You may need to re-brand your business for several reasons including a change in technology, a shift in the audience’s interest or because of competition. Research has shown that in most cases, about 77 percent of consumers don’t like your brand so you often need to re-brand for the 23 percent who want to relate with you. Also, 43 percent of millennials say that they share distinct brands with their parents, according to a research by Marketo. However, if you want to re-brand your business in the New Year so that you target new customers, here are some tips to follow:
Focus on existing customers
Your customers always come first. Whatever you’re doing, understand that you’re doing it for them. Ensure that your new logo, color combination, and value proposition appeal to your existing customers first, and also has the potential to captivate new ones.
Don’t obsess over tiny elements
Change is fascinating, and, sometimes, businesses get too excited with re-branding to the extent of obsessing over the things that don’t really matter. For example, a lot of startups often get overwhelmed in changing the tiniest elements of their logo and neglecting the big picture, which is to tell a story of how their business will provide more value to their customers.
Be strategic about the announcement
When you decide on all the re-branding protocols, it won’t make sense to just get the message out there. You need to be strategic about the announcement of your new brand to the world. Shannon Fitzgerald, the brand strategist and founder of Brazen Branding – a reputable marketing agency, suggests that when developing brand strategy, business executives “should focus on the things that people love about their company and articulate why the new change is better than the old one.”
Don’t leave traces
When re-branding your business for the upcoming year, don’t rush. You need to put more time to do a great job and avoid leaving traces of your old look. It takes time, planning and strategy to replace your old business face with a new one. When you leave traces of your old look behind, your customers will get confused about the new strategic direction of your business.
Tell your story differently
Branding is all about storytelling. If you’re re-branding for the New Year, one of the most important things to consider is how to position your business differently in your industry and set it apart from the crowd. Therefore, “don’t include all consumers, prospects, or markets and wind up with a brand indistinguishable from other players in the industry,” says Robert Sprague, a branding expert and President of PCICOM, an integrated marketing agency based in Virginia. “A brand that means everything is a brand that means nothing.”
If you found this article useful, please share.
Image source: TGD Marketing
234Finance is an online hub that promotes African Entrepreneurship. We feature small and medium sized businesses on the platform, shedding light on the current and future developments in diverse sectors across Africa. We also provide free resources, share opportunities and events on our platform that entrepreneurs can benefit from and thrive in Africa’s tough business landscape.