In a world where things are always changing, your business needs to stay current. Many entrepreneurs make the mistake of holding onto their old brand long after it’s no longer effective. Your brand needs to be up to date in order to meet the changes in the market. I took the leap to rebrand just last month, and I am already seeing the benefits. It was a fun process that needed to happen and I was eager for it to happen! Is it time for you to rebrand?
Communicate Your Current Business
Rebranding may become necessary in order to reflect a big change in your focus for your business. This could be that you have changed your niche or your offerings or you’re core offerings have changed so much that they no longer align with your branding. It could be something smaller like the launch of a new service or a period of considerable growth. Whatever the change, it requires a brand makeover.
Getting Serious About Your Branding
Like many coaches and solopreneurs, you may not have done your branding correctly to begin with. It’s often hard when you first get started to fully grasp your ideal clients and your unique selling proposition. As you start to grow, you may feel like you’re lacking a strong brand identity compared to major players in your niche, and now’s the time to develop one.
Connecting with a New Audience
Sometimes it makes sense to re-brand in order to connect to a new audience. In order to grow into a new segment of the market, your brand needs an update in order to focus on the needs of this new segment. Since you’re reaching new customers, you need to re-assess the needs your business meets so your branding can communicate this.
Changes in the Competitive Landscape
The competitive landscape might have changed. If there are new players in your space, you might need to re-brand in order to show your audience how you’re different. Rebranding can help you stay relevant against competitors that are growing. It’s a low-cost and relatively easy way to compete even if you don’t have the same resources.
More Earnings and Higher Value for Your Company
Brushing up your brand makes your business more profitable. Most find that they earn more after their rebranding. The process adds value to your business and makes you more attractive to your audience.
How Do You Know It’s Time to Rebrand?
Rebranding is a major step that takes resources and effort. Here are the signs that it may be time:
- Your messaging seems outdated or unclear; you feel stuck and like you’re stagnating
- Your branding is attracting the wrong clients or business partners
- There are major changes in your market, your competitors, or your business
- You’re seeing a slip in earnings or your profits are hitting a plateau
- You’re creating a new business strategy to reach out to a new niche or segment
- You didn’t really put the time and energy into your branding at the beginning
Rebranding starts with clarifying your business’s vision and goals and performing a brand audit to determine how well your current branding is communicating your unique value to your audience. It’s a great way to reinvigorate your business and meet new challenges!
To establish a brand requires a lot of time and effort, along with some strategic thinking. What if you put in all the work and it falls flat? Since this is an area of business that’s easily misunderstood, here are the biggest mistakes people make with branding so you can avoid them.
1. Failing to Think Strategically
Branding is part of your overall business plan, so you need to think strategically about it. It needs to connect to your “why” and your broader business goals. Go back and review the reasons why you’re running this business. Take some time to clarify what you hope to achieve and how your branding will help you do this.
2. Your Brand Is Not Your Logo
Many businesses make the huge mistake of thinking a brand is a logo or a set of design features. While consistent design is an important part of branding, what it’s really about is your messaging and the image you’re creating in the minds of your target market. This message tells people how your offerings uniquely benefit them.
3. Being Generic
The whole point of your brand is to differentiate your business from others in the market. If you can do this successfully, you can compete with those that have more resources to spend on marketing and advertising. Focus not only on what you do but what you do differently than the competition.
4. Assumptions Instead of Facts
Don’t make the mistake of building your brand based on assumptions. You think you know how people see your company, but this isn’t good enough. You need to conduct thorough marketing research and base your decisions on facts and feedback from your audience.
5. Inconsistency and Disconnect
If your branding is giving people mixed messages, it won’t work to build trust. The message needs to be consistent wherever you have communication with your audience. The design features, the tone, and the unique benefits of using your products all need to be consistent.
6. Clever But Not Clear
While it’s nice to have a message that’s unique and clever, the most important thing is for it to be clear. Branding is a form of communication. People should understand your message easily at a glance. Don’t get so creative that it becomes hard to understand.
7. It’s All About You
While you’re talking about your products and services, the real message of your branding should be what using your service does for your clients. Focus on their needs and how their lives will be improved by working with you.
8. Forgetting to Update
The needs of your market and the competitive landscape change over time. Your business might also change, offering a new service or program lor reaching out to a new segment in the market. When this happens, your branding needs to reflect these changes. Sometimes, you need to assess and update.