Many businesses reach a point where the only way out is to rebrand or branch out into other industries, and this can be extremely taxing if done incorrectly, as your current customers could potentially feel let down and quickly become former customers instead.
Rebranding can mean a number of things, ranging from just changing your company name to completely switching up your company’s goals and what you have to offer to your customers.
Despite all these changes you may end up making, you must still find a way to connect to your current customer base and find some common ground with them, as it’s what’ll keep your business afloat through this transitioning period.
Business owners usually fear that rebranding will lose them customers, and the sad truth is that it most certainly will, but with proper planning and communication, you can bring these numbers down to a minimum.
While your business’s legacy look may be what made it recognizable after all these years, it’s due for an overhaul, and this can include anything from the logo to the many websites and business cards you hand out.
Because of how deeply ingrained the image of your business is in your customer’s minds, you’ll first want to dedicate a significant amount of time to planning and a marketing campaign that’ll inform your customers of this upcoming change.
Create a plan that will encompass every element of your business, allowing you to make a swift yet smooth change over to a newer, more modern design, without causing too much confusion among your customers.
It’s inevitable for some to be confused or hurt by this change, but you should remember that what you’re doing is for the greater good and that the future of your business is the only thing that matters.
Update your vision
Moving on is an integral part of growing your business, and while the original vision you had in mind for your business may have carried you up to a certain point, things change with time, and you should update your values accordingly.
A single product may be what caused your business to break out into the market, but if you’ve now got other products that generate more revenue, there’s no point to keep dedicating extra funding to the thing that’s no longer high in demand.
If you get an opportunity to expand, you should do everything in your power to seize it, and while you should definitely keep at least a sliver of what defines you as a business, you shouldn’t let it drag you down as time gnaws away at it.
Rethink your brand’s strategy and find a way to keep connecting with your customers, and if you do, your business will continue to grow exponentially.
As anticlimactic as it may sound, changing your company’s name can provoke both positive and negative reactions from your customers, and you’ll want to prepare for this beforehand.
If your company merged with another one, the name will have to reflect that, and informing your customers before the change happens could save you from losing a large amount of revenue.
A name change shouldn’t be taken lightly, as it’s the first thing that people see when entering or hearing about your business, so make sure that it properly reflects your company’s values and identity, while also being simple enough that it’s easy to remember and get this message across.
On top of this, you should create a name that can easily be changed or adjusted for your company’s growth in the future, so don’t just go with the first thing that comes to mind.
Know why you’re rebranding
Even though it’s such a major step in a company’s lifetime, people often don’t have a good reason to go through rebranding, and you may have already encountered several companies that flopped immediately after rebranding.
If you have a compelling reason for this change, you’re much more likely to succeed, as you’ll have a long-term goal you’re working towards while also having a good reason to present to your customers that may feel “betrayed“ by the change at first.
At times, a rebrand is necessary for a company to grow and clarify the services they offer, whereas other companies simply do it on a whim.
If you feel like the latter applies to you, you may find that rebranding will do more harm than good to your business, and you may want to walk away from the idea while you still can.
If it’s not absolutely necessary, there may still be other ways to grow your business at a reliable pace, and if you’re leaning towards rebranding at all costs, make sure you’ve analyzed every scenario and the possible changes you may end up making to your company’s logo, name, services and the many other things that entail running a successful business.