A brand should evolve naturally as your business grows, but there are times when an organization simply outgrows its existing brand. If your values change or you want to appeal to a wider demographic, for example, it might be necessary to rebrand in order to move your business forward.
Successfully branding a business can certainly be an effective way to enhance your profitability, but it’s important to read carefully. When you rebrand, you risk alienating your current customer base, so it’s important to take a strategic approach. With this in mind, take a look at these top tips for rebranding your business:
- Identify Your Goals
You should only rebrand your business once you have clear goals in mind. Assuming that a rebrand will automatically attract more interest or secure more customers can be a costly mistake. In contrast, using a rebrand to achieve specific commercial objectives, such as repositioning your company in the market or reflecting a merger, can be an effective way to hit your targets.
- Consider a Partial Rebrand
Before you begin the process of changing your brand identity altogether, consider whether a partial rebrand would suffice to meet your objectives. Sometimes, making relatively minor changes to an established brand can be enough to achieve your goals while minimizing the risks associated with changing your brand identity.
- Retain Your Existing Customers
Customer retention is typically more cost-effective than customer acquisition, which is why it’s important to nurture your existing customer base. Alienating loyal clients or consumers is one of the biggest risks of rebranding, so be sure to take this into account. By incorporating a retention strategy into the rebranding process, you can retain the customers you’ve already worked so hard to acquire.
- Conduct Market Research
Extensive research should take place throughout every stage of a rebrand. In fact, you should be conducting in-depth market research before you decide whether or not to proceed with rebranding your business. When you conduct focus groups, surveys and social media listening, you can find out exactly how your target audience view your brand and how their opinions will change if you proceed with a rebrand. This data gives you the information you need to reposition your brand and allows you to make data-driven decisions as you re-establish your brand identity.
- Work with Experts
Rebranding your business can be a complex and challenging process, which is why it’s worth getting expert advice. When you work with highly regarded marketers, like main-rose.com, you can access the specialist insights, skills and expertise you need to transform your business. In addition to this, hiring external consultants to manage a rebrand can reduce your overall costs and increase your subsequent success.
When to Rebrand
Businesses rebrand for many reasons, including market repositioning, a change in core values or a merger or acquisition. Despite the risks that a rebrand brings, retaining an outdated brand identity can be just as harmful. With the right expertise and strategy, proceeding with a rebrand can be an effective way to optimize your success and extend the longevity of your business.