What’s in a rebrand? 5 tips for SMEs
IF YOU run a fast-growing business, you’re more than likely to consider a rebrand at some juncture, whether it is to breathe new life into the company or to incorporate new elements in your business development objectives.
While rebranding is something businesses should not frequently do, a change of name and pace is sometimes needed for an enterprise to be fully competitive in the market.
Fortunately, rebranding a small business today does not need to be incredibly complicated. With all the resources technology has to offer, transitioning a company from one point to another is something that can be done in a relatively painless manner.
If you’re keen on taking that leap, here are some pertinent reminders:
Pinpoint the old brand’s weakness
Considering that the rebranding process corresponds to a huge change, it is important to start somewhere. According to SME Web, it is best to start the rebranding process by identifying the primary weaknesses of the enterprise prior to the rebrand. Is the old brand associated with bad PR? Did it gain a reputation for bad customer service? Ask yourself these questions and make sure to factor them into the revamp.
By initiating the change from the business’ biggest flaws, the rebrand would likely be a success. Ashley Madison, a controversial dating service, is a great example of this, as the company emphasized cybersecurity and secure payment options right after it fell victim to hackers.
Stay true to your company’s core values
Rebranding can be a dangerous affair, since it is easy to get lost in the process of change.
Inasmuch as rebranding is practically a chance for a business to start with a clean slate, it is pertinent to ensure the company maintains its core values. This must be evident in the services the business offers, the demographic it is trying to attract, and even its logo.
Overall, while a rebrand is a big change for a business, it does not, and should not, have to be a shift that makes the firm unrecognizable.
Research, research, research
The Internet, if any, provides business owners with a lot of pertinent data. Thus, when rebranding, it would be a great idea to conduct a lot of research, both on the market and on competitors.
As stated in an Inc. report, it is a great idea for any business in the process of rebranding to do some research on the current state of the market and the competition. Since most businesses have an online presence right now, it would be quite simple and easy to check the presentation and strategies of similar, successful firms in the same industry.
Don’t be a Luddite
A rebrand is an opportunity for enterprises to explore new strategies and tools. Considering the pace and progress of the online industry, it’s a good idea for businesses to check out new solutions that were not utilized prior to the rebrand.
New software, IoT-compatible equipment, and new cybersecurity measures are things that would be great to explore for businesses aiming for change.
Many of these IT solutions have become more affordable and easier to use over the past few years, and with the advent of software-as-a-service and cloud-based platforms, even IT systems that require a lot of hardware could be attainable for smaller-sized enterprises.
Think of the future
The expansion of the business must always be on the list of priorities for enterprises aiming to rebrand. With this in mind, business owners are advised to keep an expansion-focused, long-term mindset when revamping their enterprise.
After all, while rebranding is a long, challenging process, the opportunities it presents to enterprises are notable.
GoDaddy, the world’s largest domain name registrar, is a great example of this. Rebranding itself from its hiring process to its community programs, the IT firm, which was notoriously misogynistic before, made itself into a company friendly to women.
So far, GoDaddy’s rebranding has done the company’s PR a lot of good, and appears to have benefited the firm greatly.