In a world where things are always changing, your business needs to stay current. Many companies make the mistake of holding onto their old brand long after it’s no longer effective. Your brand needs to be up to date in order to meet the changes in the market. Is it time for a rebrand?
I have rebranded multiple businesses, products, online communities; often at the spotting of trends or openings in a particular nitch.
Small Business Consultant
“A good brand will have your customers demanding you to take their money!” -James Miller
Clear Communication & Perceived Value
Rebranding may become necessary in order to reflect a big change in your business. This could be a merger or acquisition, or a change in company strategy. It could be something smaller like the launch of a new product line or a period of considerable growth. Whatever the change, it necessitates a brand makeover.
I have bought and sold businesses, social media accounts with very large followings, and the branding changes to create or continue a positive point of attraction for the perceived value of your brand. A good rebrand will convey positive value and leave the customer happy the money was spent. A good brand will have your customers demanding you to take their money!
Only rebrand when it makes sense, and when in doubt, ask someone with experience.
“Rebranding Arkansas Handmade to The Cutest Gifts & Craft Supply was the perfect rebrand for my company. Always remember to trademark your brand. I use Trademark Engine for all my legal filing of trademarks.
Has your branding been an afterthought?
Like many companies, you may not have done your branding correctly to begin with. It’s often hard when you first get started to fully grasp your customers and your unique position in the market. As you start to grow, you may feel like you’re lacking a strong brand identity compared to major players in your niche, and now’s the time to develop one. Even worse, your branding is alienating half of the market because of unforeseen issues that are creating resistance in your position relative with respect to consumer behavior.
Find a nitch.
Companies often decide to re-brand in order to connect to a new audience. In order to grow into a new segment of the market, your brand needs an update in order to focus on the needs of this new segment. Since you’re reaching new customers, you need to reassess the needs your company meets so your branding can communicate this.
Discovering a new product, trend, service, or offering that allows entering a new nitch, are all reasons to consider rebranding.
The competitive landscape might have changed. If there are new players in the market, you might need to re-brand in order to show your audience how you’re different. Rebranding can help you stay relevant against competitors that are growing. It’s a low-cost and relatively easy way to compete even if you don’t have the same resources.
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When to rebrand…
Rebranding doesn’t have to be difficult.
Here are the signs that it may be time:
- Your messaging seems outdated or unclear; you feel stuck and like you’re stagnating. This always leads me to rebrand or launch new websites and businesses to better house my ideas.
- Your branding is attracting the wrong customers or business partners. A former venture of mine decided to go the extremely conservative route, which I feel alienated half of the potential market. Do not make the mistake of trying to appeal solely to one demographic and risk coming off tacky to the rest of the market.
- There are major changes in your market, your competitors, or your business. One of the biggest changes I encounter is policy or algorithm changes in social media or marketplaces. You must learn to quickly adapt to these changes while also not relying too much on any one platform.
- You’re seeing a slip in earnings or your profits are hitting a plateau. Is your top-selling item n0 longer carrying your sales? Have lots of products, and more importantly, have tons and tons of listings; half the game is optimized listings in great quantity. If you have trouble with competition, simply crowd them out. By finding a million different ways to offer a product.
- You’re creating a new business strategy to reach out to a new segment of the market.
- You didn’t really put the time and energy into your branding at the beginning. Understandable, I have also lacked a fully developed brand each and every time I’ve launched a business. That is ok, use your experience and market research to rebrand successfully.