reasons why it is you want to rebrand and you're still set on rebranding your biz because your values and mission no longer align, you want to give life to your outdated image, you have a new target audience or for other reasons as mentioned above then we've created a simple, yet effective list of steps for you to follow. (see below)
6 Steps to Rebrand Your Business:
Have a strategy set in place. This sounds obvious, however unfortunately, common sense isn't so common. Therefore, it must be said- first and foremost, have your rebranding strategy set in place before anything else. Just as with anything else, you don't want to jump in blind. Do your research, understand the reasoning for rebranding and the effort that it is going to take to do so.
Understand your mission, vision and values. Before anything else, it is so important that you fully understand your company's mission, vision and values. This is the core foundation of your company which will help you to build your new brand, and no rebrand can be successful without a foundation.
Understand your target market, audience & the competition. Research, research, research!!!!! Do we need to say it again?! Do your due diligence!! Otherwise, what's the point of a rebrand? You need to understand what your audience wants to be successful! And honestly, you need to be in the loop of what's hot and what's not in your market, and what is currently trending. Research and understand what your competition is doing, what makes your business unique, and how you are going to set yourself apart from your competitors.
Renaming your business. There are several reasons that may have you wanting to consider a new business name. For example, trademark issues, your business name no longer reflects your business, the business name is too generic and not unique or too confusing and hard to pronounce/spell. No matter what the reason may be, it is difficult to change the name of your business. Think about it, your customers have gotten to know your old brand and now they're being asked to unlearn the association of the old name/brand with your business. No matter what your new business name may be, make sure that it's strong and unique yet easy to pronounce and spell so that it can be easily found online (because hello, this is the digital age!)
Re-establish your brand's identity. You will need to take a look at your brand's identity including, your company's logo, the brand's color palette, font's, images/photos, videos and content, business cards, website, etc., In order to establish your brand's new identity, you need to know and understand your business and how it has changed and evolved. What is your new brand and what does it stand for? What is the new vision for your business and brand? What are your new goals? You need to take the time to answer important questions such as these so that you can begin to establish your new identity for your business and brand.
Ready to Rebrand. As you prepare for your rebrand launch, consider including the story behind the rebrand in order to minimize customer confusion (and well, you know they're most likely going to ask anyway!) Also, people love a good story, give your customers a narrative that is engaging and relatable to help build credibility and relationships with your customers.
A total rebrand is often complex and no easy endeavor. However, this is why you have already put your strategy and plan into place! If done correctly, rebranding can be extremely beneficial for a business. Without a well thought out plan and marketing strategy (make sure you cover all channels), rebranding can become extremely overwhelming and end up impacting your entire business in a negative way.
It is no secret that this takes A LOT of time and effort. Rebranding is a complex process -- let OMM simplify that process for you.
Contact us today to see how we can help you begin to rebuild and rebrand your small business :)
- Hannah & Adriana 🍃
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