October 13, 2015
They say that 20% of customers will deliver 80% of your business. Branding is crucial for any business of any size in any industry. However, if your business isn’t going in the direction you want it you might feel as if it’s time to make a change. Rebranding is a big decision you shouldn’t take lightly. We’re going to help you figure out in this article how to execute a rebrand of your company.
Don’t make any moves until you’ve done your research. The most crucial part of any rebranding effort is to research what your customers want. Form a small focus group and ask them how you can improve. Most people are happy to give their opinions in exchange for nothing more than a gift voucher. At the same time, review your competitors and see what they are up to. Are they moving in a different direction too?
Your Brand’s Promise
What should never change is your brand’s promise to your customers. If you change this, you risk alienating the loyal customers you gained before the rebrand. Use that promise to dictate your rebrand. Don’t use it as a chance to change your promise.
Think About Your Business Model
Your business model is how you make money. It’s that simple. Think about how you are funding your activities and whether the model has to change. It will influence the audiences you target and the products you have on offer. It’s easier to change your business model as part of a rebrand than later on. In fact, it’s ill-advised to attempt to alter your business model after a rebrand.
Gather a focus group again and trial a version of your rebranded business. A small group of customers is better than unleashing your rebrand only to have it fall flat. Just ask Hershey. They released a new logo and the Internet thought it looked like poop. If they had approached a small focus group, this humiliating backlash would have never happened.
Begin Large-Scale Rollout
At this point, you should know how you are going to rebrand and you should have positive feedback from your focus group. Begin the large-scale rollout consisting of preparing digital and print media. You should have this ready prior to any official announcements.
Now you have everything ready it’s time to figure out how to tell your audience. Using a tool like Web Power Up you can choose from a range of autoresponders to communicate with your loyal customers quickly. At the same time, speak to any stakeholders and keep them updated.
The rebranding should be promoted as something big through social media. Build it up and make it a big deal.
Now you have to control the rebrand. Monitor the feedback you are getting via social media and register it. Avoid making changes on the fly. Not everyone will instantly fall in love with your rebrand. Some customers hate rebrands simply because they hate change. If you have done your research and conducted tests, you can be confident your rebrand will go down well with the majority.
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