People, particularly your target audience’s perception of your brand, are key to its success and longevity. Nowadays, most companies punch in the numbers in a business loan calculator and, in improvement reviews, find rebranding to be an effective exercise and well worth the investment. However, a good rebrand is way more than a change of logos. Effective rebranding strategies go beyond logos to include packaging, a company’s voice, its online and social media presence.
For this reason, small businesses need to take a moment to assess what message they are passing across to their customers. Rebranding is an exciting way to find out, and it provides an opportunity to strengthen the market position, refresh your small business image, and boost your reach. But when is the best time for a rebranding strategy, and what aspects do you need to consider when rebranding your small business? Let’s find out!
When You Need To Consider Rebranding Your Business
It’s not uncommon for small businesses to ignore the red flags pointing to the need for rebranding because, let’s face it, running a small business isn’t an easy task. Apportioning money to a rebranding exercise after using a business loan calculator makes it hard. When they notice these pointers, deciding to rebrand might seem like one of the biggest and hardest decisions, a small business will make. Here’s when you need to consider rebranding your business:
- When The Target Demographic Changes: Brands should always resonate with their target audiences. However, if you have an aging customer base yet want to appeal to a much younger age group, you need to change your brand to meet the trends of the target demographic.
- When Your Company’s Vision Changes: Like people, companies grow, and so do their goals and visions compared to when they launched. It is important to make sure your brand’s vision, goals, and values drive its decisions and communications.
- When A Brand Fails To Differentiate Itself From The Competition: Looking like every other brand is one red flag to keep an eye on. What’s more, since branding focuses on competitive differentiation, you need to identify or communicate your brand’s key differentiators accurately. If you can’t, you need rebranding.
- When You’ve Expanded Beyond Your Initial Geography: Moving beyond your city or state where you began a previously small business is one sign you need rebranding. And if your brand’s name is tied to where you birthed it, you might need to rename it as you expand.
- A Change In Business Model/Strategy: Most business owners can comfortably predict the external forces that force their business to change. However, your brand will also need a change when your business strategy or model changes.
Rebranding Strategies For Your Small Business
With rebranding strategies, you reshape how people perceive a product or a small business. Rebranding typically includes reinventing a brand’s tagline, website, name, and visual identity. The first step to a successful and good rebranding strategy for your small business is research, and some of these rebranding strategies follow this:
- Begin With A Business Reason: All rebranding strategies must begin with a solid understanding of the business reason influencing the need for a rebrand. Most businesses rebrand when they: need to compete in a new market or a higher level, their brand no longer reflects their ideals, or they have a legal obligation to change and rebrand.
- Research Your Small Business and Your Target Customers/Audience: You must have an objective understanding of present brand competencies and perception. It is beneficial if you’re attempting to move into a new market with a rebrand. You also need to develop a plan to promote your brand.
- Build Your Brand Identity: Here, a small business needs to develop the visual elements that help communicate the brand. This is exactly where the business’s name, colors, tagline, business card designs, etc., come into play.
- Build a Solid Online Presence and a Website: A small business website is arguably their most critical business development and communication tool. Target clients know who you are as a brand from your social presence, so you need to build a website and a solid social presence that tells them who you are as a small business.
Aspects To Consider To Start Rebranding Your Small Business
Your is that identifying mark of the type of experience your business promises to offer clients. It is your com[any’s culture. So when you decide to alter it, here are some important things to consider:
- Your brand’s values and history.
- The tone of your brand’s voice, e,g, whether formal or casual
- Your mission statement, vision, and goals.
- The details on your small business logo, such as color variations and minimum sizes.
- Details on forms, business cards, and the use of logos and fonts.
- Your color palette, image, and photography
A good rebranding strategy is a part of the evolution of a business. Priorities, beliefs, outlooks, and tastes change as the business grows, and as a business owner, your brand needs to reflect such changes. As you implement these strategies, know that you need a budget to do so, and you’re only a click away from a business loan calculator as you seek funding for your rebranding.