Rebranding your small business can be a tricky matter. When done well, it has the potential to help your business stand out from the competition bubble and expand your target market.

On the other hand, a failed rebrand can damage the reputation of your business, or even risk losing loyal customers who dislike your new look. Which is why rebranding is a move that should never be taken lightly and must always be strategically planned.

Consider these ideas before embarking on your rebranding journey.

Understand your strategy
Rebranding is a serious investment which will require both your time and money. Therefore, a rebrand must always be necessary to either solving the problem at hand or growing your business. If it isn’t – then it may be helpful to consider easier and less costly actions, you can take. You must have legitimate customer-focused strategies behind why this move is required. Otherwise, rebranding will likely harm your business more than help it.

Holistic approach
Merely tweaking the name and logo of your business and hoping for the best will not cut it. Taking a holistic marketing approach will allow you to focus on the development, design and implementation of the rebranding strategy through your business as a whole. You must look at how this one change will affect your overall business. Reviewing every aspect that will be affected will also help you assess whether the results will be worth the effort and cost involved.

Evolve with your target market
For a small business to remain successful on a long-term basis, it must remain relevant to its target market. A rebranding will largely depend upon the target market your business is pursuing – in particular, adapting to their ever-evolving wants and needs concerning the product or service you have on offer.

Hire an expert
Knowing where to start when rebranding your business can be a challenge, especially if you are planning a complete image overhaul. That is when hiring an expert to draw up a detailed plan for an innovative new look for your business can come in handy. Using their unbiased opinion can be invaluable in forming a rebranding strategy in circumstances where your business may be too close to your existing brand to remain objective.
 

If you're unsure about your readiness for change, speak to your AGS Accounting Team who can offer a Business Consulting session to provide you with the expertise and insight you need to drive your business further and help make those strategic decisions a little easier.   

Published : 20 Sep 2018