It seems like a different company is rebranding every day. Toys R Us, Uber, Weight Watchers, and Lyft changed their look in 2018.
Companies rebrand because of various reasons; first, changes in the business environment may force a company to rebrand.
Second, some change their corporate identity after the acquisition. Third, when changing their product portfolio. Fourth, to change an outdated image. Lastly, to get away from a bad reputation.
Whatever the reason, not all business executives grasp the benefits of rebranding. Thus, their businesses lose out on the benefits of changing their corporate identity. Also, these businesses don’t know how to revamp their businesses.
We highlight the 7 powerful benefits of rebranding your small business:
1. New Life Into Your Company
A corporate identity that has stayed over a long time starts to feel outdated and boring.
It is good to retain the same logo, brand colors, business cards, website, and marketing messages that you had at the inception of your business. This helps in identifying with your customers.
But, it will start getting dull and simple changes like changing your logo will get you excited about your business again. When you’re passionate about your business, the customers have the same feeling.
Rebranding has the potential of breathing new life into your company.
You don’t have to change everything about your corporate identity. I would not recommend this because it will confuse your customers. Make changes that will excite you and you and your customers, but also retain consistency.
2. Grow Your Business
Rebranding is the best way of demonstrating growth in your business.
Your brand should reflect the new products, services, mission, or goals. It is hard to showcase these changes if you retain your old identity. Rebranding demonstrates that your company is evolving.
Updating and promoting your new services will attract more business leading to growth.
3. Rebranding Your Small Business Helps You Reach a New Market
The rebranding will help your small business reach new markets and customers.
Most of the small businesses begin by targeting a very broad market. But, it takes a lot of resources and expertise to meet the demands of a large market.
Rebranding helps small businesses to focus on a specific segment. Focusing helps small companies do what they are best at. This increases the chances of matching all the needs of the new market.
Segmentation involves introducing new service or product offerings, attracting new customers. The business will not ignore or lose the existing customers but add new ones. New customers translate into more business and high sales.
Please research to find out more about how rebranding can help your small business reach new markets.
There’s more to rebranding than just changing your corporate colors, logo, website, or business cards. It also involves improvements in service and product offerings.
Before changing your corporate identity, conduct a competitive analysis of your company. Evaluate the strengths and weaknesses of your business. Study the market to identify your rivals. Determine the strengths and weaknesses too.
The competitive analysis gives you a true picture of where your business stands in the market. The rebranding will include maximizing on your strengths while reducing the negative effects of your weaknesses.
This is the perfect time for you to find new ways of separating yourself from the competition. A business that stands out attract customers even in very competitive markets.
5. Increase the Cost of Your Products/Services
The best thing about rebranding is it allows you to start charging our customers more for your offerings.
Rebranding involves separating your business from the competition. The best way of separating yourself is by exploiting your strengths and reducing your weaknesses.
When you improve the quality of your products/services, this is the best time to increase your prices. High-quality services will retain your customers, even in very competitive markets. Your customers will come back because you are offering what your rivals are lacking.
6. Staying Relevant
Staying relevant plays a critical role in the success of your business.
Rebranding helps your business to keep up with the changes in the business environment. Keeping up with the trends influences how existing and potential customers perceive your business.
If customers think that your business is placed to meet their current needs, then they will buy from you.
Ensure that you always check the changing industry trends. Make appropriate improvements as per the trends. Rebrand your business to meet the changing market forces.
Rebranding can create a consistent feel and look for your business.
Currently, companies are employing various channels to communicate their messages, attract clients, and sell their offerings.
The growth of the internet and social media presents new channels for businesses to connect with their existing customers. They also use the internet to increase their visibility and attract new customers.
The problem is that each of the channels is managed separately, and different messages are communicated across each platform. The different messages and feel across the numerous channels can confuse customers.
Rebranding is crucial in helping a business create a uniform feel of the different communication and sales channels. The business can use the same corporate colors and themes to create uniformity.
Taking Everything Into Account
Rebranding is all about creating a new corporate identity in the minds of the investors, consumers, other stakeholders, and competitors.
It may involve changing your business name, logo design, theme colors, or a combination to create a new look. Sometimes, it may also involve changing the service/product offerings.
Some businesses change their identity during a merger or when looking to separate itself from a negative connotation.
Revamping the identity of your business has the potential to improve its performance. But, business owners are not aware of how to rebrand their companies.
It is more than just changing the physical appearance of the business. It involves the separation of the company from the competition. A company can only stand out by offering improved services that will attract and retain customers, even in competitive markets.
Rebranding is beneficial for companies of all sizes. Small businesses seeking to compete with established brands should also consider changing their look and improving their services.
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