Despite all the articles on the Internet claiming it’s easy to build a brand for your business, the truth is, it requires a certain degree of commitment and consistency that many business owners struggle with. Compound that with the challenge of creating a brand that encompasses everything you represent to your customers, and it may feel like an impossible task.
The truth is, it’s somewhere in between. It’s difficult enough for businesses building a brand the first time around. Enough so, that many business owners are hesitant to even consider rebranding their businesses. Especially if you’ve been in business for a long time.
But, sometimes, rebranding is necessary, so your business can continue to compete in a constantly evolving marketplace. Here’s what you need to do.
- Critique your current brand and how it aligns with your marketing goals.
- Determine whether your brand image and message are effective with your target audience.
- Assess your current branding efforts to determine strengths and weaknesses.
- Create a new brand and image that reflects the mission of your business and address the needs of your target audience in today’s thoroughly modern marketplace.
Before you begin thinking about rebranding, however, it’s important to get a good handle on your current brand. Does your business even have one? Many small and medium-sized businesses haven’t worked to really build a brand, yet. Perhaps the problem isn’t that you need to rebrand, but that you need to define your brand and build from that.
Red Flags Telling You Now is the Time to Rebrand
For most businesses, if you’ve had a brand in place for a decade or longer, it’s time to evaluate your brand for certain. Entrepreneur suggests that are five times when rebranding is a no-brainer:
- When you’re targeting a new demographic.
- When you’re trying to distance yourself from an old image.
- When you’ve surpassed your initial objectives.
- When you only have name recognition but no substance to go with it.
- When the market is evolving rapidly (as it has within the past five to 10 years).
Whether you’re introducing a new era in your business to the world or attempting to introduce your business to a new target audience, it’s important to consider rebranding carefully, so you can remain relevant in the years to come.
Steps for a Successful Rebranding
Rebranding your business can be highly successful when designed around a winning formula. These are some of the steps you must follow for your rebranding to be a success.
- Develop a mission statement.
- Research your business and your customers to learn what your mission means to and for your customers.
- Create a plan for organizational changes that reflect the new mission of your organization.
- Generate new marketing materials, media advertising, logos, websites, etc. to reflect your new brand.
- Test everything. Then test again. Use focus groups. Conduct surveys. Get input and feedback from employees, customers, and more.
Roll out your rebranding efforts according to your plan. Some companies prefer to go all in at one time while others like to roll out major changes in stages. Do whatever works best to promote your overall rebranding strategy.